SEBI has asked AMCs to
facilitate one-click MF SIP discontinuation facility on their website..!
The Share and
Mutual Fund Regulator SEBI (Securities and Exchange Board of India) has asked AMFI to advise all mutual fund house / AMCs (Asset Management Companies) to introduce a facility on their website
allowing investors to stop SIPs (Systematic Investment Plans).
In a communication
sent to AMCs, AMFI said that while it is understood that many AMCs have already
enabled this facility on their website, those AMCs who have not provided the
facility are requested to enable such a facility on priority.
In case fund
houses can not introduce such a facility due to limited staff and IT support, AMFI has advised them to provide an
alternative option such as email to stop SIPs.
As on February 2020, the
Indian Mutual Fund industry has over 3
crore SIPs account with monthly SIP inflows of Rs.8,513 crore.
The total SIP AUM stood at Rs.
3.11 lakh crore as on February, 2020 i.e. 11.4% of the total MF industry’s AUM
of Rs.28 lakh crore
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