What is Piggy cutoff time and NAV applicability for mutual fund transactions?
For non-liquid fund transactions (in a single scheme on a single day by the same person) for amount less than 2 lacs, the cut-off time for the same day’s NAV to be applicable will be 1 PM. Any Transaction received after 1pm will be processed as per NAV of next Business day. Transactions received between 1-2 pm might get allocated same day NAV on best effort basis.
Please note that this is the case for transactions in non liquid funds where the amount is less than 2 lacs. For any amount greater than equal to 2 lacs in non liquid funds and for any amount in liquid funds the units are allotted for the date when the fund house receives the funds in their bank accounts.
In case of transactions through Piggy all our settlement for money from banks happens on T+1 day or the next day of transactions. This means on the transaction day the money is blocked from your bank account by your bank. But the funds are settled and transferred from the bank only the next business day/ bank working day by our payment gateway provider. This is as per standard operating procedures for net banking transactions.
The Securities and Exchange Board of India (SEBI) has special guidance for processing transactions (SEBI Circular No. CIR/IMD/DF/21/2012). The transfer of money to the Asset Management Company’s (AMC) bank account has to be completed by 3 PM for qualifying for the same day’s NAV.
Your funds will be remitted to the AMC’s bank account before 3 PM (on a best effort basis) the next day of the transaction as per standard operating procedure. If the money reaches the AMC bank account later due to inter-bank transfer delays, the NAV allotted will be based on discretion of the fund houses.
NOTE: For freshly activated profiles, It may take one day extra for successful processing of first transaction.