Change in cut-off timings to determine applicable NAV in overnight schemes of Mutual Funds: SEBI has modified the cut-off timings for determining the applicable Net Asset Value (NAV) for repurchase or redemption of units in mutual fund overnight schemes. Previously, a uniform cut-off time existed for liquid and overnight funds. Now, for overnight funds, applications received up to 3:00 PM will be processed using the NAV of the immediately preceding business day, while applications received after 3:00 PM will be processed using the next business day’s NAV. For online applications in overnight schemes, a later cut-off time of 7:00 PM will be applicable. (SEBI Circular Dated 22/04/2025)