Mirae Asset Large Cap Fund: October 2026 Scheme Facts, NIFTY 100 Benchmark, Risk and Tax

Summary: Mirae Asset Large Cap Fund is an open-ended equity scheme predominantly investing in large-cap companies, with a stated investment objective of long-term capital appreciation and no assurance of returns. The official AMC scheme page identifies 4 April 2008 as the allotment date, NIFTY 100 Total Return Index as the benchmark, Gaurav Misra as the named fund manager and Direct and Regular plans with Growth and income-distribution-cum-capital-withdrawal (IDCW) options. SEBI’s 26 February 2026 scheme-categorisation circular requires a large-cap fund to invest at least 80% of total assets in equity and equity-related instruments of large-cap companies. The AMC’s fund listing displayed a scheme NAV of ₹107.7080 dated 16 October 2026, but that listing should not be treated as a universal NAV for every plan and option. Historical AMC factsheet figures, such as the January 2026 net AUM of ₹40,370.92 crore, must be labelled with their original observation date rather than passed off as October AUM. For qualifying equity-oriented mutual-fund units transferred in Tax Year 2026-27, the Income-tax Act, 2025 generally provides a 20% short-term capital-gains rate under section 196 and a 12.5% long-term rate under section 198 on aggregate eligible gains above ₹1.25 lakh, subject to holding-period and STT conditions, surcharge and cess. The article distinguishes benchmark-relative active management, market risk, Direct/Regular expense differences, IDCW, exit load, SIP-lot taxation, NRI withholding and disclosure, and the need to verify current AMC expense and portfolio data without making investment recommendations or rankings.

Scheme Identity and Current Official Information

The AMC identifies Mirae Asset Large Cap Fund as an open-ended equity scheme predominantly investing across large-cap stocks. The official scheme page states that the fund seeks long-term capital appreciation by investing predominantly in equity of large-cap companies, but expressly does not guarantee returns or achievement of its objective. The scheme’s allotment date is 4 April 2008. Its stated benchmark is NIFTY 100 (TRI), which incorporates dividends in the index return and is therefore more appropriate for scheme-performance comparison than a price-only index.

The AMC scheme page names Gaurav Misra as fund manager and offers Regular Plan and Direct Plan, with Growth and IDCW choices. The AMC’s scheme-listing page displayed NAV of ₹107.7080 as on 16 October 2026. Because the listing excerpt does not clearly identify the plan/option associated with that number, it must not be quoted as the NAV for every Direct, Regular, Growth or IDCW unit class. NAV is a dated accounting value per unit, not a guaranteed redemption price for a future day.

The official AMC website also contains legacy explanatory text quoting old capital-gains rates of 15% and 10% and a ₹1 lakh threshold. Those statements are not current for qualifying 2026 transfers. For the tax treatment below, the governing Income-tax Act, 2025 and current Income Tax Department guidance take precedence over stale marketing-site FAQs.

SEBI Large-cap Mandate and What It Means

SEBI’s Categorization and Rationalization of Mutual Fund Schemes circular dated 26 February 2026 defines the Large Cap Fund category as an open-ended equity scheme predominantly investing in large-cap stocks, with a minimum of 80% of total assets invested in equity and equity-related instruments of large-cap companies. Large-cap classification refers to the top 100 companies by market capitalisation under the applicable categorisation framework, supported by AMFI’s periodic classification exercise.

The minimum 80% requirement does not mean every holding must be in a large-cap company. The residual portion may be invested in other permitted assets, subject to the Scheme Information Document (SID), SEBI regulations and applicable limits. A portfolio may also hold cash or other assets for liquidity and settlement. The actual allocation is measured on a disclosed date; a historical percentage should not be used as a current exposure figure.

