Mutual Funds Purchase Related Queries (SIP and LumpSum)
Created by Nagadeep M U, Modified on Thu, 19 Jun at 3:54 PM by Nagadeep M U
Work Flow
Mutual funds Launch: August 2nd, 2021 PhonePe, India’s largest digital payments company, announced the launch of UPI-based AutoPay functionality for its mutual fund investment offerings that will allow its customers to set up their Mutual Fund SIPs in just a few seconds. This makes PhonePe the first digital investment platform to introduce this feature in the country.
With UPI Autopay, PhonePe customers can set up their SIPs in just 3 steps: Select Fund, Input Monthly SIP Investment amount, and authenticate with UPI PIN making it a first of its kind experience for millions of users across India. It also furthers PhonePe’s vision to continually enhance the end-to-end customer experience while catering to their needs in building the investment portfolio of their choice. The SIP through UPI AutoPay option is available for all existing and new investors on the PhonePe app.
How do I set up SIP?
If you have already completed your KYC verification:
1. Tap Mutual Funds on your Share.Market Discover screen or search the mutual fund using the search bar.
2. Tap Start SIP and enter the amount Tap Invest Now.
3. Select SIP Date and enter the OTP and tap Invest
4. Next, choose a fund and select the investment type: Monthly SIP or One-time.
Enter the amount, select a date for your monthly SIP. Tap Invest Now.
5. Enter your UPI PIN and tap Pay and Set Autopay.
How to make a lump sum (One-Time) investment on Share.Market?
To make a one-time investment,
Tap Mutual Funds on your Share.Market Discover screen.
Tap the search bar to enter or choose the fund or category that you’d like to invest in.
Select the One-time option.
Tap Invest Now and select the bank through which payment has to be made and start investing.
Purchase Success
Steps | Process Steps | Action | GTIS |
1 | If the customer states, he/she is unable to find the allocated units or asks, where do I find my allocated units? | Agent to check if units have been allocated details are available in console | NA |
1.1 | If Unit allocation details are available on app | Inform the customer that his/her investment purchase is successful and provide the steps to find the allocated units. 1. Tap the Portfolio 2. Tap Orders 3. Tap Mutual Funds. 4. There, you'll see all your orders. Tap on an order to view its unit allocation details. You will be able to see all the fund details under Order Details including the number of units held, the matured and locked units, and the folio number allotted by the Asset Management Company (AMC). Ask cx to share a screenshot if there’s any discrepancy. | Group: Mutual Funds Type: Purchase Issue type: Units allocation success Sub issue type: How to check units Status: Pending SLA: Current time + 9 Hours Capture the transaction ID, payment transaction ID,order ID, Fund category |
1.1.2 | If unit allocation details are not available on console or The customer comes back saying that if he/she is still unable to find the allocated units. | Agent should escalate the issue and inform the customer that they will share an update with the customer within next 3 WD | Group: Mutual Funds Type: Purchase Issue type: Units allocation success Sub issue type: How to check units Status: Waiting on third party Team: MF Ops 1 SLA: Current date+3WD |
2.1 | The customer states that incorrect units are allocated. | Inform the customer that, for investments purchased before 11:00 AM, the units will be allocated as per the NAV calculated at the end of the same working day and For the investment done after 11:00 AM, the units will be allocated as per the NAV calculated at the end of the next working day. | Group: Mutual Funds Type: Purchase Issue type: Units allocation success Sub issue type: Incorrect units allocated Status: Pending SLA: Current time + 9 Hours Capture the transaction ID, payment transaction ID,order ID, Fund category |
2.2 | If the issue persists | Inform the customer that we will escalate the issue and share an update by <Today + 3 Working days> | Group: Mutual Funds Type: Purchase Issue type: Units allocation success Sub issue type: Incorrect units allocated Status: Waiting on Third Party SLA: Current date + 3 WD Team: MF Ops 1 |
