the cut-off timings as per the Sebi guidelines. Again cut-off timings are different for liquid funds and non-liquid funds. For non-liquid mutual funds, applications received up to 3 pm on a business day, would have closing NAV of that business day on which application is received. In respect of applications received after 3 pm on a business day, the transaction the NAV of next business day would be applicable and not the same day’s NAV.
For liquid funds applications received up to cut-off time of 2 pm would get closing NAV of the business day immediately preceding the day of receipt of the application. And for applications received post cut-off time of 2 pm would get closing NAV of the business day immediately preceding the next business day
The writer is senior investment analyst, Morningstar India