In an "unfortunate" incident, an upgrade to the National Automated Clearing House (NACH) system earlier this month left many mutual fund investors in the wind as their monthly payments did not go through. Thousands of investors have found that their payments to mutual funds got stuck due to a glitch in the NACH system which was being upgraded by the National Payments Corporation of India (NPCI), the Economic Times reported. On January 31, the NPCI was upgrading the NACH system but this coincided with a new rule by the Securities and Exchange Board of India (SEBI) which mandated that mutual funds should receive investors' funds and only then allot units to investors for orders up to Rs 2 lakh. The new rules came into effect from February 1, 2021. “We have recently migrated our systems with an objective to scale…
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