Throwaway account for apparent causes.
I got here to know of Kuvera a few years again from this sub itself, so it is solely applicable that I share this right here for the advantage of different members.
On twenty sixth February, 2021, I carried out a few giant (for me the quantity is giant) lumpsum transactions from each my very own account and my managed account at Kuvera, nicely earlier than minimize off time for fairness mutual funds. (This was clearly to make the most of the market correction on Friday. Anyway, that is not related)
The transaction someway failed at Kuvera’s finish with an error message (screenshot right here – https://imgur.com/a/q3uc3DM ) from their middleman, BSE Star. Mainly, the redirection from BSE Star to Kuvera failed though the transaction was profitable. and cash was deducted from my account. In situations similar to this prior to now, I used to at all times be allotted the day’s NAV.
Now, after sending Kuvera related particulars, they’ve executed the reconciliation. Nevertheless, the allotted NAV exhibits up as due for processing on March 1, and never February twenty sixth (See Screenshot right here – https://imgur.com/a/wMx11p9 ) As you may think about, that is disappointing for a number of causes.
-
I am going to not be assured {that a} transaction executed on a specific day earlier than minimize off time can be processed with the day’s NAV
-
I am going to not be assured of making the most of corrections available in the market even when I handle to take a position on that day
-
I not have the boldness that Kuvera has bought my again in case of points similar to this
-
Merely protecting the cash idle in my financial savings account would’ve earned me some curiosity for 3 days. So situations like this results in potential losses
Clearly as you may think about, that is associated to the SEBI round which got here into impact on February 1, 2021 about NAV being allotted solely on realisation on the AMC’s finish. For the reason that transaction failed (though it was profitable at BSE Star’s finish, please see the primary screenshot), the AMC didn’t obtain funds on that day, and due to this fact I’m not entitled to the NAV of that day. Kuvera’s approach of dealing with that is additionally deeply worrying, since such large modifications and implications needs to be correctly defined to customers. I’m now truly fascinated with utilizing the AMC’s web sites (regardless of how inconvenient it could be) for transactions. Not less than then I’ll instantly be coping with the AMC and never the middleman/dealer/advisor.
So, new traders, previous traders, please watch out for the brand new guidelines and its implications. IMO it is time to ditch advisors/intermediaries like Kuvera and swap to investing instantly via the AMC’s web sites. Your income will thanks for it.
Twitter thread right here: https://twitter.com/NamelessWander4/status/1365194050001793025
