{"id":10977,"date":"2025-01-21T09:43:03","date_gmt":"2025-01-21T09:43:03","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=10977"},"modified":"2025-01-21T09:43:04","modified_gmt":"2025-01-21T09:43:04","slug":"mutual-fund-redemption","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/mutual-fund-redemption\/","title":{"rendered":"SEBI Extends Mutual Fund Redemption Cut-Off for Overnight Schemes"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/mutual-fund-redemption\/#Reasons_Behind_the_Proposal\" >Reasons Behind the Proposal<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/mutual-fund-redemption\/#SEBIs_Consultation_Paper\" >SEBI\u2019s Consultation Paper&nbsp;<\/a><\/li><\/ul><\/nav><\/div>\n<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/shoonya.com\/blog\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/shoonya.com\/blog\/investing\/\">Investing<\/a><\/span> \u00bb <span><a href=\"https:\/\/shoonya.com\/blog\/investing\/mutual-funds\/\">Mutual Funds<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\"><strong>SEBI Extends Mutual Fund Redemption Cut-Off for Overnight Schemes<\/strong><\/span><\/span><\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SEBI has come up with another proposal for the Mutual Fund industry which the fund managers and investors are cheering for. It has proposed to extend the cut-off time for determining NAV for <strong>mutual fund redemption <\/strong>from the present 3 PM to 7 PM. So, why did SEBI propose this extension? How can it affect the investments\/ investors or the market as a whole? Let\u2019s find out in this blog.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-reasons-behind-the-proposal\"><span class=\"ez-toc-section\" id=\"Reasons_Behind_the_Proposal\"><\/span><strong>Reasons Behind the Proposal<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">SEBI has proposed this change in the <strong>cut-off timing <\/strong>for determining <strong>nav for the redemption of mutual funds <\/strong>and this is only for the overnight schemes. Right after SEBI directed the stock brokers and the clearing houses to transfer clients\u2019 funds to clearing corporations at the end of the day, this proposal came in. The transfer can be done in any of the following \u2013&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cash<\/li>\n\n\n\n<li>Lien of fixed deposits which are made out of clients\u2019 funds<\/li>\n\n\n\n<li>Pledge of units of <strong>mutual fund overnight schemes<\/strong> which are again made out of funds of the clients.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This change in the timing will help the clearing members and the stock brokerage houses to have more time to un-pledge <strong>MFOS<\/strong> units and place redemption requests after-market hours with the mutual fund houses.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These <strong>mutual fund overnight schemes<\/strong> get the money invested in the 1-day maturity securities on the proceeding working day. With this extension of the <strong>cut-off timing<\/strong>, the fund houses can do <strong>mutual fund redemption<\/strong> post-market hours as well.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, this extension won\u2019t affect the valuation of the funds or their redemption capabilities because the amounts redeemed are not re-invested on T+1 day. Instead, these amounts are for payouts.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-sebi-s-consultation-paper-nbsp\"><span class=\"ez-toc-section\" id=\"SEBIs_Consultation_Paper\"><\/span><strong>SEBI\u2019s Consultation Paper&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In a consultation paper issued by SEBI on 20 January 2025, it said that investments in these overnight schemes of mutual funds have become a new space for SBs and CMs to invest the funds of their clients. It ensures minimal risk transformation of the funds which are withdrawable on demand and available with the SBs and CMs. The risk is minimal as the tenure is only for one night, and the underlying instruments are government securities.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Brokerages and CMs need to ensure that the funds of the clients are <strong>invested in MFOS<\/strong> which invests in the government\u2019s bonds with overnight exposure in the repo market and overnight tri-party repo dealing and settlement (TREPS).&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The consultation paper only suggested building a team with industry participants, AMFI, and the Mutual Fund Advisory Committee (MFAC). This team will be operationalised to see whether and how this cut-off time can be extended.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Source: <a href=\"https:\/\/www.moneycontrol.com\/news\/business\/markets\/sebi-proposes-extending-time-to-determine-nav-for-redemption-of-mutual-fund-overnight-schemes-12915035.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">MoneyControl<\/mark><\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">______________________________________________________________________________________<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\"><strong>Disclaimer<\/strong><\/mark>: Investments in the securities market are subject to market risks; read all the related documents carefully before 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It has proposed to extend the cut-off time for determining NAV for mutual fund redemption from the present 3 PM to 7 PM. So, why did SEBI propose this extension? How can it affect &hellip; <a href=\"https:\/\/shoonya.com\/blog\/mutual-fund-redemption\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;SEBI Extends Mutual Fund Redemption Cut-Off for Overnight Schemes&#8221;<\/span><\/a><\/p>\n","protected":false},"author":16,"featured_media":10979,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[12,1082],"tags":[6457,6458,6452,6455,6456,6453,6454],"class_list":["post-10977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mutual-funds","category-latest-news","tag-cut-off-timing","tag-mfos-investment","tag-mutual-fund-redemption","tag-mutual-fund-redemption-nav","tag-mutual-fund-overnight-schemes","tag-nav-for-redemption-of-mutual-fund","tag-nav-fund"],"acf":[],"yoast_head":"<!-- This site is optimized with the 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