As per the SEBI circular, the redemption amount will be credited directly to your registered bank account instead of Upstox wallet.
Note: Any transaction can be placed within cut-off time as for sell/redemption cut-off time is 2:50 pm and the settlement cycle is of T+ N days.
How it works:
‘Open status’ will be seen on ‘T’ day
Further the MF order should move to ‘Placed’ status which means it is moved from the Exchange to the RTA.
Depending upon the scheme category the settlement cycle will be different which is as below-
Below is an illustration table to refer to ‘N’ working days in a better way.