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of <h1>SEBI Circular: New Rules on Mutual Fund Interval Schemes and NAV Cut-Off Timings Effective April 1, 2011.</h1> The circular issued by the Securities and Exchange Board of India (SEBI) addresses regulations for mutual funds, specifically interval schemes and uniform cut-off timings for Net Asset Value (NAV) applicability. For interval schemes, units must be listed, and redemption is restricted to specified transaction periods. Investments should mature before the next transaction period. The circular also clarifies NAV cut-off timings for liquid and income/debt-oriented schemes, ensuring funds are available without credit facilities before cut-off times. Additionally, it emphasizes that Asset Management Companies (AMCs) must not acquire assets that could encumber scheme property. Compliance is required by April 1, 2011, or the next transaction period.
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