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NISM Certifications · NISM-Series-V-A: Mutual Fund Distributors · Investor Services

Ravi invests Rs 50,000 in a scheme through a systematic investment plan on a date when the cut-off time has passed and the funds are realised the next business day. Under SEBI rules, which NAV applies to a purchase of less than Rs 2 lakh in a non-liquid scheme?

For purchases below Rs 2 lakh in non-liquid schemes, the applicable NAV is that of the day on which the funds are available for utilisation by the scheme, provided the application is received before cut-off. The signing date or an average NAV is not used.

  1. ANAV of the day on which the funds are available for utilisation by the schemeCorrect
  2. BNAV of the day the application is signed by the investor
  3. CAverage NAV of the preceding week
  4. DNAV of the previous business day always

Explanation

For purchases below Rs 2 lakh in non-liquid and non-overnight schemes, the applicable NAV is that of the day when funds are available for utilisation, provided the application is received before cut-off time. Signing date or averages are not used.

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