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MF platforms face backlash over delay in unit allotments
Business Standard
|June 07, 2024
Several investors wanting to invest in mutual fund (MF) schemes, amid the selloff in the market on Tuesday, were left in the lurch as online MF investment platforms failed to execute the transactions on time.
According to officials at discount brokerage firms Groww and Zerodha, many of the transactions could not be processed for the same day net asset value (NAV) even though they were executed before the 2 pm deadline.
These investors were allocated the next day's higher NAV, leading to notional losses.
The NAVS of equity MFs went up between 2 per cent and 5 per cent on Wednesday as the equity market rebounded from Tuesday's lows.
This story is from the June 07, 2024 edition of Business Standard.
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