ICCL clarifies no delays on their part in June 4 mutual fund subscription processing

financialexpress.com:

In further development with respect to incorrect NAVs pid to mutual fund investors, this is in reference to several media reports regarding issues reported by some investors about delays in processing mutual fund unit subscription orders by ICCL/BSE Star MF on June 4, 2024. “We wish to clarify that ICCL successfully processed over 3.2 million subscription orders totaling ₹2,445 Crore on that day,” according to an official press release.

Additionally, there was no technical glitch at ICCL, and no delays in processing orders on our part. However, we have identified that some delays were primarily due to issues with payment aggregators and banks involved in the subscription process, which affected the timely processing of some investors’ transactions.

ICCL has a robust technical infrastructure and a strong operational framework in place to meet the needs of the investing community. We reiterate our commitment to protecting the interests of investors and will continue to collaborate with other stakeholders to address any issues faced by investors satisfactorily, the release mentioned.