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Purchasing mutual funds on 31 March

If you are purchasing an equity mutual fund before 3 pm, the NAV of the same day would be applicable

What if I make a purchase transaction on 31 March in a mutual fund? Will the transaction be counted in the current financial year or next financial year? Please explain both the scenarios if the transaction is made before 3 pm an dafter 3 pm if that makes a difference.
- Abhinandan

For equity funds, the official cut-off time is 3 pm. If you are purchasing before 3 pm, the NAV of the same day would be applicable. For applications received after 3 pm, the NAV of the next business day would apply. This means if you are buying an equity fund before 3 pm on March 31 and you get the NAV of the same day, your transaction would take place in the current financial year. However, if you bought the fund after 3 pm, you will get only next day's NAV. That means your transaction date would fall on the next financial year. If you are buying a liquid scheme, the official cut-off time is 2 pm. If the money is available for utilisation on the same day before the cut-off time, you will get the NAV of the previous day. If the fund is not available for utilisation, the NAV of the immediate preceding day on which the funds are available for utlisation would be applicable.

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