3.1 | If the customer states he/she has not received Payment confirmation | Inform the customer that the payment confirmation is sent to your Mutual funds registered email ID. In case you have not received it, kindly check the SPAM folder of your email. | Group: Mutual Funds Type: Statement related Issue type: Need payment receipt Sub issue type: Info given Status: Pending SLA: Current time + 9 Hours |
3.2 | If the CX hasn’t received the payment receipt after checking in email | Inform the customer that we will escalate the issue and share an update by <Today + 3 Working days> | Group: Mutual Funds Type: Statement related Issue type: Need payment receipt Sub issue type: Info given SLA: Current date + 3 WD Team: MF Ops 1 |
4.0 | If the customer asks how to redeem the funds. | Inform the customer that, he/she can sell the units they’ve invested in or withdraw their funds as follows:
| Group: Mutual Funds Type: Redemption related Issue type: How to redeem Sub issue type: Steps provided Status: Pending SLA: Current time + 9 Hours |
5.0 | If the customer states, he/she is unable to find the redemption option. | Agent to check the fund category | |
5.1 | For all fund categories except ELSS. | Inform the customer that, he/she can sell the units they’ve invested in or withdraw their funds as follows:
| Group: Mutual Funds Type: Redemption related Issue type: Unable to redeem Sub issue type: Steps provided Status: Pending SLA: Current time + 9 Hours |
5.2.2 | If the fund category is ELSS | This might be because you may not have lock-in free units in your account. Note: You can sell or withdraw your ELSS mutual fund investments only 3 years after the date of investment. | Group: Mutual Funds Type: Redemption related Issue type: Unable to redeem Sub issue type: Within Lock-in period Status: Pending SLA: Current time + 9 Hours |
6.1 | If CX says that First SIP amount not deducted on due date | Please know that the AMC usually takes 30 days from your investment date to deduct your first SIP. Check the next SIP date, mandate set-up date and last updated date of the SIP. Ask the cx to check the next debit date on the app. | Group: Mutual funds Type: SIP Issues Issue: Amount not debited for autopay Sub Issue: Amount not debited for autopay Status: Pending SLA: Current time + 9 Hour |
6.1.1 | If the contact time before 30 days or if there is no 30 day gap between the mandate set up date and first autopay date | Inform the CX that we understand that your SIP hasn't been deducted yet. Please know that the AMC usually takes 30 days from your investment date to deduct your first SIP. Example: If you have made your investment on May 22, 2022, and set the SIP date as 5th of every month. Your first SIP will be deducted on July 05, 2022, and not June 05, 2022. | Group: Mutual funds Type: SIP Issues Issue: Amount not debited for autopay Sub Issue: Amount not debited for autopay Status: Pending SLA: Current time + 9 Hour |
6.1.2 | If the contact time after 30 days or there is a 30 days gap between the mandate set up date and first autopay date | Inform the customer that we will escalate this to the concerned team and provide an update by {Current date +3 Working Days}. | Group: Mutual funds Type: SIP Issues Issue: Amount not debited for autopay Sub Issue: Amount not debited for autopay Status: Waiting on third party Team: MF Ops 1 SLA: Current date+3WD |
7.1 | If CX says I want to Modify my SIP | To do so on your Share.Market app Tap Portfolio >> Orders>>SIPs >> MF SIP. Next, choose a fund and tap Modify SIP, to update the SIP date, amount, or bank account for SIP deduction. Lastly, enter the OTP shared with you on your registered mobile number. | Group: Mutual funds Type: SIP Enquiry Issue: How to modify SIP Sub Issue: Steps provided Status: Pending SLA: Current time + 9 Hrs |
9.1 | If CX says I want Modify bank details for SIP | To modify your SIP details on your Share.Market app, Tap Portfolio >> Orders>>SIPs >> MF SIP. Then, select the relevant SIP and tap Modify SIP, under the Pay using section tap Modify. Choose the bank account. Please note that any changes you make here will not be updated in your portfolio-linked bank account. To know more, tap here.
