Questions iCommunity


Community User Posted on 01:54pm 25-Oct-2021

When I place an order for purchase of a MF, at what NAV does the Buy take place previous day close NAV or current NAV at the time of placing the order or NAV at close of current day?

  • ICICIdirect Executive Thank you for the query. W.r.t. your query, As a result of changes in NAV applicability for mutual fund schemes, we have revised our internal cut-off timings for Purchase, redemption & switches in Mutual Funds. The revised cut-off time for Purchase of Liquid Funds will be 12:50 PM and for purchase of Non-Liquid (Debt & Equity) Funds will be 2:20 PM. For redemption and switches in all Mutual Fund schemes, the revised cut-off time will be 2:20 PM. The said change in the internal cut-off timings shall be in effect from February 4, 2021, and shall continue till further notice.

    Please note that the Net Assets Value(NAV) and date, mentioned above, are the last recorded NAV as available with for the date mentioned and this is not applicable to the order that you are going to place. The NAV applicable to your order would depend on the type of the fund and the time you enter the order. For e.g. If you have placed purchase order on a business day before 1430 hrs(cutoff time) in a Non-liquid fund on then the order will be processed at the NAV as at the close of the business day. For orders placed on that business day after 1430 hrs or if placed on a Non-Business Day, the NAV of the next business day will be applicable.

    As per SEBI guidelines, the cutoff time for accepting orders in Non-liquid funds is 1500 hrs and in Liquid funds, it is 1330 hrs. However, taking into account internal transaction processing time, has kept the internal cutoff time, for accepting all orders in Non-liquid funds as 1430 hrs and Purchase in Liquid funds (to get historic Net Asset Value NAV ) as 1300 hrs. All orders placed within the ICICIdirect cut-off time will get the applicable NAV. Any orders placed post the ICICIdirect cut-off time but before the SEBI mandated cut-off time, shall be processed on best efforts basis for the applicable NAV

    11:39am 26-Oct-2021