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Our Bureau

`Disclose locations of official points of acceptance'

Mumbai , Oct. 11

The Securities and Exchange Board of India on Wednesday announced uniform cut-off timings for calculating the net asset value of mutual fund schemes.

According to SEBI circular, every mutual fund shall disclose the locations of its official points of acceptance in its offer documents and Web sites.

The circular follows a proposal from the Association of Mutual Funds in India.

New norms

In the purchase of units in liquid fund schemes and their plans, where the application is received up to 12 p.m. on a day and funds are available for utilisation on the same day, the closing NAV of the day immediately preceding the day of receipt of application will be applicable.

For applications received after 12 p.m., and where funds are available on the same day, the closing NAV of the day immediately preceding the next business day will be applicable.

Irrespective of the time of receipt of application and where the funds are not available for utilisation on the day of application, the closing NAV of the day immediately preceding the day on which the funds are available for utilisation will be applicable.

In the case of repurchase of units in liquid fund schemes, where the application is received up to 3 p.m., the closing NAV of the day immediately preceding the next business day (`business day' does not include the day on which the money market is closed) is applicable.

The SEBI circular has also prescribed cut-off timings for other products of mutual funds.

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