Roshi Jain exits HDFC Mutual Fund; AMC announces changes in fund managers for three equity schemes

Roshi Jain

HDFC Mutual Fund has announced a change in fund management for select equity schemes, that was effective December 8, 2025, according to an addendum issued by HDFC Asset Management Company.  This comes amidst the exit of Roshi Jain who was currently managing these funds.

As per the update, HDFC's flagship fund - HDFC Flexi Cap Fund, will now be managed by Chirag Setalvad. The fund house has also announced changes in the management of HDFC Focused Fund, previously and HDFC ELSS Tax Saver Fund. They will now be managed by Gopal Agrawal and Amar Kalkundrikar, respecitively.  Kalkundrikar joined HDFC AMC in August this year. He was previously fund manager at Nippon India Asset Management.

Moneycontrol has previously reported that Roshi Jain was set to exit HDFC AMC. Jain previously spent 17 years at Franklin Templeton India AMC, and began her career in 2003 as an equity analyst with Goldman Sachs. She took charge of the HDFC Flexi Cap Fund in 2022 following the exit of then CIO and veteran fund manager Prashant Jain.

The Flexi Cap Fund is one of HDFC AMC’s flagship strategies with an AUM of around Rs 90,000 crore. Over three, five and seven years, the fund has generated returns of 21.59 percent, 23.84 percent and 18.70 percent, respectively, consistently beating the benchmark and category averages. In addition, she managed the HDFC Focused Fund and HDFC ELSS Tax Saver Fund, which have a combined AUM of around Rs 40,000 crore.

Also read: India’s star fund managers are walking out — but the old guard is marching back in

Apart from the change in fund managers, all other provisions of the Scheme Information Documents (SIDs), Key Information Memorandums (KIMs), and the Statement of Additional Information (SAI) will remain unchanged.