This is with reference to SEBI circular SEBI/HO/IMD/DF2/OW/P/2020/17288/1 dated October 15, 2020, in respect of proposal to revert to normal cut-off timing of 3.00pm in respect of certain schemes.
Accordingly, the cut off timings for Liquid/Overnight Schemes & Other than those categorised/ not categorised as Debt & Conservative Hybrid Schemes of Mutual Funds on BSE StAR MF platform shall be revised as below:
|
Transaction Type
|
Subscription (Lumpsum, Additional/SIP)
|
Redemption/Switches/STP/SWP/AMCSTP
|
|
| |
Current Cut off time
|
Revised Cut off time
|
Current Cut off time
|
Revised Cut off time
|
|
| |
Scheme Type
|
Scheme Type
|
Scheme Type
|
Scheme Type
|
Scheme Type
|
Scheme Type
|
Scheme Type
|
Scheme Type
|
|
|
1. Liquid and overnight Schemes
|
Normal
|
L0
|
Normal
|
L0
|
Normal
|
L0
|
Normal
|
L0
|
|
|
1:00 PM
|
12:00 Noon
|
3:00 PM
|
12:00 Noon
|
1:00 PM
|
NA
|
1:00 PM
|
NA
|
|
| |
| |
|
|
|
|
|
|
|
|
|
|
2. Debt Schemes & Conservative Hybrid Fund other than Liquid and overnight Funds)
|
Normal
|
L1
|
Normal
|
L1
|
Normal
|
L1
|
Normal
|
L1
|
|
|
1:00 PM
|
12:30 PM
|
1:00 PM
|
12:30 PM
|
1:00 PM
|
NA
|
1:00 PM
|
NA
|
|
| |
| |
|
|
|
|
|
|
|
|
|
|
3. All schemes other than those mentioned above in Sr. no, 1 & 2
|
Normal
|
L1
|
Normal
|
L1
|
Normal
|
L1
|
Normal
|
L1
|
|
|
1:00 PM
|
12:30 PM
|
3:00 PM
|
2:30 PM
|
1:00 PM
|
NA
|
3:00 PM
|
NA
|
|
| |
The subscription orders executed under normal scheme type of Liquid and overnight fund after 12.30pm till 3.00pm will get reported to RTA on transaction day itself & allotment will be done at AMC/RTA end for applicable NAV only.
The cut off timing for non demat redemption and switch authentication for Sr. no. 1 & 2 schemes is 1:00 pm & schemes following under Sr. no. 3 needs to be authenticated by 3.00pm.
You will thus notice that the L1 Settlement which was being carried out twice by ICCL before will now be carried out thrice in a day, the additional one will be run at 2:30 pm for Equity based transactions for a value of Rs. 2 lakhs and above, so that the funds can be transferred to AMC’s bank account before the cut-off time of 3:00 pm on the same day for same day’s NAV applicability.
MFI’ members are therefore required to additionally fund their Settlement bank account at 2:30 pm for any L1 type of transaction in Equity based scheme placed by them after 12:30 pm till 2:30 pm over and above the existing timings circulated by us in our Notice Number 20200406-03 dated April 06, 2020.
The Client’s of MFD now need to transfer the funds in ICCL’s account before 11:30 am, for their L0 Orders, before 12:00 Noon for their L1 Orders placed by them in Debt and Conservative Hybrid Funds and before 2:00 pm for their L1 Orders placed by them in Equity Schemes to avail the historic days Nav for Liquid and Overnight schemes and for the same day’s NAV for L1 Orders placed in Debt and Conservative hybrid funds and Equity based schemes.
The above-mentioned revised timings shall be applicable with effect from October 19, 2020.
Ketan Jantre Zeeta Eustace
Sr. General Manager – Mutual Funds Asst. General Manager – Mutual Funds |