I have a SIP in Mirae asset. The amt was transferred on 01 Feb. I got the NAV of 05 Feb (higher by Rs3.5)
On speaking to CustCare, I am told the rule has changed from 01 Feb that the NAV will be given the day funds received in the AMC. So , where was my money for 4 days, and who is responsible for the delay. In case the amc took the time to process , why should I be penalized. How to resolve the matter?
The purchase of units in a mutual fund scheme will get the NAV of the day on which money reaches the fund house, not of the day investors place the order, SEBI said in its recent circular. Please view the circular details here.
“It has been decided that in respect of the purchase of units of mutual fund schemes (except liquid and overnight schemes), closing NAV of the day shall be applicable on which the funds are available for utilization irrespective of the size and time of receipt of such application. The existing provision on NAV applicability for liquid and overnight funds and cut-off timings for all schemes shall remain unchanged,” SEBI said in a circular.
If the transaction is done online, the funds can be quickly credited. In the case of cheque deposits, there could be some delay. You may try buying units from AMC websites directly.