ICICI Prudential Asset Management Company (AMC), a leading player in India's asset management sector, has announced significant changes to its mutual fund offerings. The AMC has formally renamed 19 mutual fund schemes and revised the scheme-type descriptions for 23 other funds. These comprehensive updates span equity, debt, and hybrid categories, taking effect from August 26, 2026.
The revisions are a direct response to the Securities and Exchange Board of India's (SEBI) updated framework for the categorization and rationalization of mutual fund schemes. This regulatory directive, outlined in SEBI's Master Circular for Mutual Funds dated March 20, 2026, aims to standardize and clarify mutual fund offerings across the industry.
Understanding the Renaming of Schemes
Among the 19 schemes undergoing name changes, several notable alterations have been made. In the equity segment, the ICICI Prudential Dividend Yield Equity Fund is now known as the ICICI Prudential Dividend Yield Fund, and the Focused Equity Fund has become the Focused Fund. The ICICI Prudential Pharma Healthcare and Diagnostics (P.H.D) Fund has been streamlined to the Healthcare Fund. Additionally, minor adjustments, such as adding spaces, were made to names like Midcap, Multicap, Smallcap, and Flexicap funds.
The debt category also saw significant renaming. The ICICI Prudential Savings Fund has been rebranded as the ICICI Prudential Ultra Short to Short Term Fund. Similarly, the Medium Term Bond Fund, Long Term Bond Fund, and Bond Fund are now the Medium Term Fund, Long Term Fund, and Medium to Long Term Fund, respectively. Other debt scheme names like All Seasons Bond Fund and Floating Interest Fund were updated to Dynamic Term Fund and Floating Interest Rates Fund.
Hybrid schemes were not exempt from these changes, with the Equity & Debt Fund becoming the Aggressive Hybrid Fund, the Regular Savings Fund now the Conservative Hybrid Fund, and the Multi-Asset Fund rebranded as the Multi Asset Allocation Fund.
Revisions to Scheme Type Descriptions
Beyond name changes, ICICI Prudential AMC has also updated the formal scheme-type descriptions for several equity funds. These revisions primarily shift the language from stating that a scheme is “following” a particular theme to clarifying that it is “investing in” that theme. This applies to various thematic funds, including the Infrastructure Fund, Manufacturing Fund, MNC Fund, Technology Fund, Energy Opportunities Fund, Quality Fund, and Active Momentum Fund.
The US Bluechip Equity Fund's description now explicitly states it is an open-ended equity scheme investing in the US-focused large-cap theme. For the Multi Asset Allocation Fund, the revised description specifies its investment universe, removing units of REITs while retaining equity, debt, commodity derivatives, gold ETFs, silver ETFs, InvITs, and preference shares.
Guidance for Investors
As of June 30, 2026, ICICI Prudential AMC managed assets worth Rs 11,96,668 crore, serving over 1.73 crore investors across more than 143 schemes. The AMC has also recently launched three open-ended life-cycle funds – Life Cycle Fund 2031, Life Cycle Fund 2036, and Life Cycle Fund 2041 – with their New Fund Offer (NFO) period running from August 26 to September 9.
Investors should note that while scheme names and types have changed, this does not inherently alter a fund's investment objective, risk profile, or expected returns. The AMC has stated that relevant sections of its Statement of Additional Information (SAI), Scheme Information Documents (SIDs), and Key Information Memorandums (KIMs) will be updated to reflect these changes. Investors are advised to refer to the latest official documentation and communications from ICICI Prudential AMC before making any investment decisions.