Can anyone tell me if there is any way to switch your demat based mutual funds holding to the normal ones the AMC’s offer. For eg. I wasn’t able to login to Parag Parikh website to make a direct investment as it gives an error that demat holding folios are not allowed to invest online.
Asking this as yesterday, like many of us, I made some lump-sum investment using the coin app. I placed 7 orders in different mutual funds between 11:42-11:48 am and made the funds transfer using UPI. Now, today I have received allotment for only 2 of them. The rest I don’t know what happened. And this is not the first time I have faced such issue, multiple times I have faced this and have asked here also and in support tickets also, and I am usually given the same explanation every other time. What’s the point of all these tech and all, when you can’t utilise it on days like these.
I am seriously done with this now.
Also, please suggest any alternatives to invest in mutual funds without any broker or if I should directly invest with the AMC website.
Apologies for the inconvenience faced here but unfortunately recently there was a delay from the payment aggregator to report the payment to the exchanges hence a few orders have been affected here. Hence 2 orders were allotted ands rest were affected.
Unfortunately after the pooling mechanism going away in 2022 even the funds are directly transferred from your bank account to the clearing corporation, here the exchange does not get to know from whom the payment has been received till the payment aggregator reports/ uploads the data into the exchanges systems. Here one of our payment aggregator partners faced an issue due to which this issue occurred for a few orders. This is a rare issue and additionally we have been working on mechanisms where such instances should not happen by enabling upi autopay.
If you still wish to transfer the units, you will have to rematerialized the the units and then transfer them to the respective AMC. Refer to the article below to understand more