How many business days will it take for my units to be allotted to me?
‘Business Day’ refers to a day where the Stock Exchanges and/or Banks in Mumbai are open. Saturdays and Sundays are always considered as Non-Business Days.
Between Monday to Friday:
1. If both are closed, then that day will be considered as Non-Business Day
2. If Banks are closed, but Stock Exchanges are open:
• It may be a ‘Business Day’ for Equity oriented schemes but will be a non-settlement day.
• It will be a ‘Non-Business Day’ for Debt & Liquid oriented schemes.
3. If Stock Exchanges are closed, but banks are open
• It may be a ‘Business Day’ for Debt oriented schemes
• It will be a ‘Non-Business Day’ for Equity oriented schemes.
Note that (3) has to be read in conjunction with the definition provided by each MF in their Scheme Documents. If it is ‘AND’ as highlighted in (1), then it will be a Non-Business day, if either of them are closed. If it is ‘OR’ as highlighted in (1), then the ‘may’ highlighted in (2) will have to be read as ‘will’.
With regard to settlement of redemption proceeds:
• Debt & Liquid Scheme redemptions are settled on T+1 Business Day basis
• Equity Scheme redemptions are settled on T+3 Business Day basis.