The time after successful online payment confirmation and transaction being confirmed within cut-off time will be considered as the time for transaction...
04-Jul-2013 •Research Desk
I invested one lakh each in two different folios (same first holder with different nominees)
online. My account was debited before cut-off time on 12th of this month, but the units were
allotted on the NAV of 13th of this month. Is it correct?
-Premalatha Rajeswaran
Every fund specifies a uniform cut-off time in respect of fresh subscriptions and redemption of units. All requests received before the cut-off time are supposed to be processed at that day's NAV and those received thereafter are cleared on the next day.
Once the money is debited from your account, it should be credited into the AMC’s account. You should have an evidence to this. If the AMC did not receive it on the 12th, which could be due to a delay in transaction from the service provider, you will get NAV of the next day.
You should get in touch with your AMC to resolve this.
