Summary: ICICI Prudential Bluechip Fund is now named ICICI Prudential Large Cap Fund; it is the same underlying scheme, not a new fund created for the rename. The AMC describes it as an open-ended equity scheme predominantly investing in large-cap stocks, benchmarked to the NIFTY 100 TRI and carrying a Very High Riskometer. Current dated disclosures should be used for NAV, assets under management, portfolio and total expense ratio because those figures change. As at 30 September 2026, the reported scheme AUM was about ₹76,352 crore; investors should confirm this against the official monthly factsheet before publication or transaction. The current disclosed exit-load structure is 1% on redemption or switch-out within one month from allotment and nil thereafter. This article explains the mandate, benchmark, active-management risk, Direct and Regular plans, Growth and IDCW options, costs, redemption, KYC and tax. It does not rank or recommend the scheme and does not use past performance as a prediction.
- ICICI Prudential Large Cap Fund: Current Scheme Name and History
- Large-Cap Investment Mandate, Benchmark and Portfolio
- Scheme AUM, NAV and Expense Ratio: Reference Dates
- Direct and Regular Plans, Options and Redemption Conditions
- Mutual Fund KYC, Purchase and Redemption Procedures
- Indian Tax on Large-Cap Equity Fund Investments
- Large-Cap Equity Volatility and Scheme-Specific Due Diligence
- Frequently Asked Questions
- Is ICICI Prudential Bluechip Fund a different scheme?
- What is the scheme category?
- What is the benchmark?
- What AUM date is used here?
- What is the exit load?
- Are Direct and Regular separate portfolios?
- How are qualifying equity-fund gains taxed?
- Is IDCW a guaranteed dividend?
- Key Takeaways
ICICI Prudential Large Cap Fund: Current Scheme Name and History
The current official name is ICICI Prudential Large Cap Fund, with the AMC product page expressly showing that it was formerly ICICI Prudential Bluechip Fund. The historical name in an old statement, folio, platform or ledger should therefore be mapped to the current name rather than treated as a second scheme. Plan and option variants remain interests in the same underlying scheme, although NAV and expense structure differ.
The AMC describes the product as an open-ended equity scheme predominantly investing in large-cap stocks. Under SEBI’s mutual-fund categorisation framework, a large-cap scheme must maintain the prescribed minimum exposure to large-cap companies. The category label narrows the investment universe but does not provide capital protection or a fixed return.
| Scheme item | Current position | Verification basis |
|---|---|---|
| Official name | ICICI Prudential Large Cap Fund | AMC product page |
| Former name | ICICI Prudential Bluechip Fund | Shown by AMC as erstwhile name |
| Category | Open-ended equity scheme predominantly investing in large-cap stocks | Official description |
| Benchmark | NIFTY 100 TRI | Current scheme disclosure |
| Riskometer | Very High | Current scheme disclosure |
| AUM | Approximately ₹76,352 crore | 30 September 2026 monthly data; recheck official factsheet |
| Exit load | 1% within one month from allotment; nil thereafter | Current disclosed terms |
Large-Cap Investment Mandate, Benchmark and Portfolio
A large-cap fund invests mainly in companies at the upper end of the market-capitalisation list defined for mutual-fund categorisation. Such companies may have established businesses and relatively deeper trading liquidity, but they can still suffer earnings shocks, governance failures, valuation compression and prolonged market declines. Large-cap does not mean low-risk, and the scheme’s Very High Riskometer should not be diluted by informal descriptions such as conservative equity.
The NIFTY 100 TRI is the primary benchmark. TRI means Total Returns Index and assumes reinvestment of dividends, making it a more complete comparator than a price-only index. The scheme is actively managed rather than a tracker. Its portfolio, sector weights and cash position can differ from the benchmark, so returns can be higher or lower over any period. Tracking the benchmark in a table does not create an obligation to match it.
Monthly portfolio disclosures should be read across several periods. A single snapshot can overstate the permanence of a sector weight or top holding. Relevant questions include concentration in the ten largest holdings, financial-sector weight, exposure outside the large-cap bucket within regulatory limits, turnover, cash and derivatives, and whether the investment process has changed. Portfolio data should be cited with an explicit date.
Scheme AUM, NAV and Expense Ratio: Reference Dates
Assets under management measure the market value managed in the scheme; they are not an insurance reserve or guarantee. The September 2026 reported AUM of about ₹76,352 crore is a dated figure and may change with subscriptions, redemptions and market movements. NAV is calculated for each plan and option after expenses and portfolio valuation. Different NAVs do not by themselves mean that a lower-NAV plan is cheaper or has more upside.
