I am Deepak. I mistakenly placed an order for dividend equity mutual fund scheme on coin zerodha and it’s in process. I want to invest in growth scheme what should I do. Can I transfer this investment from dividend to growth scheme or can I redeem the amount immediately after it’s processing. Will I have to pay any charges in this case.
Please help !
You cannot transfer a mutual fund from a dividend to growth scheme. You can stop you dividend scheme and start a new growth scheme. You can also exit your dividend scheme and re-invest this amount into a growth scheme but you need to note that an exit load + DP charge will apply when you exit the MF.
Some schemes have an exit load for units redeemed within 6 months, some within a year. This info is available in the ‘scheme related document’.
DP charge of Rs.5.5 + GST will be charged by CDSL as the MF is exited from Demat mode.
Thank you! Exit load is one percent. Will it be deducted from my investment amount incase I redeem it. For example I invest 5000 and I want to redeem it immediately, what would be the charges.
Thank you for the reply!
Exit load will be charged on the valuation of your mutual fund at the time of exiting. The valuation of a fund is calculated as (Current NAV * No. of invested units)
Deepak, when did you place the order? If you placed it anytime today i.e 15th Aug, you can probably go ahead and cancel the order before 1:30 PM on 16th Aug.
Please do check with our support team before you do this.