Northspread
Formula sheet/NISM Series V-A: Mutual Fund Distributors/Investor Services
[ INVESTOR SERVICES ]

NAV Applicability & Realization Rule

Equity&Non-Liquid Debt Schemes:Closing NAV of the business day on which funds are available for utilization before3:00PM cut-off.Equity \& \text{Non-Liquid Debt Schemes}: \text{Closing NAV of the business day on which funds are available for utilization before} 3:00 \text{PM cut-off}.
Liquid&Overnight Schemes(Purchase):Funds available before1:30PM  ⇒  Closing NAV of the day immediately preceding the day of application(Historical NAV).Liquid \& \text{Overnight Schemes} (Purchase): \text{Funds available before} 1:30 PM \;\Rightarrow\; \text{Closing NAV of the day immediately preceding the day of application} (\text{Historical NAV}).
Liquid Schemes(Redemption):Application before3:00PM  ⇒  NAV of the day immediately preceding the next business day.\text{Liquid Schemes} (Redemption): \text{Application before} 3:00 PM \;\Rightarrow\; \text{NAV of the day immediately preceding the next business day}.
Instant Access Facility(IAF):Maximum Rs50,000or90%of folio value per day per investor in Liquid/Overnight schemes.\text{Instant Access Facility} (IAF): \text{Maximum Rs} 50,000 or 90\% \text{of folio value per day per investor in Liquid}/\text{Overnight schemes}.
Variables

Delay in NFO refunds beyond 5 business days attracts mandatory penal interest @ 15% p.a. borne by the AMC.

Exam note

Time-stamping machines at Official Points of Acceptance (OPoAs) ensure tamper-proof audit trails for NAV allotment.