Disclosure of Net Asset Value (NAV) and sale / repurchase prices

Unitholders may note that the applicable NAV based on the time of the Business Day on which the application is time stamped will be used for purchase or redemption or Switching of Units.

The price or NAV a unitholder is charged while investing in an open-ended scheme is called subscription / sale price. Pursuant to SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June 30, 2009, no entry load will be charged by the Scheme to the unitholders. Therefore, “Applicable NAV” of the Business Day on which the application is time stamped will be used for allotting units.

Repurchase or redemption price is the price or NAV at which an open-ended scheme purchases or redeems its units from the unitholders. It may include exit load, if applicable. The exit load shall be charged as a percentage of Net Assets Value (NAV) i.e. applicable load as a percentage of NAV will be deducted from the “Applicable NAV” to calculate repurchase price.

To further elaborate,

• Sale / Subscription Price = Applicable NAV.
• Repurchase / Redemption Price = Applicable NAV *(1 – Exit Load, if any).

For example, if the Applicable NAV of the Scheme is Rs. 10 and the Exit Load applicable at the time of investment is 2% if redeemed before completion of 1 year from the date of allotment of units and the Unitholder redeems units before completion of 1 year, then the repurchase/redemption price will be:
= Rs. 10*(1-0.02)
= Rs. 9.80

The AMC/Trustee reserves the right to change / modify the Load structure of the Scheme, subject to maximum limits as prescribed under the Regulations. However, the Redemption Price will not be lower than 93% of the NAV or as permitted / prescribed under the SEBI Regulations from time to time. Similarly, the difference between the Subscription Price and the Redemption Price shall not exceed the permitted limit as prescribed by SEBI from time to time which is presently 7% calculated on the Subscription Price.