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New Fund Offer — the initial launch period when a mutual fund first opens for subscription, typically priced at ₹10 per unit.
Like a store's grand opening — the ₹10 price is just a starting point, not a discount, unlike an IPO's fixed share count.
A ₹10 NFO price doesn't mean it's 'cheap' — unlike stocks, mutual fund NAV growth depends purely on the underlying portfolio's performance.