Mr. Yaseen Sahar, Financial Expert
Now anyone can cancel Mutual Fund SIP 2 working days Only.!
Now mutual fund (MF) investors do not need to wait a long time for their systematic investment plan (SIP) to get cancelled as SEBI has reduced the time limit to do so to two (2) working days from earlier 10 working days.
What did SEBI say about the new SIP cancellation rules..!
SEBI has revised the timeline to honor an SIP cancellation request which is now T+2 i.e. within 2 working days of request being submitted for both physical & online applications.
The Securities and Exchange Board of India (SEBI) through a letter made this new rule mandatory for mutual fund companies and instructed them to ensure this happens for all SIPs be it online or offline.
This revised timelines for cancellation of SIPs has come into effect from December 1, 2024.
This is a good move and will help investors to save ECS mandate return charges in case sufficient money is not there in the bank and the SIP gets triggered despite being cancelled.
When an investor submits a request for cancellation of SIP, MF AMC will ensure that there is cancellation of auto-debit / SIP ..
When an investor submits a request for cancellation of SIP, AMC will ensure that there is cancellation of auto-debit / SIP within two Business Days of such request placed by the investor.
Mr. Yaseen Sahar has been reached at rahas84@gmail.com and 98433 13512
Disclaimer: Mutual Fund investments are subject to market risks, read all scheme related documents carefully. The past performance of the mutual funds is not necessarily indicative of future performance of the schemes.
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