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What does Net Asset Value (NAV) of a scheme signify and what is the basis of its calculation?

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What does Net Asset Value (NAV) of a scheme signify and what is the basis of its calculation?

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Net asset value on a particular date reflects the realisable value that the investor will get for each unit that he his holding if the scheme is liquidated on that date. It is calculated by deducting all liabilities (except unit capital) of the fund from the realisable value of all assets and dividing by number of units outstanding.

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