Your sell instruction will be processed the same day if it was placed before 1:00PM. If not, your instruction will be processed on the next working day.
Once they receive the sell instruction, it takes 1-3 working days for the Mutual Fund Companies to directly transfer the money into your bank account (depending on whether you sold a Liquid, Debt or Equity mutual fund).
- Liquid/Money Market funds are paid out in 1 working day.
- Debt funds in 2 or 3 working days (depending upon the scheme).
- Domestic Equity funds in 3 working days.
- International Equity funds in 7-8 working days.
Once your sale is complete, you will receive a confirmation email and SMS from MobiKwik as well as the Mutual Fund Company.
Switch orders work a little differently. If your switch amount is > Rs 200,000, the Mutual Fund Company needs to sell your units, realize the cash and then purchase fresh units for you in the new scheme.
Your switch instruction will be processed the same day if it was placed before 1:00PM. If not, your instruction will be processed on the next working day.
Your instructions in Liquid, Debt and Equity funds are processed separately by the Mutual Fund Companies based on when funds are available to them. It therefore takes 2-3 working days to reflect both legs of your switch investment on your dashboard.
Also see https://help.clearfunds.com/solution/articles/17000062142-why-does-it-take-so-long-to-process-a-switch-order-