I made a lumpsum purchase on Coin. When I am checking on the AMC’s website, it is showing my investment. However when I want to redeem the same from the AMC’s website itself, it says no schemes found. Why is it so? Please help.
When purchased on Coin, MF units are held in Demat format.
When purchased on AMC website or other than stockbrokers, MF units are held in SOA (statement of accounts) format.
Since the purchase was made on Coin, you can add more or sell in Demat format on Coin itself and not on AMC website.
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Hi!
Thank you for responding. Can you tell me whether it is safe to keep mutual fund units in demat using Coin as compared to using AMC’s website to invest?
Also, does the TAT (Turnaround Time) for investing and redeeming units in demat form is more or its the same?
Please guide
Thanks 
Both are equally safe. In case of having mutual fund in Coin, if god forbid for some reason Zerodha goes bust tomorrow (I don’t wish it so), you can move the units to another stockbroker’s Demat account.
TAT for investing and redeeming is the same on surface level. A few differences underneath though:-
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While redeeming units, on Coin the redemption amount is credited to Zerodha trading account whereas in the case of redeeming SOA units at AMC, the redemption amount is credited to your bank account directly. So in case of Coin, you have to withdraw the amount manually if you want the money in bank account which would take one more day after placing withdraw money order. So that’s a lag and a manual intervention required for getting money in bank.
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As per the current SEBI guidelines (since 7/4/2020), the revised cut-off time for Purchase Orders to get same-day NAV depends on the scheme and order amount:
- For liquid and overnight funds, it is 12:00 pm. [Unit allotment will be at previous day’s NAV]
- For debt and equity funds and investment size under Rs 2 Lakhs, it is 1 pm.
- For debt and equity funds and investment size above Rs 2 Lakhs, it is 12:30 pm.
The cut-off time for Redemption and Switch orders is 1 pm.
But Zerodha doesn’t comply with SEBI rules and forces us to place an order prematurely latest by 11:30 am, for both buy and sell orders of MF. If you place an order after 11:30 am even if SEBI allows and AMCs accept orders till 1 pm, Zerodha doesn’t let your order go. Orders placed after 11.30 am are executed the next day only. So you may lose on NAV with much volatility in the market with a day change.
I have been pointing this out to @nithin since ever that this is a sheer violation of an investor’s rights and is technically wrong and unethical to suppress investor’s rights.
But being a lone nut I have not been heard yet. If you understand how your right to invest as per SEBI cut-off time has been violated by Coin, please stand with me and humbly request Nithin to understand and fix it and sync with SEBI cut-off timings. 
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Some times I have to work with my US peers and get up late in the morning. Many times I was unable to put buy/sell request since I got late as per zerodha.
So I second your taught on this.
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I understand that the SEBI guidelines are being violated here and I’m surprised that the Board is not taking any disciplinary action against Zerodha. Also, Zerodha has been known fkr it’s transparency policies but it’s not abiding by the laws in force. How can we raise this issue further so that Zerodha tweaks it’s system and we can make use of rights in the correct manner?
@nithin could you please comment on the same?
Yes Rupesh I have read your other threads also where you have pointed out the cons of investing through coin and about the cut off time 11:30am, seriously it is wrong to force this on investors. Many times I am unable to purchase or sell my debt mutual fund units because of this cut off time.
I have seen that time and again you have given your feedbacks but Zerodha people are just ignoring it. Zerodha is also not updating ‘Coin’ upto the level of the competition with the likes of Paytm Money, Groww, or ET Money. I agree with your feedbacks. @nithin is costumer focused and a genuine man, I hope he’ll consider this and other upgrades in Coin app.
You seem to be under the impression that we are doing this deliberately. I have abundantly explained the reason why we do this. because there are trade-offs. Assuming that we instantly upload all the orders to the exchanges, this will result in Coin features such as transferring fuds before cut-off, deleting orders etc going away and we have overwhelming feedback from users that they like the features.
Like I mentioned, we have to do what is right considering all the issues.
Now, since you are asking for it, we are making some changes to push the cut-off time as close as possible, and will be done over the next few months.
No. I never said that. My issue is about Zerodha’s apathy on snatching investor’s right to be able to invest in the time-window designated by SEBI.
It does not matter whether you do A+B = C or X+Y = C. To me as a consumer what matters is that I get C.
C, here, is the ability to place MF orders as per SEBI designated timings.
People would love it more to be able to place orders in sync with SEBI timings. Moreover, as I have mentioned earlier, Zerodha owes it to the users in the first place. It’s rightfully due.
Remember, Zerodha is a regulated business and it has to abide by the rules of the regulatory body. I am just holding a mirror to Zerodha. If you disagree, and if you are representing Zerodha legally, please tell us on record in this public forum that Zerodha doesn’t need to abide by the SEBI cut-off timings.
Don’t do it for me. I don’t matter. I don’t want any credit. Do it because it is the right thing to do.
Also, anything less than what SEBI is directing won’t be accepted.
To sum up, again, it’s only about what is right vs what is wrong.
It’d been more than a year since I first raised the issue. Now, I am awaiting an official response on this issue from Zerodha’s legal team on ticket #20200921976293 to decide my next move.
How would the board know unless an investor complains? You have to file an official complaint at SEBI SCORES. And the matter would have to be resolved in a stipulated time. https://scores.gov.in/scores/Welcome.html
AND/ OR
you can also move to consumer court. https://consumerhelpline.gov.in/
As a consumer, you are paying AMC to Zerodha to avail services, whereas you are only getting a partial service by not being able to place MF order as per timing regulated by SEBI. So you can challenge this in consumer court asking Zerodha to either waive off the AMC or provide full services that are rightfully yours.
Because court proceedings take time, If you have the patience to see through, simply on the technical grounds, you would win the case.