karenhampton
New member
Throwaway account for obvious reasons.
I came to know of Kuvera many years back from this sub itself, so it's only appropriate that I share this here for the benefit of other members.
On 26th February, 2021, I conducted a couple of large (for me the amount is large) lumpsum transactions from both my own account and my managed account at Kuvera, well before cut off time for equity mutual funds. (This was obviously to take advantage of the market correction on Friday. Anyway, that's not relevant)
The transaction somehow failed at Kuvera's end with an error message (screenshot here - ) from their intermediary, BSE Star. Basically, the redirection from BSE Star to Kuvera failed although the transaction was successful. and money was deducted from my account. In instances such as this in the past, I used to always be allocated the day's NAV.
Now, after sending Kuvera relevant details, they have done the reconciliation. However, the allocated NAV shows up as due for processing on March 1, and not February 26th (See Screenshot here - ) As you can imagine, this is disappointing for multiple reasons.
So, new investors, old investors, please beware of the new rules and its implications. IMO it's time to ditch advisors/intermediaries like Kuvera and switch to investing directly through the AMC's websites. Your profits will thank you for it.
Twitter thread here:
Follow up post -
I came to know of Kuvera many years back from this sub itself, so it's only appropriate that I share this here for the benefit of other members.
On 26th February, 2021, I conducted a couple of large (for me the amount is large) lumpsum transactions from both my own account and my managed account at Kuvera, well before cut off time for equity mutual funds. (This was obviously to take advantage of the market correction on Friday. Anyway, that's not relevant)
The transaction somehow failed at Kuvera's end with an error message (screenshot here - ) from their intermediary, BSE Star. Basically, the redirection from BSE Star to Kuvera failed although the transaction was successful. and money was deducted from my account. In instances such as this in the past, I used to always be allocated the day's NAV.
Now, after sending Kuvera relevant details, they have done the reconciliation. However, the allocated NAV shows up as due for processing on March 1, and not February 26th (See Screenshot here - ) As you can imagine, this is disappointing for multiple reasons.
- I'll no longer be confident that a transaction done on a particular day before cut off time will be processed with the day's NAV
- I'll no longer be confident of taking advantage of corrections in the market even if I manage to invest on that day
- I no longer have the confidence that Kuvera has got my back in case of issues such as this
- Simply keeping the money idle in my savings account would've earned me some interest for 3 days. So instances like this leads to potential losses
So, new investors, old investors, please beware of the new rules and its implications. IMO it's time to ditch advisors/intermediaries like Kuvera and switch to investing directly through the AMC's websites. Your profits will thank you for it.
Twitter thread here:
Follow up post -