Which day's NAV you get
Cut-off time and realisation
The same order, minutes apart, can get a different day’s price. This lesson is fiddly but high-scoring, so we keep it to the two times and the one rule that matter.
Cut-off rules follow SEBI’s current framework. Education for the NISM Series V-A exam, not financial advice.
- 1
The NAV you get depends on when your request is time-stamped, against the scheme's cut-off time.
- 2
For most funds the cut-off is 3:00 PM; for liquid and overnight funds it is earlier, at 1:30 PM.
- 3
For a purchase, you get a day's NAV only when the money is actually realised by the AMC.
- 4
So a late submission, or money that clears the next day, gets the next applicable NAV.
Submit a purchase at 2:55 PM with funds realised the same day, and you get that day's NAV. At 3:05 PM, you get the next business day's.
Practice
🔥 0 streakReal exam format. Answer by voice, tap, or press 1 to 4. No negative marking, so always attempt.
The NAV you receive depends on:
The cut-off time for most (non-liquid) funds is:
For a purchase, same-day NAV applies only if:
Liquid and overnight funds have a subscription cut-off of:
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Education for the exam, not financial advice. Answers can be wrong, so confirm figures against the workbook.