ICICI Prudential Midcap Fund Caps Lump-Sum Investments at ₹10 Lakh Per PAN Per Day

Key Takeaways:

• ICICI Prudential Mutual Fund has set a ₹10 lakh per PAN per day ceiling on fresh and additional lump-sum subscriptions and switch-ins into its Midcap Fund. 
• The revised limit will become effective from 8 October 2026 and transactions breaching the ceiling will be rejected in full rather than partly processed. 
• The change follows earlier adjustments to subscription controls in the scheme, including the removal of a ₹2 lakh monthly limit on fresh SIP and STP registrations in July. 

ICICI Prudential Mutual Fund has revised the subscription framework for ICICI Prudential Midcap Fund, setting a maximum limit of ₹10 lakh per PAN per day for fresh and additional lump-sum purchases and switch-in transactions. 

The restriction takes effect from 8 October 2026. 

Under the revised framework, the ₹10 lakh threshold will be applied at PAN level each day. Where a transaction causes the prescribed limit to be exceeded, the transaction will be rejected completely rather than processed up to the permitted amount. 

The change has been communicated through an addendum to the scheme’s Scheme Information Document and Key Information Memorandum. 

The fund itself is an open-ended equity scheme predominantly investing in mid-cap stocks. Its benchmark is the Nifty Midcap 150 Total Return Index. ICICI Prudential’s scheme material specifies a minimum 65% allocation to mid-cap equities under the category framework. 

The latest rule is part of a series of changes to subscription controls in the scheme. 

Lump-sum subscriptions and switch-ins had previously been suspended from March 2024. Fresh SIP and STP registrations were subsequently permitted subject to a ₹2 lakh per PAN per month ceiling. 

That systematic-investment restriction was removed with effect from 16 July 2026, allowing fresh SIP, STP and other systematic registrations without the earlier ₹2 lakh monthly limit. The restriction on lump-sum and switch-in transactions remained in place at that point. 

The new ₹10 lakh daily framework therefore changes the treatment of lump-sum and switch-in money by allowing these transactions again within a defined ceiling. 

Subscription restrictions are operational controls used by asset managers to regulate the pace at which fresh money enters a scheme. They do not alter the value or ownership of units already held by existing investors. 

All other provisions of the scheme documents remain unchanged except where specifically modified by the latest addendum. 

The revised limit becomes applicable from 8 October, meaning investors submitting covered transactions from that date will be subject to the ₹10 lakh daily PAN-level ceiling.