| Group: Mutual funds Type: Bank related Issue: How to change folio linked bank Sub Issue: Steps provided Status: Resolved |
10.1 | If CX says I want to my Change portfolio-linked bank account | Inform the CX that unfortunately, you won't be able to change your bank account on Share.market app. You can do the same by tapping on one of the links below: | Group: Mutual funds Type: Bank related Issue: How to change bank account Sub Issue: Steps provided Status: Pending SLA: Current time + 9 Hrs |
11.1 | Payment successful, portfolio not yet updated | Once the units are allocated, it might take upto one day for the portfolio to be updated. The details in your portfolio would be based on the NAV which is updated in our system. NAV would be updated on Share.Market around 10-11PM every trading day. Please check your portfolio accordingly, If there's any discrepency please share us a screenshot. | Group: Mutual funds Type: Purchase Issue: Portfolio Sub Issue: Portfolio not updated Status: Pending SLA: Current time + 9 Hrs |
Purchase Pending
Order placement pending
Steps | Process Steps | Action | GTIS |
If in Order Time Lines view ORDER_PLACEMENT is still in pending | |||
1.1 | If CX wants to know When will the units be allocated? | Your investment of ₹{amount} is being processed by {amc}. Your units will be allocated by {allocationData}. Please check your portfolio for confirmation as of the date mentioned above.
To check your units on share.market App Tap Portfolio >>Orders>>Mutual funds select the fund you want to check the unit allocation details for. Meanwhile, we'll look into this for you and share an update by <current date + 3 Working Days>. | Group: Mutual funds Type: Purchase Issue: Order placement pending Sub Issue: When will my units be allocated Status: Waiting on Third Party SLA: Current date + 3 WD Team: MF SME |
1.2 | Can I cancel this payment? | Please know that the fund provider does not allow us to cancel any fund purchases. Your units will be allocated by {allocationDate}. However, you can withdraw the amount once the units are allocated. To do so on Share.market App, tap on Portfolio>>Mutual funds>> Choose the fund you want to withdraw and tap on withdraw Meanwhile, we'll look into this for you and share an update by <current date + 3 Working Days>. | Group: Mutual funds Type: Purchase Issue: Unit allocation Pending Sub Issue: When will my units be allocated Status: Waiting on Third Party SLA: Current date + 3 WD Team: MF SME |
Unit allocation pending
Steps | Process Steps | Action | GTIS |
If Purchase Transaction state is one of the below: FULFILMENT_IN_PROGRESS FUND_ALLOCATION_COMPLETED PURCHASE_REQUEST_SUBMITTED PURCHASE_REQUEST_ACCEPTED and if in Order Time Lines view UNITS_ALLOCATION is still in pending The transaction is considered to be in Pending state. | |||
FULFILMENT_IN_PROGRESS | |||
4.1.1 | If CX wants to know When will the units be allocated? Check if cx came before allocationDate | Inform the customer that your unit allocation is in progress as we are yet to send this request to BSE. Once BSE accepts your request, {amc} will allocate your units by {allocationDate}. Please check your portfolio for confirmation as of the date mentioned above.
To check your units on share.market App Tap Portfolio >>Orders>>Mutual funds select the fund you want to check the unit allocation details for. | Group: Mutual funds Type: Purchase Issue: Unit allocation Pending Sub Issue: When will my units be allocated Status: Pending SLA: allocationDate |
4.1.b | If CX wants to know When will the units be allocated?/ Why is taking so long? Check if cx came After allocationDate | We see that the investment request of amount ₹{amount} towards {fundName} is under progress. Ideally units would’ve been credited by {allocationDate}. As this is taking longer than usual. We'll look into this for you and share an update by <current date + 3 Working Days>. | Group: Mutual funds Type: Purchase Issue: Unit allocation Pending Sub Issue: When will my units be allocated Status: Waiting on Third Party SLA: Current date + 3 WD Team: MF SME |
FUND_ALLOCATION_COMPLETED | |||
4.2.a | If CX wants to know When will the units be allocated? Check if cx came before allocationDate | Inform the customer your order has been accepted by RTA and will be sent to BSE for approval. Once BSE accepts your request, units will be allocated to you by {allocation date}. To check your units on share.market App Tap Portfolio >>Orders>>Mutual funds select the fund you want to check the unit allocation details for. | Group: Mutual funds Type: Purchase Issue: Unit allocation Pending Sub Issue: When will my units be allocated Status: Pending SLA: allocationDate |
