Discontinuation of pooling for mutual funds and how it affects Coin

[sandy7]

Unfortunately no option if I want to pledge the funds for trading

[Bhuvan]

@sandy7

NEFT/RTGS for current accounts was going to be up by Oct end I thought ? What’s the status ?

Sorry @sandy7 I know this has taken a while. The issue due to same reasons Faisal has mentioned. We are testing this internally and are hoping to all this by this weekend.

Discontinuation of pooling for mutual funds and how it affects Coin

Hi Prateek, Sorry for the inconvenience but this has been delayed beyond our expectation. We were working on setting up the process of transferring to ICCL’s bank account (Yes Bank) but there are some inefficiencies in the reporting mechanism between Yes bank and ICCL because of which we had to discard that setup and partner with HDFC bank for the same. This process is almost ready and we are hoping that this should be libe by next weekend. We will post an update here once this is live.

[Bhuvan]

@Smario

we are investing on liquid funds to earn daily interest but zerodha is using our money for 6-7 days.
good way to get more working capital.

Sorry about this. Having this checked.

[Sandeep_Gupta1]

@Bhuvan when can we expect this to be ready? Any updates still please share details?

Discontinuation of pooling for mutual funds and how it affects Coin

@Bhuvan , @nithin , on SIP mandates - are you waiting for ALL banks to fix issues? There could be some major banks which have resolved issues and you could enable SIP mandates for those banks and don’t include banks which currently have issues?

[Ram5]

Well, aint this a bummer.

I was creating a mutual fund SIP account for my father and decided to go for Zerodha due to brand name, and frankly also because I like Zerodha story of how it is a pioneer organic company.
After going through all the hops of verification and all here I am a few days later all ready to start SIP. And I find this!!

I have to say in my comparisons I did not even consider that a platform wont have an automated way of making monthly payments! Arguably, this is something you would put on the COIN page at the top itself. “Mandates temporarily unavailable…”. Before users searching their way through and eventually finding such a big gap in platform!

Does feel like Zerodha has dropped the ball big time on this one, perhaps reacting way too late on an imminent SEBi change.

That would then give some weight to what has been written above by someone “zerodha doesn’t care about mutual funds anymore they don’t get any revenue from there.”.

In fact the UI overall of COIN does look like an afterthought, a side project of sorts. An offering just for the sake of it? Not sure if right resources are allocated to this project.

Do you have a roadmap for COIN that can be looked at publicly?

Don’t mean to come across harsh. But I am genuinely concerned if Zerodha would focus on COIN proactively and not passively like this. Because as not so active investor, any platform I use will be a long term association for me.

Thanks

[Jignesh_Dalal]

Another bummer is lack of STP and SWP options in case you don’t know already which is in-progress from 5+ years!

SWP / STP in Zerodha

Dear Nitin, I have learnt that there is no facility of STP / SWP in Coin presently. Just wanted to know whether i can submit request for SWP at AMC for MF held in demat form in COIN ?

[Karthik_Ragu]

Am already on the verge of switching from zerodha… after 6 long years.

MF wise groww is better. Waiting to see Dhan’s MF offering… post that thinking to switch to one of them with my stocks portfolio.

Feel like zerodha is just resting on past laurels… haven’t seen any useful feature upgrades in last 6 months

[Bhuvan]

@Ram5

Does feel like Zerodha has dropped the ball big time on this one, perhaps reacting way too late on an imminent SEBi change.

Hey Ram, I understand where you were coming from. This isn’t to shift the blame but the issue that we’re ultimately just the frontend and BSE Star processes all the transactions and that was the choke point. They weren’t ready to handle the transition. These second issue was that since we were no longer in control of the fund flow, we had to rely on banks and payment gateways, and we’ve faced a bunch of issues there.

@Ram5

I have to say in my comparisons I did not even consider that a platform wont have an automated way of making monthly payments! Arguably, this is something you would put on the COIN page at the top itself. “Mandates temporarily unavailable…”. Before users searching their way through and eventually finding such a big gap in platform!

