I made a purchase of some units where COIN made @ Rs.30.60 Per Unit (Which is average NAV of the scheme), whereas the Current NAV of that scheme is lower that Av.NAV i.e. 30.47. There it self COIN made a margin of 0.13 per unit. Which works to approx. 0.4% of NAV is taken at the frontend itself.
Is this the accepted practice by COIN? if so, what is the economics of investing through COIN?
Can you please provide your client id so that we can check your transaction details and get back to you on this ? As the data you have provided is not sufficient enough to understand and resolve your query.
coin doesnt make margin… it is the depreciation value of your investment. coin doesnt make any money with increase or decrease of NAV. coin is just a platform to link us with AMC…so that all the investments are managed under one roof… coin only make money from subscription fee of rs50 per month that too after your investment crosses 25000
You have received the allotment of the units at the correct NAV of 30.60 which is the NAV of 5th April. There was just a minor data issue with NAV which has been fixed. It was showing you the NAV of 3rd April instead of the latest NAV. If you check now, then you will see that the NAV has moved upto 30.640.
Also, just for your knowledge, whenever you place the order on T day before the cut-off time then you will receive the NAV of T day which is declared by the AMC on T day after 9 pm. So, basically when you place the order then we dont know the NAV unless it is declared by the AMC in the evening. The NAV then gets reflected on our platform the next day.
I made 2 transactions on the same day on two different trading terminals. 1) COIN 2) 5 Paisa. I got units at the rate of 30.47 on the same day at 1 PM, whereas i got it at 30.60 on COIN. This actually raised doubts on veracity of your claim of purchase at 30.60. So, how can you justify??? You say the NAV is 30.640 but i got for 30.47 on other platform. Which should i believe for my next purchase on MF. Though my regular platform for MF purchase is 5Paisa.com, i thought i should give a try (looking at your claims). What can you do for this? tell me .
You had placed the order on COIN at 8:17 pm on 4th of April. Now, 4th of April was a trading holiday so your order was processed for the NAV of 5th April (as the order was placed before the cut-off time of 5th April). If you check the historical NAV data of the fund on the AMC, then you can confirm that the NAV of 5th April was 30.60
If you have placed the order on 5paisa and received the NAV of 30.47 then you must have placed the order before the cut-off time of 3rd April. But, still if you feel there is a discrepancy regarding this then you can send me your transaction details from 5Paisa to my mail id that is [email protected]. We can compare the data and clarify your doubt.
As mentioned earlier, it would be easier to resolve the issue if you shared the transaction statement or a screenshot of the order details from the other platform so that we can verify the same or else this debate would be endless
If the order was placed for the same date which is 5th April then you would have received it at 30.60 as shown on our platform.
the order was placed on 5th only after your order is executed. I cannot share screen shot and i already shared the details. From this i found there is no transparency in COIN transactions as you could not resolve my issue even after shared details.
If you are unwilling to cooperate and resolve this issue then there is nothing else that can be done from our end to clarify your doubt You already have details of your transactions through COIN but we do not have any proof/details of your transaction done through 5paisa.
We have confirmed with the AMC too and they have mentioned that the transaction is correctly processed. So, please check with the AMC if you have any further doubts.
Srinivas, if you see a NAV at which it is bought, the exact amount of money would have been transferred to the AMC. You will have a statement showing that value. It is not possible for us to hold back some money like the way you are saying, even if we wanted to. Also in direct plans, the AMC can’t give us back any form of commission as well.
Hi Faisr, Thanks for the clarification but just wanted to know that
As you mentioned about the order placement so If I have placed the order on T day before cut off time i.e. 01:30 pm so will I get the NAV of T day anounced by AMC in evening i.e. even I don’t know what NAV will I get?
And is it the same case if we apply through their direct website i.e. even in direct website Will I get the NAV of evening as oppose to the NAV shown on their main website?
The fund manager declares the NAV for the day only at the end of the day. i.e. if you place your order on coin or on the AMC site directly. Both the places the NAV displayed will be the previous declared NAV. The allotment will be on the NAV that is calculated and you will know it only on allotment.