4.2.b | If CX wants to know When will the units be allocated?/ Why is taking so long? Check if cx came After allocationDate | We see that the investment request of amount ₹{amount} towards {fundName} is under progress. Ideally units would’ve been credited by {allocationDate}. As this is taking longer than usual. We'll look into this for you and share an update by <current date + 3 Working Days>. | Group: Mutual funds Type: Purchase Issue: Unit allocation Pending Sub Issue: When will my units be allocated Status: Waiting on Third Party SLA: Current date + 3 WD Team: MF SME |
PURCHASE_REQUEST_SUBMITTED | |||
4.3.a | If CX wants to know When will the units be allocated? Check if cx came before allocationDate | Inform the customer your order has been sent to Exchange, waiting for approval from BSE. Once BSE accepts your request, your {amc} AMC will allocate your units by {allocationDate}. To check your units on share.market App Tap Portfolio >>Orders>>Mutual funds select the fund you want to check the unit allocation details for. | Group: Mutual funds Type: Purchase Issue: Unit allocation Pending Sub Issue: When will my units be allocated Status: Pending SLA: allocationDate |
4.3.b | If CX wants to know When will the units be allocated?/ Why is taking so long? Check if cx came After allocationDate | We see that the investment request of amount ₹{amount} towards {fundName} is under progress. Ideally units would’ve been credited by {allocationDate}. As this is taking longer than usual. We'll look into this for you and share an update by <current date + 3 Working Days>. | Group: Mutual funds Type: Purchase Issue: Unit allocation Pending Sub Issue: When will my units be allocated Status: Waiting on Third Party SLA: Current date + 3 WD Team: MF SME |
PURCHASE_REQUEST_ACCEPTED | |||
4.4.a | If CX wants to know When will the units be allocated? Check if cx came before allocationDate | Inform the customer that BSE has accepted your investment request. {amc name} will allocate your units by {allocationDate}. To check your units on share.market App Tap Portfolio >>Orders>>Mutual funds select the fund you want to check the unit allocation details for. | Group: Mutual funds Type: Purchase Issue: Unit allocation Pending Sub Issue: When will my units be allocated Status: Pending SLA: allocationDate |
4.4.b | If CX wants to know When will the units be allocated?/ Why is taking so long? Check if cx came After allocationDate | We see that the investment request of amount ₹{amount} towards {fundName} is under progress. Ideally units would’ve been credited by {allocationDate}. As this is taking longer than usual. We'll look into this for you and share an update by <current date + 3 Working Days>. | Group: Mutual funds Type: Purchase Issue: Unit allocation Pending Sub Issue: When will my units be allocated Status: Waiting on Third Party SLA: Current date + 3 WD Team: MF SME |
5.1 | How to check allocated units? | Here's how you can check your allocated units on the PhopePe app. To check your units on share.market App Tap Portfolio >>Orders>>Mutual funds select the fund you want to check the unit allocation details for. Note: You can view unit allocation details for this fund after {allocationDate}, once the units are allocated. | Group: Mutual funds Type: Purchase Issue: Unit allocation Pending Sub Issue: When will my units be allocated Status: Based on contact time of CX |
5.2 | My portfolio is not updated | This is because your units are yet to be allocated. OnceUnits are allocated portfolio might take up to 1 day to be updated based on the NAV. NAV for each fund would be updated on PhonePe around 10 p.m. to 11 p.m. every trading day. | Group: Mutual funds Type: Purchase Issue: Unit allocation Pending Sub Issue: When will my units be allocated Status: Based on contact time of CX |
5.3 | Can you cancel this SIP and refund my amount | Please know that the fund provider does not allow us to cancel any fund purchases. Your units will be allocated by {allocationDate}. However, you can withdraw the amount once the units are allocated. To do so on Share.market App, tap on Portfolio>>Mutual funds>> Choose the fund you want to withdraw and tap on withdraw | Group: Mutual funds Type: Purchase Issue: Unit allocation Pending Sub issue type: Cancel purchase request Status: Pending SLA: Unit allocation date |
5.5 | Got an intimation from AMC saying that units are allocated but the same is not reflecting in PhonePe | This shouldn’t have happened. Do not worry, we will get this checked and get the status updated by <current date + 3 Working Days>. | Group: Mutual funds Type: Purchase Issue: Unit allocation Pending Sub issue type: When will my units be allocated Status: Waiting on Third Party SLA: Current date + 3 WD Team: MF SME |
