SWPs for mutual funds investments are now live on Coin

We will be going live with upi autopay shortly. It will be available post that as it will be powered by mandates (UPI autopay or NACH).

Yes the NACH limit has been increased to 1cr and we will be removing the restrictions soon on coin so that multiple sips can be mapped to one NACH

But can you guys please allow users to edit the mandate limit before they proceed for approval and UPI mandate when it will be live? So its limit is 1 lakhs right?

When can we see this ? Will user have option to choose UPI or nach mandate ?

We will be removing this restriction shortly, on the creation of a new mandate meanwhile you can modify the amount to whatever amount you want it to support.

Hi Neelesh
But while creating mandate it default takes 1 crores and its not allowing any edit amount option to change it please check this in coin
You can share us screenshot or steps if you find this working but i just tried i dont see option to edit amount of mandate

The mandate amount cannot be modified, the SIP amount can be modified on the web after creation. The mandate amount will be fixed at 1cr.

So with a 1cr mandate, can I map multiple SIPs, totaling, say, 5 lakhs to this single mandate and it will work fine?

Hi @Neelesh , will SWP order get executed if my units are pledged? or do I need to un-pledge the units for SWP?

SWP will be triggered but the order will get failed as the unites are pledged. We will soon start considering the same and send notifiers.

In Coin, Mutual Fund Units are held in demat account at the depository. What will be charges incurred at SWP as the units are sold?

No charges are involved here.

1 Like

Where can I see my active SWPs?

You can check the same in the SWP on Coin, this is beside the SIP.

"For users without Power of Attorney (POA) or Demat Debt Instruction (DDPI), the user must authorize the units through CDSL before 3:00 PM on the same day. You will receive a notification from the Coin app and an email as well to authorize the units on the same day otherwise the order will fail. To learn more, see How can units be authorized for redemption on CDSL after a SWP order is triggered? "

This does not work and the support article is not helpful. Still wondering how exactly do we Authorize a sell transaction for a SWP? The first step on the support article is “tap on continue” which makes no sense. The article is only applicable for new tpin generations. For those who already havea tpin, how do they Authorize this sell transaction?

@Addyb, we trigger the SWP order at 11 AM as of now (this will be revised back to 10 AM in a few days. So once a SWP order is triggered, we send out a coin app notification, incase you have a POA account or DDPI enabled for your account, you don’t have to do any action. If you have a non poa/ DDPI account then once you click on the SWP notification, you will be able to see the redemption order, now here you will have to visit the holdings page, and click on Authorize, you will be redirected to theCDSL page, you authorize the units there and the redemption order will go through at 3 PM. If after continue the pop up window is not opening up in your device, then you need to enable pop-ups in your phone.

Thanks for the response. However, it seems like you’ve shared the steps for authorisation from the kite app, not the coin app. As i figured out the steps for this on coin app, writing for convenience of others-

  1. Go to investments at the bottom menu
  2. Click on SIPs at the top
  3. Then Click on SWP at the bottom
  4. Now you will see an option called “Authorisation” which takes you to cdsl page for further procedure.

Since its not readily accessible option specially for a new user, slightly surprising that a detailed step by step guide is not present for this specifically for the coin app. Whatever is mentioned in the support article does not suffice for SWP redemption usecase for non PoA users. You may want to get it checked to help newbies with a step by step as per the coin app.