Difference between close ended and open ended mutual funds?

[Taxman]

Could you please tell me what is the difference between close ended and open ended mutual funds?

Example -
An open ended and a close ended fund, both will be open for subscription which is called a new fund offer or NFO. 1st Jan'2010 to 31st Jan'2010.
In case of close ended fund, after 31st Jan 2010 - one cannot subscribe to this fund anymore.
In case of open ended fund, on 1st Feb 2010 the first N.A.V. comes out publicly and is open for subscription again at the newly calculated N.A.V which is done on daily basis.

So the funds collected by close ended fund remain fixed after subscription offer is over and they have a fixed tenure say 3 years/ 5 years and so on.
While in an open ended fund, new investors can come in and old investors can exit at any point of time.