The total expense ratio is deducted in computing NAV and may change within regulatory limits after disclosure. Direct and Regular plans hold the same portfolio, but the Regular plan includes distribution-related expense that the Direct plan excludes. Consequently, their NAVs and returns diverge over time. Investors must quote the plan-specific current TER from the official AMC disclosure rather than applying a single percentage to both plans.
The fund’s market spread is not directly visible as a separate investor charge in an open-ended scheme, but trading costs and portfolio expenses affect NAV. Taxes, exit load and platform or advisory fees may also affect an investor’s outcome. A factual profile should keep TER, exit load and tax separate instead of presenting one combined number as the cost of ownership.
Direct and Regular Plans, Options and Redemption Conditions
Direct and Regular are plan choices; Growth and Income Distribution cum Capital Withdrawal are option choices. Under Growth, distributable surplus remains reflected in NAV. Under IDCW, the trustee may declare a distribution from distributable surplus, and NAV normally falls to reflect the payout and related effects. IDCW is not assured interest and may include capital withdrawal; its label should not be interpreted as a guaranteed dividend.
The current exit-load rule is applied lot by lot. Redemption or switch-out within one month from the allotment date attracts 1%; after that period the stated load is nil. Each SIP instalment has a separate allotment date. A switch from Regular to Direct, Growth to IDCW or this scheme to another scheme is generally processed as a redemption and fresh purchase, creating possible load and tax consequences even when cash does not reach the bank.
Applicable NAV depends on a valid transaction request, cut-off rules and, for purchases, realisation of funds. Redemption proceeds are normally paid under SEBI and scheme timelines subject to valid bank details, exceptional market conditions and statutory holds. Investors should escalate a delay through the AMC or registrar, then the prescribed grievance mechanisms with folio and transaction evidence.
Mutual Fund KYC, Purchase and Redemption Procedures
An investor ordinarily completes mutual-fund KYC using PAN, identity, address, bank, contact and beneficial-owner information. FATCA and CRS declarations may be required, and nomination or a valid opt-out must be recorded. The investor selects the plan, option, investment amount and mode, and should verify units in the statement of account or demat holding after allotment. A distributor’s ARN identifies distribution involvement; it does not change the AMC or trustee responsible for the scheme.
SIP is an instruction for periodic purchases, not a separate product or promise of return. A missed debit, rejected mandate or insufficient balance can interrupt purchases. The investor should reconcile bank debits, allotment dates, units and NAV. Consolidated account statements, capital-gains statements and folio-level transaction reports should be preserved for tax and succession purposes.
Indian Tax on Large-Cap Equity Fund Investments
Where the scheme satisfies the statutory definition of an equity-oriented fund and the relevant Securities Transaction Tax conditions are met, units held for not more than 12 months are generally short-term capital assets. Qualifying short-term capital gains are taxed at 20%, plus applicable surcharge and cess. Units held for more than 12 months can produce qualifying long-term capital gains taxed at 12.5% on the aggregate covered gains exceeding ₹1.25 lakh, plus surcharge and cess.
The ₹1.25 lakh amount is an aggregate threshold for the covered long-term equity gains of the taxpayer, not a fresh threshold for each fund, folio or redemption. Grandfathering can remain relevant for qualifying units acquired before the statutory cut-off. Lot selection, cost, STT, exit load and residence status affect the working. NRIs can face withholding at source that differs from their final liability and may need treaty or return analysis.
A switch is usually a taxable redemption followed by a purchase. IDCW is generally taxable in the investor’s hands at the applicable slab rate, with TDS where statutory conditions are met. TDS is a credit and should be reconciled with AIS and Form 26AS. Securities Transaction Tax may apply on redemption of equity-oriented fund units as prescribed. Tax rules should be checked for the actual transaction date.
| Transaction | General tax issue | Record |
|---|---|---|
| Purchase/SIP | Creates a separate tax lot | Allotment date, units, NAV, cost |
| Redemption within 12 months | Potential 20% qualifying STCG | Proceeds, cost, load and STT |
| Redemption after 12 months | Potential 12.5% LTCG above aggregate threshold | Lot-wise cost and grandfathering data |
| Switch | Redemption plus new purchase | Both scheme/plan confirmations |
| IDCW | Generally taxable at applicable rate; TDS may apply | Statement, bank credit, AIS/Form 26AS |
Large-Cap Equity Volatility and Scheme-Specific Due Diligence
The Very High Riskometer reflects equity-market, issuer, concentration, liquidity and volatility risks. Active security selection can underperform the benchmark. A large AUM does not guarantee liquidity for every underlying holding, prevent a drawdown or ensure manager continuity. Changes in taxation, sector conditions, interest rates or foreign flows can affect valuations.