Purchase Failed
Order placement failed
Payment failed
Steps | Process Steps | Action | GTIS |
1 | Customer is enquiring why his/her purchase has failed | Agent to check the error message in the console(incase error code is not available, inform the cx that txn failed due to tech issue) and provide the reason for failure. Inform the customer that if amount is debited. the same will be refunded within 3 days. | Group: Mutual Funds Type: Purchase Issue:Payment failed Sub issue: Info given Status: Resolved |
2.1 | Customer is enquiring why his/her purchase is in pending within 48 hours from Txn completion time | Inform the customer that it might take upto 48 hours for the pending transaction to move to either success or failure. We would request you to kindly wait. | Group: Mutual Funds Type: Purchase Issue:Payment pending Sub issue: Info given Status: Pending SLA: Payment completion time+48 hours |
2.2 | Customer is enquiring why his/her purchase is in pending After 48 hours from txn time | We will check the status of the transaction and give you an update before {current date + 3 working days}. | Group: Mutual Funds Type: Purchase Issue: Payment pending Sub issue: To be escalated Status: WTP SLA: current date + 3 working days |
Steps | Process Steps | Action | GTIS |
1 | Customer is enquiring why his/her purchase has failed | Agent to check whether order placement is failed or unit allocation failed and if Reversal details are available/not. If Unit allocation is failed as per console Agent to check the error message in the console and provide the reason for failure | |
1.1 | Reversal ID available | Inform the customer that your investment of ₹{amount} from {amc} has failed due to {error code}. We see that the refund is already completed with the Reference number: {reversalTransactionId}. Please check your {senderBank} account ending with {maskedBankAccountNumber} for the credit confirmation. Note: It might take upto 3 days for the refund to be reflected in your bank statement As mentioned above please rectify the issue and try investing in the fund again. | Group: Mutual Funds Type: Purchase Issue: Order placement failed Sub Issue: Refund initiated Status: Pending SLA: Current time + 24 hours |
1.2 | Reversal ID not available | Check if CX contacted within or after 2 working days from order placement fail date | |
1.2.1 | contact < 2 working days from order placement fail date | Inform the customer that your investment of ₹{amount} from {amc} has failed due to {error code}. Do not worry, the amount would be reversed to your account. It usually takes 2 working days for a refund to be initiated. We request you to wait until then. | Group: Mutual Funds Type: Purchase Issue: Order placement failed Sub Issue: Refund not initiated-within wait time Status: Pending SLA: Order Placement Failed time + 2 working days |
1.2.2 | contact > 2 Working days from order placement fail date | Inform the customer that your investment of ₹{amount} from {amc} has failed due to {error code}. Do not worry, the amount would be reversed to your account. It usually takes 2 working days for a refund to be initiated. Since it is taking longer than usual. We will check the status of the refund and give you an update before {current date + 3 working days}. | Group: Mutual Funds Type: Purchase Issue: Order placement failed Sub Issue: Refund not initiated-after wait time Status: WTP Team: Mutual funds SME SLA:current date + 3 working days |
Unit allocation failed
Steps | Process Steps | Action | GTIS |
1 | Customer is enquiring why his/her purchase has failed | Agent to check whether order placement is failed or unit allocation failed and if Reversal details are available/not. If unit allocation failed then Agent to check the error message in the console and provide the reason for failure | |
1.1 | If reversal UTR is available in console | Inform the customer that your investment of ₹{amount} from {amc} has failed due to {error code}. We see that BSE has initiated a refund for the same on {{Refund completion date}}. It usually takes 3-5 days for the money to reach your account. You should get the money before {refund completion date + 5 days}. | Group: Mutual Funds Type: Purchase Issue: Unit allocation failed Sub Issue: Refund completed Status:Pending SLA: refund completion date + 5 days |
1.2 | If reversal UTR is not available in the console | Check if CX contacted within or after 10 working days from Unit allocation fail date | |
