I’m quite sure within the clauses, there’s a point which absolves ICCL and BSE for any mishaps. That’s why these corporations have a legal department.
Would you believe my luck? I wanted to keep some margin free for the monthly expiry this week and postponed my lumpsum purchase. I put in some on Thursday and the rest on Friday. The Friday’s transaction is yet to be processed but markets have been on a tear!
Just imagine if by chance your account balance goes negative because of F&O losses or anything, would any of these corporations let you be in peace? They will harass you until you pay them their dues by any means. But, it doesn’t work the other way around.
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Any update on how much longer it would take for the mandates to be available?
@Bhuvan while I appreciate Zerodha’s efforts in adopting this new way of managing mutual fund orders, I would have liked an intimation of the same before the due date arrived. For general public the email communication was sent on 1st July and left many wondering what will happen to their SIPs set for the first day. There was no formal communication before that even though this date was an extension.
Today I received another change that went live titled “working capital requirements for brokerages” and the only communication I am receiving is a day late, 2nd Aug, from the date of implementation. This seems like a communication gap.
Zerodha has prompt App Notification and Email system, why is that not used to communicate these changes in advance. It would help people like me who are not traders but investors. I reached on this thread only after other publications posted the change and I had to Google if Zerodha has posted anything formal, anywhere.
I accept that most of these changes are not in control of Zerodha but keeping a clear communication line open with their users is well within their control and scope.
Honestly, I expect better from Zerodha and that’s because the way it has worked for users over the years. Please give a thought to it, preemptive communication so that we are not left to search the web for answers.
Thanks!
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I strongly think fresh investments on Coin should have been stopped. The lumpsum investment I made on Friday, 29th July is yet to be traced.
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That’s because the exchanges and the payments gateways weren’t ready until the midnight of July 1st 
While from the outside, some of these complex changes might seem straightforward, they are anything but on the inside. We have to wait until everybody from the exchanges, clearing corporations, depositories etc are ready and not everyone is ready well in advance and hence we have to wait until we are sure things are ok before we communicate. Having said that, pretty much all the major changes, we send out an email well in advance and also create discussion on Tqna to answer queries.
@Bhuvan @nithin now it has been 5 days with no information/track of my buy transaction which was triggered on Thursday morning. Moreover, even yesterday’s buy order is stuck in a similar way now, with no confirmation on email/SMS from AMC. If this is the way our money is being kept untracebable, then sadly I am left with no option but to stop all my MF transactions on COIN and will also escalate it with SEBI SCORES.
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This process of getting a refund has honeslty been the most stressful process ive encountered with zerodha. Though i trust zerodha with my investments but i have lost entire faith and trust in bse star for my orders. The vagueness and complete lack of transparency with the order status and refund process is baffling. Surprisingly now it takes longer to get a refund than to get a redemption on coin. Every time ive spoken with zerodha customer support they have been absolutely clueless with what is going on and there have been/is severe communication issues between them. Every deadline given by bse hasn’t been honored at the slightest. Even things as simple as matching transactions with the right account cause according to bse ive been sent my refund but nothing has shown up in my bank account since 4 days. The utr number linked with transaction mentioned in the communication between zerodha and bse is not to my account and is 1/500 the amount size. The issue which i just mentioned was mentioned on ticket 4 days back and till now there has no communication on this by bse.
Update - My Friday’s transaction finally went through. Both Thursday’s and Friday’s transaction were processed a day late. Difference in NAV in both cases was over 1% (which can be substantial in rupee terms since it was a lumpsum investment).
My advice - Avoid Coin until things are sorted. The decision is in our hands - nobody is putting a gun to our heads forcing us to necessarily transact at Coin.
One more fun thing to notice the levels of escalation that you have put up on support with phone numbers and emails all connect directly to customer support what is the point of calling a number meant for Escalation when you just reach the support and then you have to ask the support agent to escalate the issue? Are there no means to reach an escalation team directly?
Guys - my buy transaction is stuck - Its not showing in AMC or Karvy or CAMS website - Normally when there is a buy in - it shows these transactions as In - Progress in AMC web sites. And I paid via UPI - So I should get the same day NAV.
What’s going on ? How can you folks allow purchases in-spite of knowing it can lead to some issue ? Very easy to shrug off saying BSE MF Star is having issue but be more responsible and stop purchases for AMC having these issues ! That’s the least you can do right - I mean this is like greedy behavior where you want Investors to continue using COIN but not giving any assurance in case something goes wrong and something is going very very wrong as per all comments
The only thing helping you folks is the SCORES complaint might consider Zerodha as intermediary having no obligation - I wish they change that so that you folks feel the real heat and regulatory action for your casual attitude
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Hi,
My COIN SIP order is in processing state since last Wednesday.
I see that it is common problem with other users in this thread so I won’t be ordering my SIP through COIN for now as there is no proper communication regarding issue with affected customer which have shaken my tryst in Zerodha.
What are other option to pay SIP? Can we order directly through AMC website?
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My lumpsum transactions r going fine from around July 10 onwards but one order got stuck in processing state (payment received- order sent to AMC) from last Thursday morning (28th) , Now i’m worried more order will face the same issue.
What can we do to avoid this uncertainty , as lumpsum order need precise execution without delay to be profitable… @nithin
We are working with BSE Star & ICCL to resolve these issues soon. They have promised that by this weekend, most issues should be sorted.
My order is being processed now - So, there is a delay of minimum T+1 / T+2 business days even if you pay before cut off time via UPI. This delay is unpredictable and it can even go up to T+3 or T+5 days as per some comments above. So, in a way someone is processing the payments manually and this is not automated.If you have bad luck , your order will be in limbo status.
@nithin @Bhuvan I understand the changes are difficult to implement but please atleast fix the error messages that we are getting on rejection and secondly, the refund speed.
I fail to understand why does it show payment not initiated upon rejection when clearly the payment has been made and the previous message was ‘payment received - order sent to AMC’.
Secondly, I would genuinely like to know how in today’s digital age we are taking more than a week for refunds to be processed. I’m totally fine with me not getting an allotment but refunds taking more than a week’s time is not right.
In the last month, thrice it has happened that my order is cancelled and refund has taken so long. Please fix it.
If possible, once this fiasco is over, pls share in a post how BSE Star is matching the orders. I’m very curious to know.
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@Bhuvan Should we continue with our SIPs or need to wait till you resolve the issues with BSE ?
Our funds continue to get blocked.
Please give us a clarity.
I wouldn’t advise continuing the investments right now. I got assurances from Zerodha’s team that the issues were in the first week of July only but I was given late NAV allotment on 3 occasions.
Please assign the same day NAV. I placed 2 orders one on 1st Aug and another on 2nd Aug to buy mutual fund from ICICI MF’s. I got mail notification from ICICI Prud for buying. But for both the orders 2nd Aug NAV is assigned. This is bad. The reason we are buying on a specific day is we want that particular day’s NAV
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The same thing happened with me, got one day late NAV for my transactions last week.
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