In short: Net Asset Value (NAV) date applicable to all mutual fund purchases is now the date on which funds are received by the fund house (or AMC).
Earlier fund houses could provisionally allot units at the NAV of the order placed date while the funds would come in later through the payment systems. Provisional Allotment was done only for non-liquid non-overnight fund orders below Rs 200,000. This provisional allotment is now discontinued.
This change is pursuant to a circular published by SEBI amending the existing NAV applicability norms. Irrespective of the order size, NAV applicable to all mutual fund purchases will be dependent on the time of realization of funds.
You can refer to our detailed note about this here.