Active management versus the benchmark

Mirae Asset Large Cap Fund is actively managed; it does not promise to replicate the NIFTY 100 index weight for weight. Portfolio security selection, sector exposures, cash holdings, transactions and expenses can cause the scheme return to differ from the benchmark. Underperformance or outperformance in a particular period cannot be inferred from the category label. Benchmark-relative evaluation requires matching dates, plan, Growth/IDCW choice, total-return basis and the relevant expense structure.

The scheme page describes a fundamental investment approach involving business quality, management and valuation. This is an AMC-stated process, not evidence that the approach will succeed. A large-cap category may be less exposed to smaller companies than a small-cap scheme, but equity market risk, concentration, valuation risk and liquidity events remain material.

AUM, Portfolio and Date Integrity

The official February 2026 monthly factsheet reports net AUM of ₹40,370.92 crore as of 31 January 2026 and shows a then-current portfolio. This is a valid historical figure, not an October 2026 AUM figure. Portfolio holdings, sector weights, cash balance and AUM change with subscriptions, redemptions, market prices and trades. For an October publication, any current portfolio or TER number should come from the latest downloadable factsheet or dated AMC disclosure; when not independently verified, it should be omitted rather than estimated.

Investors and analysts sometimes compare scheme AUM with fund performance as if larger assets necessarily mean higher returns or lower risk. AUM primarily describes the scale of assets managed. It can influence operational capacity and trading flexibility, but is not a performance guarantee. Similarly, a portfolio snapshot is not a commitment to hold those securities permanently. Fund-manager commentary and portfolio tables should always carry the month-end observation date.

Direct Plan, Regular Plan, TER and Exit Load

Direct and Regular plans of the same scheme ordinarily share the underlying investment portfolio but have different expense structures, resulting in different plan NAVs and return experiences. A Regular Plan may bear distribution-related costs that a Direct Plan does not. Total Expense Ratio (TER) is charged through the scheme NAV rather than invoiced separately to most unit holders. An advertised TER can change under the applicable regulatory limits and the scheme’s disclosures.

No numeric October 2026 TER is asserted in this article because the current plan-wise AMC disclosure was not independently confirmed during preparation. The reader should use the latest official AMC TER disclosure and compare the same date and plan. Similarly, exit-load conditions can depend on the scheme’s current SID/addenda and the time between allotment and redemption. An exit load is not the same as a capital-gains tax, and its applicability must be checked for each redemption or switch.

Income-tax Act, 2025: Tax Year 2026-27 Capital Gains

For qualifying equity-oriented mutual-fund units, the holding period generally determines whether the gain is short-term or long-term. Units held for not more than twelve months are ordinarily short-term; units held for more than twelve months are ordinarily long-term. Under the Income-tax Act, 2025, section 196 corresponds to the special-rate short-term capital-gains treatment for qualifying securities and units, while section 198 governs specified long-term gains, subject to securities transaction tax (STT) and other statutory conditions.

The general special rate for qualifying short-term gains is 20%, plus applicable surcharge and cess. Qualifying long-term gains are generally taxed at 12.5% on the aggregate eligible gains exceeding ₹1,25,000 for the tax year, plus applicable surcharge and cess. The ₹1,25,000 figure is not a separate exemption for each scheme or each redemption. For example, ₹90,000 eligible LTCG from this scheme and ₹80,000 eligible LTCG from another equity-oriented holding produce ₹1,70,000 aggregate eligible gain before other adjustments; the amount above the statutory threshold is ₹45,000, subject to the applicable rules.

The special rates do not automatically apply to every fund or investor. The fund must satisfy the equity-oriented statutory definition and the transaction must satisfy the relevant STT condition, with specific exceptions where enacted. The individual’s residence, basic-exemption adjustment, rebate restrictions, surcharge, capital-loss history and other gains can change the final tax calculation. TaxGuru’s explanation of special-rate gains and rebate restrictions discusses why a general rebate should not be assumed to extinguish tax on special-rate income.

