Mutual fund investors tried to buy the dip on verdict day. Many ended up buying higher

livemint.com:

₹31 trillion on the stock markets on Tuesday.The net asset values of mutual funds too fell, prompting thousands of mutual fund investors to log purchase orders to take advantage of the crash. But many of the orders ended up getting cleared only the following day, when the markets had recovered 3%.This may have caused investors a loss of at least 3% on their mutual fund purchases on 4 June, as per Mint's estimates.

Those who took the exchange-traded fund route also faced problems, with ETFs trading at a huge premium to their real-time NAVs.Rajat Mahajan, a Pathankot-based software engineer with a multinational bank, expressed his frustration when he contacted discount broker Groww about technical issues he faced while placing a mutual fund purchase on the platform. Groww is India’s largest stockbroking platform, boasting the highest number of active users in the country.“I was informed by the customer service team that the fault lay with BSE Star MF for not clearing the transactions on time due to some technical failure," he said.

Mahajan then approached BSE Star MF, the stock exchange’s mutual fund system, but was told “they don’t deal directly with clients and Groww has to file a complaint to resolve these issues".“It is really frustrating because I almost incurred a loss of 10%," Mahajan said. “No one is taking the responsibility."“After Sebi’s new regulations on mutual funds non-pool were implemented, payments are directly moved to the exchange, and then to (asset management companies) without the broker/distributor," said a spokesperson for Groww.Groww informed another investor—as seen in a screenshot of a company reply shared on social media—that BSE handles the entire process of fund collection, order placement,