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15 Jul 2022, 01:45 PM
Update on Coin
Effective 1st July 2022, SEBI disallowed the use of funds in trading accounts for mutual fund investment. Payments for all mutual fund transactions now happen from the bank accounts directly. But since we went live with the new payments flow, we’ve faced significant issues from the exchanges in processing SIP orders and from the payment gateways in processing payments. The other issue was due to some technical issues with the payment gateways and exchanges, we couldn’t make eMandates live. So users with multiple SIPs had to make individual payments. But over the last couple of weeks we’ve been working hard to solve all the issues and here are some updates.
- You can now make bulk payments for up to 10 Coin SIPs and lumpsum orders at a time on web. AMC SIPs are not supported at the moment. We are working on allowing them. The bulk payment option will soon be available on app as well.
- We are close to making eMandates live. This should happen in a couple of weeks.
- We are also working on sending a collect request on your SIP day.
We understand that these issues have made it difficult for you to invest in mutual funds this month. But this was an extremely complex transition, and we ultimately have to depend on the exchanges and payments gateways, and we’ve been facing challenges there. But we are doing everything we can to make the investment process as seamless as possible. We are extremely sorry for all the inconvenience.