While the equity market will remain open on Saturday, it will be a non-business day for mutual funds (MFs). This means investors will not be able to purchase or redeem MF units on Budget day.
The decision was taken at a meeting of the Association of Mutual Funds in India (Amfi) on Monday. “Some CEOs wanted it to be a normal transaction day but others were opposed. To avoid confusion in the minds of investors and maintain uniformity, it was decided Saturday would be a non-business day,” said a sector official.