NAV Applicability

SEBI circular :

As per SEBI circular no. SEBI/HO/IMD/DF2/CIR/P/2020/175 dated September 17, 2020 read with circular no. SEBI/HO/IMD/DF2/CIR/P/2020/253 dated December 31, 2020, effective from February 1, 2021, the Net Asset Value (NAV) date applicable to all mutual fund purchases will be the date on which funds are received by the fund house (or AMC).

In the past, fund houses could provisionally allocate units based on the NAV on the date the order was placed, whereas the funds were received later via payment systems.The provisional allotment is now discontinued. However, the above rule is already applicable for purchase transactions under liquid funds and overnight Funds.

How does it affect investors ?

The investor may not get the same NAV if the payment modes are other than net Banking(Direct) or UPI.
The time taken for the realization of funds depends on the payment mode. The below table shows when the NAV allotment happens based on the chosen payment mode.

Transaction wise NAV Applicability:

Transaction Type	Transaction received before cut-off timing	Money Received by MF before cut-off timing	Applicable NAV
One time Purchase / SIP Installment	Yes	Yes	Same Business Day
One time Purchase / SIP Installment	Yes	No	Next business day on which money received by the fund before cut-off time
One time Purchase / SIP Installment	No	Yes	Next business day on which Time Stamping done before cut-off time
One time Purchase / SIP Installment	No	No	NAV of subsequent Business Day on which fund realized prior to 3.00 p.m. shall be applicable

NAV applicability for Inter scheme Switch Transactions:

Transaction Type	Transaction received before cut-off timing	Money Received by MF before cut-off timing	Applicable NAV
Switch In	N/A	Yes	Business Day on which funds are received (in line with redemption pay out of Switch Out scheme) in Switch-in scheme before cut-off time
Switch out	Yes	N/A	Same Business Day

For all BSE orders:

One Time Purchase Transactions - Liquid Schemes:

Payment Mode	Bank Name	Cut-off time	Day of debit to Investors account	Day of unit allotment
UPI	All Banks	1:00 PM	T	T
Net banking	ICICI Bank - Retail Net Banking	1:00 PM	T	T
	Axis Bank	1:00 PM	T	T
	Kotak Mahindra Bank	1:00 PM	T	T
	IDBI Bank - Retail Net Banking	1:00 PM	T	T
	Yes Bank	1:00 PM	T	T
	AU Small Finance Bank	1:00 PM	T	T
	HDFC Bank	1:00 PM	T	T
	State Bank of India	1:00 PM	T	T
	All Other Banks ^*	1:00 PM	T	T+1
RTGS	All Banks	12:30 PM	T	T
NEFT	All Banks	12:30 PM	T	T
NACH Mandate	All Banks	1:00 PM	T+1	T+2
Cheque Mode	All Banks	1:00 PM	T+2	T+3

One Time Purchase Transactions - Non Liquid Schemes:

Payment Mode	Bank Name	Cut-off time	Day of debit to Investors account	Day of unit allotment
UPI	All Banks	2:30 PM	T	T
Net banking	ICICI Bank - Retail Net Banking	2:30 PM	T	T
	Axis Bank	2:30 PM	T	T
	Kotak Mahindra Bank	2:30 PM	T	T
	IDBI Bank - Retail Net Banking	2:30 PM	T	T
	Yes Bank	2:30 PM	T	T
	AU Small Finance Bank	2:30 PM	T	T
	HDFC Bank	2:30 PM	T	T
	State Bank of India	2:30 PM	T	T
	All Other Banks^*	2:30 PM	T	T+1
RTGS	All Banks	2:00 PM	T	T
NEFT	All Banks	2:00 PM	T	T
NACH Mandate	All Banks	2:30 PM	T+1	T+2
Cheque Mode	All Banks	2:30 PM	T+2	T+3

T = Date of application based on cut-off time

Why does unit allotment take T+1 Days for all other banks in Net Banking ?

Generally net banking in BSE is categorised into two types:

Direct Banks
Nodal Banks

Direct Banks in net Banking refers to transfers where Investor and the BSEStarMF, have accounts within the same bank. Currently BSE supports net banking with the following banks :

ICICI Bank - Retail Net Banking
Axis Bank
Kotak Mahindra Bank
IDBI Bank - Retail Net Banking
Yes Bank
AU Small Finance Bank
HDFC Bank
State Bank of India

All other banks other than those above are referred to as nodal banks. Funds transfer are faster for direct net banking transfers and can take upto 1 business day for nodal banks depending on the bank.

FP-ONDC Payment Cut-off time for same day unit allotment

Purchase Scenario	Payment Mode	Bank of the investor	Fund Collection Cut-Off time	Day of Debit to Investor's account	Day of Unit Allotment
Single purchase orders(including SIP intallments) - Liquid schemes	UPI/Netbanking	Major investor Banks	1.20 PM*	T	T
Single purchase orders(including SIP intallments) - Non Liquid schemes	UPI/Netbanking	Major investor Banks	2.50 PM*	T	T
Single purchase orders	NACH/UPI Autopay	All investor banks	NA	T	T+1
Multiple purchase orders but single payment collection	All methods	All investor banks	NA	T	T+1

*Once the payment collection happens the amount gets settled to AMC's collection account in near realtime. However, there might be few minutes of delay in some cases and hence the 10 minute buffer. Also, this facility of T day unit allotment is coming soon on FP-ONDC.