If an investment transaction into a liquid fund is completed before the cut-off time on a day that precedes a market holiday, then the applicable Net Asset Value (NAV) for this transaction will NOT be that of the same day due to SEBI regulations in this regard. The applicable NAV will be that of the day immediately preceding the subsequent market business day. For example, liquid fund investments made on Friday, before the cut-off time, will get the NAV declared as of the subsequent Sunday (assuming Monday is a business day).