Sebi tweaks norms for assigning NAV while purchasing units of MF schemes

Sebi has tweaked norms for assigning net asset value (NAV) while purchasing units of mutual fund (MF) schemes. 

“It has been decided that with respect to purchase of units of MF schemes (except liquid and overnight schemes), closing NAV of the day shall be applicable, on which the funds are available for utilisation irrespective of the size and time of receipt of such application,” the regulator said.  

Until now, investors who gave a cheque for below Rs 2,00,000 got the same day’s NAV, while those putting more got the NAV of the day when the cheque was realised. 

“Now, all investors will get the NAV of the day the cheque is realised. Those wanting to get today's NAV will have to do a direct transfer of funds,” said the chief executive of a fund house.