@Bhuvan @nithin 28 days & Counting. Still waiting for full refund. No update on the ticket #20220708862473 from Zerodha support even after taking my bank statement for reconciling the data.
Weâre speaking to BSE and the payment gateways to ensure this doesnât happen. Please give us a few days.
The moment we lost control of the funds, the visibility we have reduced drastically, which is the big issue 
We understand. Weâre doing everything to fix these bottlenecks. I know I said the same thing last time, but please give us a week or so. We should be in a much better position.
Day 6: no ETA on refund or when BSE Star will process the transaction.
Weâve escalated this to the exchanges. Please give us a day or two, we should have an update.
We are doing everything to ensure the refunds happen at the earliest. Please give us a day or two.
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@Bhuvan @nithin It takes max 24 hours for reconciling data and another 24 hours for making the payment. What is the delay? What is the holdup? This is highly unprofessional behaviour that the ticket is also not updated in 48 hours and I am forced to follow up on forum. I have been hearing this for over a week âWe have escalated thisâ. I have provided all the payment proofs as well as my bank statement long ago.
Itâs been 28 days since I made payments and received only partial refund. Is BSE StarMF going to provide an interest for this delay? If I donât get refund in next 24 hours or donât get interest for this delay, then I will be forced to consult my lawyer and make financial fraud as well as mental harassment claim against Zerodha as well as BSE StarMF. You are just holding up and eating interest on my money for 28 days.
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@Bhuvan @nithin do you have any update on when are we going to get our money back? For me it is 7 days now and still no ETA from your side. Made payment for my SIP on 28th July at 8 AM. Raised support ticket, called your helpdesk couple of times but no one has any clue. We used your platform to make purchases and you are responsible of making sure we get our refund back on time.
Reconciliation taking few weeks is just not acceptable. I have no trust on Coin now and planning to stop all my future SIPs and exploring how to legally take this up now.
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All you guys who are complaining about delay are stupid. You donât see the bigger picture. Zerodha is a lean startup success story. That is more important than most of your shit problems. It doesnât matter matter that you guys missed a 8% rally because your money got stuck. What matters is that Zerodha is the greatest business since beginning of time and that is all because the person who built this business is the smartest person who ever lived.
Now some of you who cannot see the big picture will think that this change was proposed by SEBI around 10 months ago. Why wasnât something done to set up a smooth process before the change was implemented? Is 8 months not enough to do something about it? To those people I would like to say shut up.
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He/she is being sarcastic thereâŚ
Saw that now. My bad.
Firstly sorry about everything. Secondly, not trying to pass the buck, but we had/have zero control over this. When an order is placed on Coin, the new regulations mandate that everything happens by BSE Star and ICCL. This entire episode has been quite hopeless, and we are applying to SEBI requesting to grant us a license to be a limited-purpose clearing corporation for MF transactions. For now, BSE & ICCL has promised that everything will be sorted within a week. There have been issues with Razorpay, the payment gateway, and its integration with ICCL, which seem to be now sorted.
ICCL has also promised to refund interest charges wherever the funds were held with them.
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@Bhuvan I can understand the pain you guys are going through. Itâs difficult, when you can do little to fix the problem. Failing transaction and customers not getting refund in time are two biggest issues.
Are these teething problems? Or these are problems that are here for good?
If itâs the later then viability of the Coin platform becomes an issue.
I have these support tickets open (from 5 different family managed accounts) and waiting for resolution:
#20220726497295
#20220712677279
#20220726823757
#20220715416055
#20220726986693
#20220726408145
#20220715211371
#20220719259100
#20220726558369
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Hey Deep, weâre really sorry about the long delays and the issues. Just give us a few more days, we are working closely with BSE to have the refunds processed at the earliest. Itâs not an excuse but we are ultimately dependent on BSE and the clearing corporation. Having said that, weâve discussed some ways to expedite this and hopefully all this should be resolved in the next few days.
Please bear with us.
So, we need to wait for few more days to get our refund back. I have been hearing this from your helpdesk for last few days.
What do you meant by interest charges? My 50K is stuck from 28th July and I have no clue when I am going to get them back.
But with this episode overall Zerodha Coin reputation is at stake as I know many investors including me are considering MF investments directly through AMC now.
@Bhuvan @nithin also there is no clarity from Zerodha that this will not repeat and I do not want to make any new purchase and then face same issue.
I think it will take another 7 to 10 days until all issues will be sorted by BSE & ICCL & payment gateway (Razorpay). We are working with them to make this faster. We will send a notification as soon as we are sure all issues are fixed.
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Just curious⌠Is this issue of glitches only unique to Coin app or are other platform users also going thru this same issue? I am not able to see much complaints from users of other platforms!!! Or am I naive? Not getting the courage to put money in MF thru coin looking at the scores of complaints here
Hi @nithin
We as an active user are able to track our investment, cancel our mandate and manually pay for all the sip.
I had done coin setup for my sister last year and onboarded her (was a tough task to explain her about SIP in index fund and it advantages)
I live away and she is unable to understand all these trouble going on. Somehow I took credentials and managed her account.
My humble request to you and your team. Many housewife (Include Crore of Indian) donât even want direct stock exposure but want to invest in index.
Please give importance to COIN as a MF App, not just an instrument leveraging Kite Demat process.
Hope I am able to convey my thoughts
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Yep, we have some ideas to make things simpler. But the regulatory changes have been like a hanging sword
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