Open-ended - Scheme is open for both buying and selling at any point of time. Thee buying/selling price will be based on the NAV of the scheme for that particular day.

Close-ended: The scheme is not open for buying or selling during the period of the scheme (usually 3 years). However, these schemes will be listed in the exchanges and buying/selling of units can happen in the exchanges. The price in the exchanges will be based upon a lot of factors like performance, supply/demand and other market factors.

Open ended mutual funds are free to sell at any time ( i.e. no fixed maturity period) where as Closed ended mutual fund can be sold only on the completion of fixed maturity period

OPEN ENDED SCHEME IS THE ONE WHERE AN INVESTOR CAN JOIN AT ANY POINT OF TIME.CLOSE ENDED SCHEMES ARE CLOSED FOR A CERTAIN PERIOD ( SAY FOR 3 YEARS) AFTER SUBSCRIPTION AND THEN OPENED.

Open Ended Fund means, which fund crossed the lock period, one can buy or sell any time. But Close eneded fund means one can buy within the NFO period, after that no body can buy. Selling of Fund is not possible within the Lock period (i.e. 3 year).

Open ended means can buy or sale unit anytime
Close ended means minimum 3 years unit to be hold uptil that no sale or buy

I Think it means buy & sell

open and close!

Sitaraman is the only one who is 100% correct.Both open and closed MF can be sold and bought. However open ended is bought and sold from the MF at NAV prices, vlose ended is bought & sold (after the subscription period) from the stock market at open market prices which are usually less than the NAV.

in an open ended, you can anytime enter or exit from the fund.
in a close ended, there is a certain duration (3 yrs) you need to stick to it.

Open Ended MF has the liquidity options. You can sell it in any point of time. But close ended MF will have a locking period of atleast 3 years. You can also save tax for investing in close ended MF under 80c.