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Sunday, October 25, 2020

Cut-off time for equity mutual funds to be restored from Monday: Amfi

The move comes following a request by the industry body Association of Mutual Funds in India (Amfi).

By: PTI | New Delhi | October 16, 2020 5:34:38 pm
The regulator had reduced cut-off time for availing the same day's net asset value (NAV) for mutual fund schemes to 1 pm from 3 pm.

Capital markets regulator Sebi will restore the cut-off timing for buying and selling of equity mutual fund units to 3 pm from Monday, according to industry body Amfi.

However, the existing truncated cut-off time would continue for debt and conservative hybrid funds.

In a tweet, Amfi Chairman Nilesh Shah said cut-off timing for both subscription and redemption for all schemes other than those categorised as debt schemes and conservative hybrid fund is being restored to original cut-off timing of 3 pm, effective, October 19.

The move comes following a request by the industry body Association of Mutual Funds in India (Amfi).

Earlier in April, Sebi had reduced cut-off time for subscription and redemption of mutual funds, including liquid and overnight schemes due to coronavirus pandemic.

The regulator had reduced cut-off time for availing the same day’s net asset value (NAV) for mutual fund schemes to 1 pm from 3 pm.

For liquid and overnight funds, the time was advanced to 12.30 pm from 1.30 pm.

The Reserve Bank of India (RBI) in April had reduced debt and currency market hours permitting trades only from 10 am to 2 pm.

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