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How Fund Units are Allotted

Fund investment applications are processed by the registrar on the day they're received & units are allotted as per that day's NAV

I have invested ₹70,000 in Reliance Small Cap fund, through internet banking at 11.18 AM on June 08 2014, which was a Sunday. Obviously, I had made the investment well before the cut off time of 3.00 PM of the next working day i.e. Monday June 09 2014 and as such the allotment should have been made at the NAV prevailing at the close of business on Friday June 06 2014.
But, strangely, the units have been allotted at the NAV prevailing at the close of business on Monday Jun 09 2014, which I think is not justified.
I shall be highly obliged to have your opinion in this regard before proceeding any further.

- D. K. Agrawal

You have made the investment on a Sunday. True this is well before cut-off time of 3:00 p.m. of the next working day which was Monday. This means your application reached the registrar on Monday. This means that you are entitled to Monday's NAV and not Friday's NAV. Applications are processed on the same-day NAV and not on the past day's NAV.



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