Discontinuation of pooling for mutual funds and how it affects Coin

Zerodha Coin - Direct MF
738

What happened to the refund of interest by ICCL ?

1 Like
739

Gives us a couple of weeks and I’ll have an update shortly.

1 Like
740

Hello All,

It looks like Zerodha does not want to implement the SIP Mandates. They have not dome it in last 6 months; nor do they have an deadline for this implementation. Everytime I asked, they only had one response “Give us a couple of weeks, and you will be informed about the update…”

Is there any other Broker that has already implemented the Auto-Debit/Bank-Mandate for the SIPs? If there is, I would like to move my holding to the other Broker.

Thanks

1 Like
741

Hey Arun, we’re really sorry about the delays but now that we aren’t in control of the funds, we’re dependent on the banks. We’re facing issues with banks conforming the receipt of funds to the exchanges, and that’s why this whole things is taking time. We’ve faced multiple issues as we’ve been testing this. Please bear with us just for a little more.

742

@Bhuvan @Neelesh @nithin sir, please look into the matter. I have received refund for Rs. 1 Lakh only. refund of Rs. 495000 has been pending for 16 days. Irony is that rs. 495000 payment was made on 4th October 2022 while Rs. 100000 payment was made on 7 October. I received refund for 2nd payment which was made later. Ticket No. is 20221004674025. From now onwards, I will think hundred times before investing via COIN :pensive: :pensive:.

743

@jhakkastrader we have been following up with the ICCL team in regard to this and will give you an update once we have the refund UTR from the ICCL/ BSE STAR MF team.

744

Groww, Kuvera and IndMoney all have Direct MF’s with Auto Debit. The only problem is they are not Demat MF instead they are SOA MF.

745

@Bhuvan @Neelesh
Any update on when Coin will start working for Non Indvidual accounts (Partnership, corporate etc.)?
Is there any other alternate way that these accounts could still invest in MF’s which can then become part of coin holding and hence be pledged with Zerodha for margin?

Not able to invest from a really long time (due to pooling discontinuation), any possible work around would be appreciated.

Thanks

1 Like
746

[quote=“jhakkastrader, post:742, topic:120947, full:true”]

Refund received just now. Thank you very much @bhuvan @neelesh. Now I can heave a sigh of relief :slightly_smiling_face: :slightly_smiling_face: :slightly_smiling_face: :slightly_smiling_face:.

747

Going to continue your investments with coin, or do you have any alternatives in mind?

748

I have started slicing my payments now onwards to reduce the amount involved if any payment fails. e.g. if i have to make investment of Rs. 200000 in a day, I make 20 payments of Rs. 10000 each rather than a single payment of Rs. 200000. This way, if any payment fails, amount involved would be lesser and not cause loss of peace of mind to me. If any payment fails, I stop making further payments for that day and try again next day. This is the work around I have been using for a while. will use RTGS/NEFT mode once available as that is more reliable.

749

@nithin @Bhuvan

Can someone sell lock in free ELSS units worth 1.5 lakh and buy same ELSS fund worth 1.5 lakh on same day using funds in bank account??

Does coin platform permit above two transactions on same day in same mutual fund??

750

You can sell the units if the lock-in is over but the funds will only hit your bank account after 3 days. You can make a fresh purchase on the same day, as long as you have money in your bank account.

751

Hi @Bhuvan

My failed SIP payment is still pending with the BSE star mf, I created a support request on zerodha (#20220804606721).

Could you please help me out? As it’s more than 3 months now?

Thanks.

752

@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?

4 Likes
753

Hi @barinder, having this checked. You’ll have an update on the ticket.

754

Any update on the same
@ShubhS9 @Bhuvan @nithin

755

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.

2 Likes
756

4 months and counting…

1 Like
757

I had placed a hdfc liquid fund order and made the payment on time through upi. but zerodha did not forward that order to BSE, this is pathetic service from zerodha.
now they are saying that money will be refunded in 6-7 days.

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.

support request number #20221103847003

2 Likes