How to create a corpus of Rs 1 crore in 15 years?

I am 38 years old. I am doing SIP in Tata India Consumer Fund for Rs 5,000 for last one year. Now I want to invest Rs 2,500 in Mirae Asset Emerging Bluechip Fund, Rs 2,500 in Parag Parikh Long Term Equity Fund, Rs 2,500 in L&T Midcap Fund. I need to create corpus of Rs 1 crore in 15 years for my retirement and daughter's marriage. At present, she is seven years old. Kindly advice if the selected funds are good. My risk profile is moderately high.
-- Vedha Giri

Jitendra Solanki, founder, JS Financial Advisors responds:

For accumulating Rs 1 crore in 15 years, you will need a monthly investment of Rs 21,000 if you earn 12 per cent return on investments. The fund you are investing currently in is a thematic fund. Ideally that should have been the last choice.

The core of your portfolio should be formed from large and multicap funds. Thematic or sector funds should be avoided if you do not understand the sector risk reward ratio or restrict exposure to only 5 per cent of your portfolio. The funds you have selected now are good to invest and you should allocate the major share of your investment portfolio. In my view Mirae Asset Emerging Bluechip Fund -Rs 5,000, Paragh Parikh Long Term Equity Fund - Rs 8,000, L&T Midcap Fund Rs 6,000 and Tata India Consumer Fund Rs 2,000 should be your allocation.