Due diligence should use the current SID, KIM, addenda, factsheet, portfolio, TER statement and riskometer together. Past returns should be compared on like-for-like plan, option, date and reinvestment assumptions, but should not be extrapolated. Suitability depends on the investor’s time horizon, emergency reserves, other equity exposure, loss tolerance, goals and tax position. This profile does not rank the scheme or call it best, safest or cheapest.
Frequently Asked Questions
Is ICICI Prudential Bluechip Fund a different scheme?
No. It is the former name of the current ICICI Prudential Large Cap Fund.
What is the scheme category?
An open-ended equity scheme predominantly investing in large-cap stocks.
What is the benchmark?
The current primary benchmark is NIFTY 100 TRI.
What AUM date is used here?
Approximately ₹76,352 crore as at 30 September 2026, subject to confirmation in the official monthly disclosure.
What is the exit load?
The current disclosed rule is 1% within one month from allotment and nil thereafter, applied lot by lot.
Are Direct and Regular separate portfolios?
No. They use the same portfolio but have different expense structures and NAVs.
How are qualifying equity-fund gains taxed?
Generally 20% for qualifying STCG and 12.5% for qualifying LTCG above the aggregate ₹1.25 lakh threshold, plus surcharge and cess.
Is IDCW a guaranteed dividend?
No. It is declared from distributable surplus and generally reduces NAV; it is taxable in the investor’s hands.
Key Takeaways
- ICICI Prudential Bluechip Fund and ICICI Prudential Large Cap Fund are the same underlying scheme across a name change.
- The scheme is actively managed, benchmarked to NIFTY 100 TRI and carries a Very High Riskometer.
- AUM, NAV, portfolio and TER are dated figures and must be taken from current official disclosures.
- The current exit load is 1% within one month from each allotment and nil thereafter.
- Plan, option, holding period, STT, tax lot and investor status determine actual costs and tax.
Source Links
- ICICI Prudential Large Cap Fund official page: https://www.icicipruamc.com/mutual-fund/equity-funds/icici-prudential-large-cap-fund/211
- ICICI Prudential Mutual Fund scheme documents: https://www.icicipruamc.com/investor-services/downloads
- ICICI Prudential Mutual Fund statutory disclosures: https://www.icicipruamc.com/investor-services/statutory-disclosures
- AMFI mutual fund information: https://www.amfiindia.com/
- SEBI mutual fund regulations and circulars: https://www.sebi.gov.in/legal/regulations.html
- Income Tax Department portal: https://www.incometax.gov.in/iec/foportal/
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Disclaimer: This article is for general educational information and is not investment, tax, legal or financial advice, an offer, a recommendation, a ranking or a return forecast. Mutual-fund investments are subject to market risks, and the scheme name, portfolio, NAV, AUM, TER, load, riskometer and law may change. Read the current SID, KIM, addenda and official disclosures and consult qualified advisers. TaxGuru accepts no responsibility for any investment decision, loss, tax position, omission or consequence arising from reliance on this article. Mutual-fund scheme identity, classification, benchmark, portfolio, expense ratio, exit load and riskometer can change through official disclosures and addenda. A scheme name or past return does not establish future performance, suitability or a capital guarantee. Investors must verify the latest scheme information document, key information memorandum, factsheet, statement of additional information and any current AMC notices before subscribing, redeeming or switching. The risk of concentration in large-cap equities, market drawdowns, liquidity conditions, tracking differences, expenses and investment horizon should be considered in the context of the investor’s objectives and ability to bear loss. Direct and regular plans have different distribution and cost structures, and growth and income-distribution options can have different cash-flow and tax consequences. Tax rules for equity-oriented funds, holding periods, capital gains, applicable rates and transaction-related levies must be checked for the investor’s exact facts and the law in force on the relevant date. KYC completion and platform availability do not establish that an investment is suitable. Seek advice from a properly qualified and appropriately registered professional when necessary. TaxGuru is not the AMC, distributor or investment adviser and assumes no responsibility for market loss, incorrect tax treatment, transaction failure, outdated disclosures or decisions made using this article.