Yep, we understand that mandates are super important. We had done an integration with a bank and were almost ready to go live, but the entire thing had to be scrapped, and we had to work on an integration from scratch. As you can image, this takes some work given the constant back and forth with banks and the exchange. Having said that, we are currently testing the mandates internally, and we should be able to go live soon.

@Ram5

In fact the UI overall of COIN does look like an afterthought, a side project of sorts. An offering just for the sake of it? Not sure if right resources are allocated to this project.

Do you have a roadmap for COIN that can be looked at publicly?

We had a bunch of enhancements planned, but this whole transition was a major overhang. Having said that, the decision to keep coin very minimal and clutter-free was deliberate. Are some specific features that you feel are missing?

@Ram5

Don’t mean to come across harsh. But I am genuinely concerned if Zerodha would focus on COIN proactively and not passively like this. Because as not so active investor, any platform I use will be a long term association for me.

No really, I cannot stress how much of an overhang this latest transition was for Coin

[Karthik_Ragu]

How are other brokers able to provide a seamless experience? Groww has SIP, mandates everything working fine… I know they are SOA based but the points you are highlighting on BSE and stuff are common, right?

[Bhuvan]

@Karthik_Ragu

How are other brokers able to provide a seamless experience? Groww has SIP, mandates everything working fine… I know they are SOA based but the points you are highlighting on BSE and stuff are common, right?

The processes are a bit different for SOA based transactions. Also, there have been issues across all members, Karthik.

[KANAGU]

I have kotak securities - demat based, there SIP mandates are still working and no changes. So its not about SOA or demat based. Its about zerodha specific flow

[Bhuvan]

@KANAGU

I have kotak securities - demat based, there SIP mandates are still working and no changes. So its not about SOA or demat based. Its about zerodha specific flow

I don’t think they use BSE Star MF.

[jhakkastrader]

@bhuvan 7.54% G-SEC not credited to DEMAT account but still showing status as “Allotted” in COIN. G-Sec invoice also raised by Zerodha. Usually used to be credited to demat on Monday following auction. However, it has not been credited till now.

[KANAGU]

They are using BSE Star MF only…

[Bhuvan]

@jhakkastrader

@bhuvan 7.54% G-SEC not credited to DEMAT account but still showing status as “Allotted” in COIN. G-Sec invoice also raised by Zerodha. Usually used to be credited to demat on Monday following auction. However, it has not been credited till now.

Should happen by tomorrow because of yesterday’s holiday.

[fire23]

Any news on introducing STP in coin?

[Sandeep_Gupta1]

Discontinuation of pooling for mutual funds and how it affects Coin

Hey Ram, I understand where you were coming from. This isn’t to shift the blame but the issue that we’re ultimately just the frontend and BSE Star processes all the transactions and that was the choke point. They weren’t ready to handle the transition. These second issue was that since we were no longer in control of the fund flow, we had to rely on banks and payment gateways, and we’ve faced a bunch of issues there. Yep, we understand that mandates are super important. We had done an integra…

@Bhuvan good to see your response that you are on top of this and this work will not be left out …
I hope you will soon come up with automated SIP payments for SIP via bse star mf platform…

Not sure how to digest the fact you mentioned groww sip via bse star mf in SOA works smoothly and i. Demat mode process is different… But then transition via bank and bse star shud be same right?

Please treat this as high priority blocker issur and high demand from COIN customers to automate the SIP via mandates and also have pause feature for amc sips

We need real sips with pause and modify features and automated payments like groww platform

[Sayeeganesh_Sivarama]

is there any way, we take the risk and give some approval to Zerodha to use pool money for using it in Coin? in other words, can we override sebi circular?

[Sandeep_Gupta1]

Discontinuation of pooling for mutual funds and how it affects Coin

is there any way, we take the risk and give some approval to Zerodha to use pool money for using it in Coin? in other words, can we override sebi circular?

@Sayeeganesh_Sivarama I don’t think we shud look for such options. SEBI circular is in the interest of investors and good for us only.

Let investment platform change and adapt as per circular not other way

[Vivek_Gupta5]

Weekend is about to end, any update ?