INSUBCONTINENT EXCLUSIVE:
New Delhi: Markets regulator Sebi has decided to extend the reduced cut-off time for subscription and redemption of mutual funds, including
liquid and overnight schemes, till April 30 amid the ongoing nationwide lockdown to deal with coronavirus pandemic.
Earlier, the revised
timings were applicable from April 7-17
The move comes after the Reserve Bank of India (RBI) extended reduced trading hours for debt market.
Sebi has decided to extend the reduced
cut-off timing for both subscription and redemption in mutual fund schemes till April 30, 2020, according to a communication from the
Association of Mutual Funds in India (AMFI).
In case of subscription of liquid and overnight schemes, the regulator has revised time to
12:30 pm, while the same for other schemes is 1 pm.
With respect to redemption of liquid, overnight and other mutual funds, Sebi has revised
the timing to 1 pm.
Earlier, the cut-off time for liquid and overnight funds was 1:30 pm, while the same for other funds was 3 pm
In a separate statement, BSE has announced the revised timings for subscription and redemption of liquid, overnight and other schemes on
its mutual fund distribution platform, StAR MF.
Liquid funds invest in cash assets such as treasury bills, certificates of deposit and
commercial paper for shorter horizon and overnight funds invest in securities with maturity of one day.
The offices of the asset management
companies and Registrar - Transfer Agents (RTA) are closed amid a nationwide lockdown.
Industry body Amfi advised investors to transact
through various online modes such as mobile applications and websites among others
On Thursday, RBI said the limited trading hours of debt as well as currency market will remain in force till April 30 amid extension of the
The trading hours for various RBI regulated markets were amended as 10.00 am to 2.00 pm.
The nationwide lockdown has been extended till May
3 to contain the spread of coronavirus pandemic.