The cut-off times for redemptions have also been revised to 1pm for all the schemes.
The market regulator informed MF industry that decision to revise the timings was being taken after Reserve Bank of India (RBI) changed the debt market timings, as well as in light of MF industry’s request on reducing the timing.
Sources say MF industry had last week written to Sebi
to revise the cut-off times as the ongoing lockdown had made it difficult for staff-members to travel to offices. Further, banks were also functioning for limited hours, upto 2pm.
and its service providers are compelled to work with bare minimum staff in office with majority of the staff operating from home over prolonged period of time. In view of the complete lock-down, non-availability of transport facilities and restrictions on movement, it is becoming difficult for even critical staff to reach office” the industry had represented to Sebi.
On Saturday, RBI had reduced timing for debt markets
to three hours. i.e. from 11am to 2pm.