The mutual fund transactions like purchasing and selling depend on the prevailing NAV of the selected scheme. To make the operational process straightforward and uniform, SEBI prescribed mutual fund cut-off timings for all types of mutual fund schemes. This is the time before which you need to submit your application in order to avail of the NAV of the same business day. Generally, the cut-off time for all MF schemes except Liquid funds is 3:00 PM in India.