01 Jul 2022, 09:00 AM
Issue with mutual fund transactions on Coin
Starting today, SEBI has disallowed the use of funds in trading account for investing in mutual funds. We rely on BSE StAR MF to power transactions on Coin and BSE made the system to process payments and transactions based on the new regulations yesterday. But we are currently facing significant issues with processing Coin transactions due to issues with the BSE StAR MF platform. We are in touch with BSE to have the issues resolved at the earliest. We regret the inconvenience caused.Note:
- If you have made the payments for your AMC SIP through the payment link shared by BSE then you need not make the payment again from Coin. Your orders will be processed today. However, for future transactions please make the payments through the Coin app and ignore any emails sent by BSE.
- SIPs scheduled today will not be triggered.
Update [01:13 PM]: Buy orders are blocked now due to an issue with BSE StAR MF and Razorpay. Redemption orders are allowed.
Update on the root cause: Fund transfers were majorly affected due to the issues with the payment gateways across the industry.