exactly my thoughts, it seems they were never serious with the coin app. It has become a disaster for my parents to learn the new process. Yes coin is a free app , but please do something about it. I have many friends how joined coin only for MF/ELSS and now they have stopped investing in coin. I hope the team comes up with a simple solution soon.
@Bhuvan @nithin
I paid for my order on 9:25am July 28, 2022, from UPI to “bsestartmfrzp@icici”. Today(August 5, 2022), I got a mail saying the order failed due to “PAYMENT NOT INITIATED FROM CLIENT END”. I haven’t got the refund also.
I’ve raised a support case with payment details. Any solution for this?
Ticket #20220805841866
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This actually puts the blame on Zerodha and RazorPay / Payment Aggregator. BSE is saying they cannot refund for some transactions as the source bank account details is not known to them .
While processing the transactions and refunds, it was observed that incorrect / incomplete information was received from some of the Payment Aggregators which resulted into delay in processing some of the refund transactions. As and when the requisite information is being received, the refunds are being processed, and currently refunds of nearly 0.3% value of transactions is still under process.
…
We are working with the brokers and payment aggregators to finish processing those refund transactions, and we would like to reassure the investors that their money is safe with BSE / ICCL and that they would get the pending refunds immediately directly into client accounts on confirmation of mapping of bank account of client.
Exact same issue. @Bhuvan @nithin after waiting for 8 days, now we are getting the message that payment not initiated from client end. What does it even mean??? I have screnshots of transaction success message, money debited from account proofs, so what is this?? So where did the money go from my account? And where is it lying for past 8 days??
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+1. Account debited on Jul 28th, 9:26am, payment made via UPI. Current status on Coin shows as ‘Rejected’ with reason being '“PAYMENT NOT INITIATED FROM CLIENT END”.
Support ticket #20220729141551.
I hope this gets resolved soon and the amount gets refunded
Exactly same thing happened with me too.
I invested 20k in an index fund… payment was successful and now I just received an email saying order has been rejected.
Where is my money, team??
Are these problems been faced by every client or only some of the clients ?
I have made 10+ transactions starting Jul 1, haven’t faced any problem.
Seeing other people’s situation, I have paused my investments for now
my sip order of 28th july has also been rejected. patiently waiting for refund. Hopeful of this being resolved this week itself.
Order placed and payment completed, but now the order is showing canceled, no refund yet. Please help
@Bhuvan @nithin
Please help
How long will it take for the mutual fund units to show up in my DEMAT account? [Ticket #20220722293552]- Zerodha Helpdesk
During the same time the Nav has gone up 1.83%
I am getting a loss of 1.83% although invested on time.
Though in my case the amount is small.(91₹)
But imagine someone would have placed a order of 200,000 he/ she would be sitting on a loss of 3k.
Plus the interest lost on savings account as well.
This is not good from zerodha. 
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Starting 1st July 2022, SEBI disallowed the use of funds in trading accounts for mutual fund investments. The new regulations meant that exchanges, clearing corporations, payment gateways, and mutual fund platforms like Coin had to completely change how mutual fund purchases worked technically and operationally.
Unfortunately, all the institutions involved in this have faced serious technical and operational challenges making the new system work. Since the funds now go directly from the investor’s bank account to the exchange, we have no control over the funds to resolve any errors or issue refunds to investors. This can only be done by the exchange.
We have been following up with the exchange, payment gateway, and the clearing corporation round the clock to get customer issues resolved and refunds issued, in addition to seeking regulatory help. Unfortunately, the newly introduced complexity in their systems and operations has meant that updates and resolutions have been slow.
Today, BSE StAR MF (exchange), issued a statement saying that the refunds (including interest) for failed transactions will be issued soon.
Again, we are extremely sorry for the problems you have faced. We have been doing our best to follow up with all the institutions involved round the clock seeking answers and resolutions on behalf of our customers.
Regards,
Team Zerodha
I think I thought the issue may have been resolved to some extent, so I placed an order a few days ago and the order did not go through, and apparently the issue did not get resolved.
I use Coin, so I will have to wait until the issue gets resolved completely.
New SIP rejection message - “Password expires”. This is true since I revoked all login session.
But I made bulk payment before checking this and BSE took my money happily , hope to get the refund soon.
@Bhuvan, my question if sip was already rejected due to above said reason then why to show that amount in Pending Payment???
Edit - Just realized that order was done yesterday, which was holiday. So have just clicked on Repeat order. Hoping this new order will neturalise the payment done. Although not sure about this!!
Edit2: Seems like repeat order is fresh sip and it will not balance previous payment done. Refund need to be done by BSE
Any updates on this??
Any update here?
I also have raised a ticket as my orders are cancelled and money is not yet refunded. This is the response that I got from Zerodha -
“BSE StARMF is working on reconciling all the failed transactions and refunds to your respective bank account will be processed by August 10th, 2022. We regret the inconvenience caused.”
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@nithin @Bhuvan My refund is still not rectified after 30 days. This was clear error from your side while mapping my orders with payments and which is why only partial refund was given. This was also accepted over call by Zerodha representative. Instead of rectifying error from your side, why am I being told to wait for BSE and ICCL for resolution when this should be resolved from your side. This is height of unprofessionalism. Ticket ID #20220708862473.
@Bhuvan Your ‘give us a day or two’ is also long over. Is there any value to the words you give here?
Ticket ID: 20220808542269
No refund yet for an amount of Rs. 1,10,000 transferred from my account on 25th July.
Have stopped using Coin for now.
I don’t understand why there is no outrage on this issue in the media. Whoever accountable for this mess must be brought into light.
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