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Mutual Fund Buying Rule Changes: Investor To Get NAV, Units On Fund Credit

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There have been back to back rule changes being implemented for mutual funds and as per the latest circular released by the SEBI today, mutual fund investors will now get the NAV of the day when the funds are actually received by the fund manager and not as of the date of application. "It has been decided that in respect of the purchase of units of mutual fund schemes, closing NAV of the day shall be applicable on which the funds are available for utilization, irrespective of the size and time of receipt of such application," SEBI said.

Mutual Fund Buying Rule Changes: Investor To Get NAV, Units On Fund Credit
 

The new rule in relation to NAV or net asset value shall become applicable from January 1, 2021. Earlier, orders less than Rs 2 lakh got the NAV of the same day as the application, if placed within the cut-off time.

Also at the same time the regulator cleared that the norms on NAV for liquid and overnight funds as well as cut off time for all of the schemes will remain unchanged.

Earlier from April 7 to April 17, the mutual funds for a temporary period altered the cut off time for buying and redeeming mutual funds.

GoodReturns.in

Read more about: mutual fund
Story first published: Thursday, September 17, 2020, 21:48 [IST]
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