I invested in a MF scheme on Friday. As of today i.e. Monday afternoon 1:00pm the order status was Processing : Order sent to AMC. I tried to purchase additional units of the same scheme at around 1:15pm however i kept getting an error saying something like cannot purchase new units due to pending order in same scheme. Can this issue be fixed please? I really wanted to buy additional units due to further fall in market today.
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Basically my issue is that investors should be able to purchase additional units in the same scheme on consecutive working days.
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Was it a new fund?
I have been able to place two orders for the same fund on consecutive days without issues.
By new fund if you mean a NFO then no it wasn’t a new fund. However it was my first investment in a existing scheme. It was also my first Investment in that fund house. Basically I bought Quant Active Fund and it was my first Investment in Quant Mutual Fund and first investment in Quant Active Fund scheme.
I guess it’s not allowed when you invest for the first time in the AMC.
When we opened account with zerodha, we had to complete our kyc. Everytime you invest in a new AMC a new account has to be opened and kyc has to be completed. So this takes 2 days. Thats the reason I feel its not allowed to buy additional units before the account is completely opened. After that even if its new scheme of the same AMC it is allowed.
Again please confirm this from the support team. I have given my response only based on my experience in the past.
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Hey, SIP orders can only be placed once the initial order is processed and allotted. Until and unless there is an allotment, the next SIP order will not be generated. Once the initial order is processed and allotted, then even two orders in the same scheme can be placed, even if the previous order is being processed.
It happened with me as well and i feel coin should be improved for this use case. Allotment usually happens the same day but Coins checks the allotment after 3:30 next day. If coin can check the allotment Twice , one around 10 am and other around 3:30 then this edge case can be solved. This has costed me 1 day and price moved was quite frustrating . I think Coin can be improved.
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My initial order was lumpsum purchase and the next order was also lumpsum. My second order was not SIP. In any case I think investors should be allowed to place lumpsum orders to purchase on any consecutive days even if initial order was still under process. The difference between yesterday and today will be 500 Nifty points and Rs 5000 in terms of money. So please consider. Thank you.
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This is due to an exchange restriction. We’re figuring this out, thanks for the feedback.
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I placed the 2 Govt Securities on Monday, Feb 14, 2022 and amount has been debited in my account but same not shown or reflected in the Order section in the Coin.
How any days it will take to reflect in the order and investment section in Coin?
It is T+1 days for mutual funds not exactly sure about govt securities but should be the same?
isn’t this gonna be taken care of from 1st April as per the new SEBI guidelines where the funds would be debited from the investor and credited to AMC directly?
Thanks for your reply.
My concern is that the orders not reflecting in my account section of in Govt Securities after cut-off time.
Whereas mutual funds orders were shown in the order section in my account immediately after placed the order and still shows the orders in order section.