Cut-off timing for equity mutual fund purchases back to 3 pm from next week

The truncated cut-off time will continue for debt funds and conservative hybrid funds. A copy of the Sebi communication to mutual funds on Thursday was reviewed by Mint

Jayshree P. Upadhyay
Updated16 Oct 2020
Sebi's restoration of cut-off time for equity mutual fund purchases and redemptions is based on representations from Amfi. (Photo: Mint)
Sebi’s restoration of cut-off time for equity mutual fund purchases and redemptions is based on representations from Amfi. (Photo: Mint)

The Securities and Exchange Board (Sebi) restored the cut-off time for equity mutual fund purchases and redemptions to 3pm from 19 October, according to a communication sent by the market regulator to mutual funds. However, the truncated cut-off time will continue for debt funds and conservative hybrid funds. A copy of the Sebi communication to mutual funds on Thursday was reviewed by Mint.

Sebi had brought forward the cut-off time for getting the same day’s net asset value (NAV) for schemes other than liquid and overnight from 3 pm to 1 pm in April due to the covid-19 crisis and subsequent disruptions to financial services. For liquid and overnight schemes, the cut-off time was changed from 1.30pm to 12.30pm.

“For debt schemes and conservative hybrid fund the cut-off timings may be continued till further notice by RBI (Reserve Bank of India) on the truncated market hours,” said Sebi. In April, RBI had restricted debt and currency market trading hours to between 10am and 2pm.

Sebi’s decision to restore the cut-off time for equity mutual fund purchases and redemptions follows representations from the Association of Mutual Funds in India.

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