1.2.1 | Contact < 10 working days from Unit allocation fail date | Inform the customer that your investment of ₹{amount} from {amc} has failed due to {error code}. It usually takes 10 working days from the date of unit allocation failure for {fund provider} to complete the refund. Please wait until {unit allocation failed day + 10 working days} | Group: Mutual Funds Type: Purchase Issue: Unit allocation failed Sub Issue: Refund not initiated-within wait time Status: Pending SLA: unit allocation fail day + 10 working days |
1.2.2 | Contact > 10 working days from Unit allocation fail date | Inform the customer that your investment of ₹{amount} from {amc} has failed due to {error code}. It usually takes 10 working days from the date of unit allocation failure for {fund provider} to complete the refund. To escalate this further we request that you kindly send us a scanned copy of the highlighted debit statement, where the amount is reflected, to the email address below: mf-cs@phonepe.com Along with the document, we also request that you kindly provide us with a handwritten letter in the email for the reinitiation of the NEFT as follows: To The Manager, HDFC. Dear Sir/Mam I would like to inform you that my investment of Rs.5000.0, dated (date of purchase) with Transaction ID __________, was not processed as unit allocation failed. Kindly initiate the transfer to my account. Name (as in PAN) Signature (as in PAN) Once you send us this email with the required documents, we will immediately forward it to the AMC to initiate a refund for the transaction. Also, kindly ensure that you mention this ticket ID: XXXX in the subject line of the email you sent us. Kindly note that once you have sent us the required documents, the transfer will be initiated within 4-5 working days. Also, make sure the documents you share have the following details visible: Your name Your bank account number IFSC Code | Group: Mutual Funds Type: Purchase Issue: Unit allocation failed Sub Issue: Asked for more details Status: WOC |
1.2.3 | If customer shares the requested documents | - Inform the customer that we have received the requested documents. - Inform him/her that we are escalating this to our concerned team and we will get back to him/her with the update within 3 working days. | Group: Mutual Funds Type: Purchase Issue: Unit allocation failed Sub-Issue Type: Shared requested details Status: Waiting on Third Party Team: MF Ops 1 SLA: Current Date + 3 Working Days |
Auto failed
Steps | Process Steps | Action | GTIS |
1 | Customer is enquiring why his/her purchase has failed | Agent to check whether order placement is failed or unit allocation failed and if Reversal details are available/not. If order details view is not available Agent to check the error message in the console and provide the reason for failure | |
1.1 | Reversal ID available | Inform the customer that your investment of ₹{amount} from {amc} has failed due to {error code}. We see that the refund is already completed with the Reference number: {reversalTransactionId}. Please check your {senderBank} account ending with {maskedBankAccountNumber} for the credit confirmation. Note: It might take upto 3 days for the refund to be reflected in your bank statement As mentioned above please rectify the issue and try investing in the fund again. | Group: Mutual Funds Type: Purchase Issue: Order placement failed Sub Issue: Refund initiated Status: Pending SLA: Current time + 24 hours |
1.2 | Reversal ID not available | Check if CX contacted within or after 2 working days from order placement fail date | |
1.2.1 | contact < 2 working days from order placement fail date | Inform the customer that your investment of ₹{amount} from {amc} has failed due to {error code}. Do not worry, the amount would be reversed to your account. It usually takes 2 working days for a refund to be initiated. We request you to wait until then. | Group: Mutual Funds Type: Purchase Issue: Order placement failed Sub Issue: Refund not initiated-within wait time Status: Pending SLA: Order Placement Failed time + 2 working days |
1.2.2 | contact > 2 Working days from order placement fail date | Inform the customer that your investment of ₹{amount} from {amc} has failed due to {error code}. Do not worry, the amount would be reversed to your account. It usually takes 2 working days for a refund to be initiated. Since it is taking longer than usual. We will check the status of the refund and give you an update before {current date + 3 working days}. | Group: Mutual Funds Type: Purchase Issue: Order placement failed Sub Issue: Refund not initiated-after wait time Status: WTP Team: Mutual funds SME SLA:current date + 3 working days |
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