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<h1>SEBI Sets Uniform Cut-Off Times for Mutual Fund NAV to Prevent Late Trading and Ensure Fairness.</h1> The circular issued by SEBI addresses the uniform cut-off timings for the applicability of Net Asset Value (NAV) for mutual fund schemes and plans. It aims to prevent 'late trading' and ensure fair treatment for all investors by standardizing the cut-off times for NAV applications for subscriptions and redemptions. The guidelines apply to all mutual fund schemes except international funds and those traded on stock exchanges. Specific cut-off times are set for mutual fund and liquid fund schemes, with detailed procedures for time-stamping transactions to ensure transparency and accuracy. Implementation deadlines and compliance reporting requirements to SEBI are also outlined.