SIP, SWP and switches are taxable events when units are redeemed

Each systematic investment instalment creates its own acquisition lot with its own date and cost. A systematic withdrawal plan redeems units, so the taxable gain depends on the units actually extinguished under the applicable identification method and the redemption value. A switch between schemes or plans can involve a redemption and new purchase; it should not be treated as tax-free simply because money does not leave the fund platform. Maintain a capital-gains statement and reconcile it to the account statement and AIS/TIS where relevant.

IDCW, TDS and Non-resident Investors

IDCW means income distribution cum capital withdrawal. It is not a guaranteed yield, and a distribution can reduce the NAV of the relevant option. Tax treatment of a distribution differs from the tax on redemption gains. A resident investor must examine the applicable income-head, rate, TDS threshold and tax credit rules for the tax year. A capital-gains statement and a distribution statement should not be combined into a single undifferentiated “profit” number.

For an NRI, investment eligibility, repatriation, bank-account routing, withholding tax and treaty relief depend on the applicable FEMA rules, the investor’s status and the relevant statutory provisions. The TDS rate applied by a fund to a non-resident can differ from the ultimate tax liability. A non-resident should reconcile the withholding certificate and ITR treatment, including any treaty claim, rather than treating a redemption credit as tax-settled by default.

Capital Losses, ITR and Accounting

Equity mutual-fund capital losses are subject to the statutory capital-loss set-off and carry-forward framework, not the special VDA loss restrictions. A short-term capital loss and a long-term capital loss do not necessarily have identical set-off flexibility. Timely filing of the return and proper disclosure may be necessary for loss carry-forward. A fund statement can include realised gains, unrealised market movement, reinvested distributions and expenses; only the legally relevant events should enter the tax computation.

For a corporate or other reporting entity, classification of mutual-fund units under Ind AS 109 or applicable Accounting Standards depends on the reporting framework, business model and contractual features. Fair-value measurement, profit-or-loss recognition, disclosures and audit evidence should be evaluated separately from the investor’s income-tax computation. A retail investor does not ordinarily prepare an Ind AS financial statement merely because mutual-fund units are held personally.

Risks, Governance and Disclosure Checklist

The AMC identifies the scheme riskometer as Very High. Large-cap equity can experience sharp drawdowns, concentration in particular sectors, benchmark-relative tracking differences, corporate events and changes in fund management. Expense changes, redemption restrictions in extraordinary conditions, operational failures and valuation errors are additional matters addressed through the regulatory and scheme framework. Neither a long operating history nor a strong past return is a guarantee of future results.

• Confirm the exact scheme name, plan and option on the folio before using a NAV or return series.
• Read the current SID, KIM, addenda and AMC TER disclosure for the relevant transaction date.
• Label every AUM, portfolio, NAV and riskometer observation with its date and source.
• Reconcile each SIP lot, switch, redemption, IDCW distribution and STT evidence separately.
• Apply sections 196 and 198 of the Income-tax Act, 2025 only after checking equity-oriented and STT conditions.
• For NRIs and business holders, examine FEMA, withholding, accounting and audit treatment separately.

Frequently Asked Questions

1. What is the benchmark of Mirae Asset Large Cap Fund?

The AMC identifies NIFTY 100 (TRI) as the benchmark. TRI includes the effect of dividends and should be used with consistent plan and observation dates for comparison.

2. Is the scheme a passive NIFTY 100 index fund?

No. It is an actively managed large-cap equity fund. The benchmark is a comparison reference, not a requirement to replicate every index weight.

3. How much must a large-cap fund invest in large-cap stocks?

SEBI’s 26 February 2026 categorisation framework requires at least 80% of total assets in equity and equity-related instruments of large-cap companies.

4. Is ₹107.7080 the NAV for every plan on 16 October 2026?

No. The AMC scheme listing displayed that dated number without establishing in the excerpt that it applies to every plan and option. Each unit holder must verify the exact plan/option NAV.

