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How are NAVs applied for sale/purchase of mutual funds?

There are different timings and rules for liquid mutual funds and equity/debt mutual funds

What is the applicable NAV while buying/ selling Mutual funds. Is it NAV at that time or at the days cut off time or the previous day's?
-Georgy Joseph

The applicable NAV for any transaction depends on the time at which it is placed with the AMC's service center.

Equity/debt funds: For applications received till 3.00 pm on any business day, the transaction is processed at the NAV of the same day which is declared late evening. If, however, the application is received after 3.00 pm, next day's NAV is applicable. This holds true for both purchase as well as redemption requests.

Liquid funds
1. Purchase transaction: If the application is received at the official point of transaction up to the cut-off time of 2.00 pm on a business day and the funds are available for utilisation on the same day before cut-off time, the previous day's NAV is applied.
2. Redemption: For an application received on any business day up to 3.00 pm, the same day's is applicable. For an application received after 3.00 p.m., the NAV of the next business day would apply.

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