Fund of Funds (Overseas / Domestic) : An open ended fund of fund scheme investing in an underlying fund. The minimum investment in the underlying fund shall be 95 percent of total assets.
Once the NFO closes, there is a 'no transaction period' (usually 5 days).
The mutual fund (except ELSS) should allot units and dispatch statements of accounts, showing their investment in the fund and the number of units, within 5 business days from the NFO close date. In case of ELSS, the allotment must be done within 30 days.
The fund begins to declare its NAV from the next day of allotment. The date of allotment is the inception date of the fund, when its NAV is set at face value.
Transactions in the fund can begin from the next day when the first NAV of the fund will be declared. Schemes are required by regulation to open for transactions within 5 working days of allotment.
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