MF Liquid Funds??????

#1
Hello all.
I was just going through ET when read that Auditors of SEBI has raised has an objection regarding the split investments in MF liquid funds by big investors (vinvesting more than Rs. 1 crore) as to get benefit of availing previous day's NAV while getting units issued.

As per the directions of SEBI, only small investors have this benefit and big investors will be issued units at current day NAV.

My questions are:

1. What are MF liquid funds?
2. Why these directives and not a uniform role?
3. I also read that they will get the benefit of small investors, if they pay amount before 2 PM. So, why that?

Regards,

Abhishek K. Pandey
 

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