Why did my mutual fund order on Coin exceeding Rs 50000 get rejected?
If you get any of the following errors in your Coin order history,
- Amount (51000) is greater than (50000) for financial period
- PAN Exemption number is given. Requested amount is greater than 50000
- E KYC ALLOWED Rs 50000 ONLY A FINANCIAL YEAR
- eKYC investor - not meeting the eligibility criteria
- Transaction rejected due to Amount (60000) is greater than (50000) for the financial period
This is because, SEBI, the regulatory body, has provided guidance to restrict investments to Rs 50,000 per annum per Mutual Fund for OTP-based eKYC. You can check the status of your KYC on the CVL KRA website by entering your PAN number.
If the status shows E or N under the 'IPV flag field' as above (it should be Y), you will have to get the full KYC done, you can do so by raising a ticket below and a support representative will get in touch with you.