Will the Mutual Fund Units allotted by the Mutual Fund Utilities (MFU India.com) to the Client in demat Account (Of ZERODHA) show up in the Coin Portfolio?
@faisr
It will not show up in COIN portfolio since the transaction was done through MFU. They have their own system of accepting purchase and redemption requests and they have made it mandatory to have something known as CAN (Common Account Number) under which they map all the transactions done via their platform.
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@faisr You state that the mutual funds do not show up under COIN.
However, the MFU site states the following in its FAQ’s about selling units deposited in a linked demat account:
Yes. You can subscribe to Direct Plans through MFU and get the units credited to your Depository (DEMAT) Account. Once credited to your Depository (DEMAT) Account, the units can be redeemed only through your Depository Participant.
My question is, if i link my Zerodha demat account with my CAN and then in the future, if i want to redeem some of my mutual funds, will i be able to do it online using COIN?
Because MFU states that i will be able to only redeem my units through my DP.
What is the process here? Does it require me to submit paperwork to Zerodha for each and every redemption.
Kindly clarify.
This is what it says on the MFU website regarding transferring MFU units to Coin:
And if your MFU units are transferred to Zerodha Demat then there should be a way to show your units on Coin to add to you MF investment portfolio and redeem units if required. I presume you need to provide the following details of your MFU purchase for this:
Date of Purchase :
Average NAV price :
FOLIO no.
@faisr, is this the process?
@Hidden_Constant, The units that reflect in your demat account if purchased from another entity will not reflect on COIN because we would not have any details of the transaction except for the number of units. So, in this case if the units are bought from MFU (and if you have mentioned Zerodha’s DP ID) then the units will only reflect in the demat account. This will not reflect in your portfolio on COIN.
Either you can redeem all units at a time by providing the redemption slip or you can give the details as mentioned by @Srinivas and then your investments can reflect on COIN. But, this will always involve a manual process because everytime you make the transaction then these details will have to be manually updated on COIN. Also, if the investment value crosses Rs 25000, then Rs 50 per month will be applicable.
Its just easier to maintain your portfolio from COIN.
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@faisr Provided i give all the details as mentioned by @Srinivas, would i be able to redeem everything online?
Also, what is the email id where i shoudl be providing these details?
At the moment, COIN lacks a lot of features such as STP,SWP which MFUtility provides.
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Yes, your MF units will be manually added on Coin and you can redeem it if you please.
Send it to ‘[email protected]’.
These are on the list of things to implement.