Mutual Fund Mastery interview preparation

Indian AMCs, distributors, registrars and the global fund houses that hire for the same skills — covering the trust structure, NAV and cut-off rules, SEBI scheme categorisation, debt risk and the Potential Risk Class matrix, passives, costs, taxation and distribution. Every question is either traced to a named firm from a public candidate report, or tagged at desk level when we could not trace it; we do not invent attributions.

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Question bank

100 questions, mapped to the firms that asked them

Questions: 100
Traced to a firm: 32
Firms: 19
Updated: September 2026

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009Walk me through how an AMC actually strikes its NAV each evening.NAV and operationsIntermediatetechnicalFund operationsRegistrars and transfer agents
Say this
It is a nightly assembly line. Fund accounting pulls closing prices, applies the valuation policy to anything that does not have a clean price, books the day's trades and corporate actions, accrues income and expenses, takes the unit count from the RTA, strikes the NAV, reconciles with the custodian, gets sign-off, and uploads to AMFI and the website by 11 pm.
Then walk it
1. Prices first: exchange closing prices for equity, and for debt the security-level prices published by the valuation agencies, CRISIL and ICRA, which SEBI mandates the whole industry to use so two AMCs cannot carry the same bond at different values.
2. Then trade capture. Every buy and sell done that day, at contract note level, plus any corporate action — dividend ex-date, bonus, split — has to be reflected on the right date or the NAV is wrong.
3. Then accruals: interest income accrued on debt holdings, and the day's slice of TER, management fee, custody, RTA and audit fees.
4. Then units. The RTA gives the day's valid purchases and redemptions after applying the cut-off rules, which sets the closing unit count. This is why the cut-off rules and the NAV are the same problem.
5. Then reconciliation with the custodian's holding statement and the bank balance, a four-eyes review, trustee-mandated controls, and upload to the AMFI site and the AMC website by 11 pm. Fund of funds get until 10 am the next business day because they need the underlying NAVs.
6. Where it breaks: a missed corporate action, a stale debt price, or a late bank credit that moves a large purchase to the wrong day. All three show up as an NAV restatement, which is a reportable incident to the trustee and to SEBI.
Where candidates lose it
Describing it as a calculation rather than a controlled process. Operations interviews at an AMC or an RTA are testing whether you know where the errors come from. Name the corporate action and the stale-price failure modes, and mention the 11 pm publication deadline — that detail says you have seen a real NAV pack.
Expect next
- What happens if you discover tomorrow that today's NAV was wrong?
- Why does SEBI mandate common valuation agency prices for debt?
- Who signs off on the NAV before it is published?

Firm tags come from public, anonymous candidate reports on Wall Street Oasis: strong signal, not sworn testimony. Firms are named as the places a question was reported, not as partners of Fin Maverick. Answers are written for this page to show how to think out loud; they are not scripts to recite.

100 questions, mapped to the firms that asked them

Say this

Then walk it

Where candidates lose it

Expect next