BSE clarified on delay in allocation of mutual fund NAV, problem in getting payment from banks

BSE Clarification: The Mumbai Stock Exchange (BSE) on Friday clarified the delay in allotting NAV to investors on the day of counting. In its clarification, the country's leading stock market BSE said there was no technical glitch in the NAV allocation in the mutual fund system, but the NAV was allocated to investors who purchased mutual funds on June 4 due to delays in receiving payments from banks. There was a delay in doing so. Investors suffered heavy losses: According to media reports, on the counting day, June 4, 2024, many investors complained on social media that they faced difficulty in transferring their positions 'in the square'. Many investors bought their mutual funds before the cut-off time, but the net asset value (NAV) was allotted to them. He fixes the price of the fund on June 5 instead of June 4. Due to this, such investors had to face huge financial losses. No technical glitch at BSE Clearing House: In a statement issued by BSE on investor complaint, it has been clarified that there was no technical glitch at BSE Clearing House (ICCL) on June 4. For some customers, there was delay in collecting payment and getting credit or payment details from the bank, which led to delay in allocation of NAV. On June 4, several brokerage firms alleged irregularities in BSE's mutual fund allocation system. This led to orders being issued the next day on June 5, but by then the stock markets had recovered some of their losses. Also Read: PM Kisan's 17th tranche of money is coming, do e-KYC now With massive crash, investors lost Rs 31 lakh crore in assets. The Sensex closed down 4,390 points, or 6 percent, at 72,079 points as the BJP failed to secure a majority. It was the biggest single-day decline in four years. Also Read: Shares give 16-gun salute to Narendra Modi as Parliamentary Party leader, Sensex rebounds on Prabhat Kabar