Pricing of Units requires NAV based sale and repurchase pricing and disclosure of methodology by the asset manager. Regulation 49 requires that mutual funds make sale, subscription and repurchase prices available to investors and that the asset management company provide the methodology for calculating those prices as specified by the Board. For open ended schemes a minimum repurchase price is mandated relative to the Net Asset Value. Prices are generally determined with reference to the last determined NAV, except where the scheme announces NAV daily or where the sale price is fixed with reference to a future NAV with or without a declared premium.