Why is this delay happening every month? This happened on 1st December as well and then the markets inched up the next working day on 4th. Later the MF units were not allotted also. Now again the same thing happening on 1st February. Not sure if this time the units will be allotted or not. Should I stop the mandates that are created a instead manually pay for the orders?
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This happened with me as well for my 1st Feb SIP. My bank account is with ICICI. Not sure if this really is an issue with the bank or something on Zerodha’s end.
Mine is with HDFC, and my mom’s with BOB, and I have got the same email from Zerodha for yesterday. On the other hand, for my father’s account, I did a lump-sum from BOB, and didn’t get any delay email from Zerodha. That’s why I am asking if we should stop the mandates and start doing this manually. @ShubhS9
This happens in nAch mandates when the response from your bank to npci is delayed. If we want to get the sum debited from your bank account, we send the exit instruction through npci to your bank, to which your bank has to respond for the wait instruction. If this happens the delay from the respective bank to report the funds to the clearing corporation, and the clearing corporation transfers the fund the next at to RTA.
This happens industry wide, we are transparent to share the delay and the reason behind the same. We will be soon going live with UPI autopay in which this issue should not happen. This feature shall be live in a few days as it is in the testing phase.
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Noted. Thanks for the explanation.
Can you also shed some light on this support Ticket #20240129214510. This is related to a lump sum order that I placed on 23rd Jan for buying fresh units of Zerodha Nifty LargeMidcap Index Fund at 01:17 PM which is before the cutoff time I guess. In this support ticket, I was told that the amount was not settled and hence it will be refunded back to me in 8-10 working days. However, today I was notified via an email that the allotment was successful on the NAV closing day of 31st December. It took 5 working days to allot the fresh MF buying, what’s the explanation for that?
Ah, this was an unexpected issue with BSE StAR, where due to the 22nd being a sudden holiday, things messed up in their DB, and the order was processed later.
there seems to be an exorbitant amount of delay between SIP orders being placed and executed. Almost three days … not sure why this is happening it is very concerning as we are not able to get better prices when the market moves lower.
can you DM me your ID will check the case for your account
how to DM?
KOTAK MAHINDRA AMC LTD#KOTAK MAHINDRA MF-KOTAK SMALL CAP FUND-DIRECT-GROWTH INF174K01KT2 3.811 Credit 19/04/2024 18:17:44
Order placed in 15/04/2024
Status
Complete
Type
Buy
Units
3.811
NAV
262.399
Placed on
15th Apr 2024