Discontinuation of pooling for mutual funds and how it affects Coin

Need help! I placed a Lump sum order on 11th of the month, on 20th the order was rejected because and i quote “payment not initiated from client end”. I was told by your team that refund would take 4 to 5 days and was assured that refund will be done by end of day 25th july by zerodha team. Its 26th july and no refund as of yet. How much more longer is it going to take?.
Ticket #20220714363626

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Dear @Bhuvan

There are two issues that are unresolved for me.

First issue:

The order placed on 7th July has been cancelled by BSE Start Platform, but I haven’t yet received the refund.

Ticket # 20220712677279

Second issue:

Yesterday I did a bulk payment for 4 orders worth Rs. 8000 using Coin Web bulk payment via UPI. I did see a success for the payment as well. But I still see the orders as open and not processing. I still see them in pending payment status rather than Payment received status. This has happened from multiple different accounts that I manage.

Ticket # 20220726497295

Could you please look into these issues?

Checking this

Hi @Bhuvan, I placed my order on 14th July. payments got succeeded in zerodha UPI. But due to some error the transaction failed. amount not returned to my bank account yet.

I placed orders for liquid fund. The minimum exit period for the fund is one week. its been more than 12 days. failed transaction amount is still not credited. Kindly check the ticket id #20220714316563.

how do you guys think I will have the courage to make another order? kindly let us know if the issues are 100% addressed.

Checking this Kishore

I had placed order on 6th which got declined with status “PAYMENT NOT INITIATED FROM CLIENT END”

I am dissatisfied with the generic reply that “we are in constant contact with the exchange”

Its really sad to see that we are making payment through you guys and you don’t have any idea about the status of my refund.

Please look into my ticket #20220707677194

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4 Lacs debited to buy 2 mutual funds on July 13.

Support ticket #20220718280044
Several back and forth with support and still don’t feel assured.

If BSE Star MF is in such a poor state, perhaps Zerodha could’ve suspended all buy orders on its platform for a month.

Any ETA on when I’ll get my money back ?

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@Bhuvan Can you please check this ticket? Ticket # #20220715221236

My observations for the past 2 weeks with coin.

Orders with existing folio are getting processed smoothly and getting same day nav

However new folio creation is still a black hole, I had paid for a new fund lumpsump and after 7 days It got canceled and I got refund.

Has anyone here got any refund from BSE so far?

I haven’t got any refund, almost 70K pending. Only a lion heart will have the courage to continue placing the orders with 70K stuck with the BSE Star.

I think this is the single biggest issue right now. Order could fail - its acceptable, but if the refunds are processed quickly then people would not feel so helpless.

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Having this checked

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@Bhuvan is there any update on this?

Guys avoid the ‘Bulk pay’ option in web app. I paid 1.1L for 5 orders in a single payment. I used netbanking. The payment went through successfully. Later got an email that the transaction failed! (Unbelievable). Now I have no idea when I will get the refund!

Can’t blame zerodha here since this new process is affecting their customer experience.

However, I am wondering if placing order directly with the AMC will resolve this. Sorry Zerodha! But the experience since July 1 has been unbearable.

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Give overtime to your tech team to create smooth mandate from client account to ICCL

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When can we expect new mandate system to be in place? Earlier we were told that it would be available by july end.

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This isn’t a time or resource issue, rather the issue with the dependencies we have :frowning:

Should be live shortly. We’re testing them and ironing out a few bugs.

I scrolled through all the posts above and mine has to be the weirdest error message. See pic below.

2 transactions worth 2 lacs each on 13th July for HDFC Ultra Short Term Fund and SBI Magnum Ultra Short Term Fund. Refund in 4 working days would have implied 19th July.

Support ticket #20220718280044
Kindly help please @Bhuvan @ShubhS9 . I don’t understand what the error is

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hahaha…looks like the IT guy was not paid enough :sweat_smile:

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This is from BSE :neutral_face: The order will be rejected and you should get a refund in a few days.

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