Glide Invest FAQ: What are the cut-off times for transactions?

What are the cut-off times for transactions?

We have partnered with BSE Star for transacting in mutual funds.  All online transactions sent to BSE Star are routed through the bank accounts of the Indian Clearing Corporation Limited (ICCL), from where they are routed to the respective bank accounts of the AMCs. We follow the guidelines provided by them for processing of all transactions related to mutual funds.    

SEBI has brought in new rules for NAV applicability for mutual fund schemes. Titled " Uniformity in applicability of Net Asset Value (NAV) across various schemes upon realisation of fund ," from 01 Feb, 2021, purchase of units in a scheme will get the NAV of the day on which money reaches the AMC, not of the day investors place the order.

From 01 Feb 2021, the new cut-off times for receipt of funds by ICCL  in their bank account will be as follows:
  1. Liquid/Overnight fund orders placed with us before 12:30 pm will receive the NAV of the Historic Day, else the same day. 
  2. Liquid/Overnight funds redeemed before 3:00 pm will receive the NAV of the previous day, else current day's NAV. 
  1. All equity and debt fund orders placed with us before 2:00 pm will receive the NAV of the same day, else next business day.  
  2. All equity and debt funds redeemed before 3:00 pm will receive the NAV of the current day, else next business day's NAV.
  3. For Switching of All Funds the cut-off time would be 3.00 pm.
  4. For SIP/STP/SWP for All Funds the cut-off time would be 3.00 pm
Upon receipt of funds in their bank accounts, ICCL will initiate the process of transfer to the AMC's bank accounts, which can take upto 1hr.  The funds receipt time in the AMC’s bank account will be the final criterion for receipt of the NAV for the investment. You will be eligible to receive the NAV of the Historic Day in case of Liquid Orders and Same Day in case of Non-Liquid orders, if the funds are credited in the AMC’s bank account before 1:30 PM and before 3:00 PM respectively. 

Note : Units are only allocated on business days (i.e. days when the stock market is open).  For orders that are placed on weekends or holidays, the units (based on their corresponding NAVs) will be allocated on the next business day. 

Note : Cut-off times may change from time to time based on directions from SEBI or the individual AMCs themselves.  We will do our best to keep customer informed about any changes in the cut-off times. AMCs will also inform all invested customers regarding changes in their cut-off times.

Note:  While BSE/ICCL will take various effective methods to ensure to transfer the funds before the cut-off time in the AMC’s bank account so that the investment of customers will be eligible for the historic day and same day NAV for Liquid and Non-Liquid transactions respectively. However, BSE/ICCL/GlideInvest cannot be held responsible in the event of delay in transfer of the funds in AMC’s bank account and the customer will get that day’s NAV in which the funds are realised in the AMC’s bank account.

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