Uniform NAV cut-off timings to ensure prospective NAV application for mutual fund purchases and redemptions across schemes. The guidelines require uniform cut-off timings for prospective NAV application across mutual fund schemes, with a general 3 p.m. cut-off for purchases and redemptions using local at-par payment instruments, later applications attracting next business day NAV, and outstation instruments governed by credit date. Special rules apply to Liquid Fund schemes (prior-day or same-day NAV depending on receipt time and fund availability) and these funds must compute NAV daily. Mutual funds must maintain tamper-proof time stamping at official acceptance points, preserve stamped records, adopt approved alternatives during outages, and report compliance in periodic trustee and regulatory filings.
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Provisions expressly mentioned in the judgment/order text.
Uniform NAV cut-off timings to ensure prospective NAV application for mutual fund purchases and redemptions across schemes.
The guidelines require uniform cut-off timings for prospective NAV application across mutual fund schemes, with a general 3 p.m. cut-off for purchases and redemptions using local at-par payment instruments, later applications attracting next business day NAV, and outstation instruments governed by credit date. Special rules apply to Liquid Fund schemes (prior-day or same-day NAV depending on receipt time and fund availability) and these funds must compute NAV daily. Mutual funds must maintain tamper-proof time stamping at official acceptance points, preserve stamped records, adopt approved alternatives during outages, and report compliance in periodic trustee and regulatory filings.
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