5. What is the current TER and exit load?

The article does not assert an unverified October TER or exit-load figure. Both must be taken from the latest official AMC plan-wise disclosure, SID and addenda for the relevant date.

6. How are qualifying short-term equity mutual-fund gains taxed in Tax Year 2026-27?

Subject to statutory conditions including STT, section 196 of the Income-tax Act, 2025 generally applies a 20% special rate, plus applicable surcharge and cess.

7. How are qualifying long-term gains taxed?

Section 198 generally applies 12.5% to aggregate eligible long-term gains above ₹1,25,000 in the tax year, subject to the statutory conditions and applicable surcharge and cess.

8. Does every SIP withdrawal or switch avoid tax until money reaches a bank?

No. Redemption or switching can be a transfer for tax purposes. Each SIP lot has its own acquisition date and cost, and a capital-gains calculation may be required even when proceeds are reinvested.

Key Takeaways

• Mirae Asset Large Cap Fund is an active large-cap equity scheme benchmarked to NIFTY 100 (TRI), not a guaranteed-return or passive index product.
• The SEBI 2026 category framework requires at least 80% large-cap equity exposure for the category.
• The AMC’s 16 October 2026 displayed NAV and January 2026 historical AUM must not be mixed or treated as universally current figures.
• Direct/Regular expenses, exit load, IDCW and lot-wise redemption details affect the investor’s records.
• For qualifying transfers in Tax Year 2026-27, sections 196 and 198 generally govern 20% STCG and 12.5% LTCG above the aggregate ₹1.25 lakh threshold, subject to conditions.
• This article presents scheme and tax facts without recommending, ranking or forecasting the fund.

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Disclaimer: This article is an educational, non-promotional description of publicly available scheme and statutory information as of 17 October 2026. It is not a recommendation, ranking, investment research report, solicitation, assurance of return, personalised financial plan, tax opinion or accounting certification. Mutual-fund investments are subject to market risk and investors may lose principal. Scheme NAV, AUM, portfolio, fund manager, TER, exit load, riskometer, tax rules and regulatory disclosures may change; dated observations must not be represented as live figures for another date or unit class. Tax treatment depends on the investor’s residence, acquisition and redemption dates, STT, statutory conditions, loss history, withholding and tax regime. Readers should verify the latest official AMC SID, KIM, factsheet, TER and NAV disclosures and current SEBI, AMFI and Income Tax Department materials, and obtain independent professional advice where appropriate. TaxGuru, its owners, editors, authors, management, employees and associates accept no responsibility or liability for any investment loss, error, omission, tax, interest, penalty, withholding discrepancy, accounting treatment, regulatory consequence or other damage arising from reliance on or use of this article.

Source Links

• Mirae Asset Large Cap Fund official scheme page — https://www.miraeassetmf.co.in/mutual-fund-scheme/equity-fund/mirae-asset-large-cap-fund
• Mirae Asset scheme listing and 16 October 2026 NAV display — https://www.miraeassetmf.co.in/mutual-fund-scheme
• Mirae Asset February 2026 monthly factsheet (January data) — https://www.miraeassetmf.co.in/docs/default-source/fachsheet/active-factsheet—february-2026.pdf
• SEBI categorisation circular dated 26 February 2026 — https://www.sebi.gov.in/legal/circulars/feb-2026/categorization-and-rationalization-of-mutual-fund-schemes_99983.html
• SEBI Mutual Funds Regulations 2026 amended 7 July 2026 — https://www.sebi.gov.in/legal/regulations/jul-2026/securities-and-exchange-board-of-india-mutual-funds-regulations-2026-last-amended-on-july-7-2026-_102780.html
• Income Tax Department capital gains guidance — https://www.incometaxindia.gov.in/w/capital-gain
• Income-tax Act, 2025 section 198 official text — https://wmstatic-prd.incometaxindia.gov.in/web/guest/w/section-198-76