{"id":1675,"date":"2018-08-06T03:05:46","date_gmt":"2018-08-06T03:05:46","guid":{"rendered":"http:\/\/blog.kuvera.in\/?p=1675"},"modified":"2019-06-10T09:27:49","modified_gmt":"2019-06-10T09:27:49","slug":"how-to-stop-your-sip-when-your-distributor-refuses-to-stop-sip","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/how-to-stop-your-sip-when-your-distributor-refuses-to-stop-sip\/","title":{"rendered":"How to Stop Your SIP when Your Distributor Refuses to Stop SIP?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69f484391b2ca\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69f484391b2ca\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/how-to-stop-your-sip-when-your-distributor-refuses-to-stop-sip\/#How_to_Stop_Your_SIP_when_Your_Distributor_Refuses_to_Stop_SIP\" title=\"How to Stop Your SIP when Your Distributor Refuses to Stop SIP?\">How to Stop Your SIP when Your Distributor Refuses to Stop SIP?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/how-to-stop-your-sip-when-your-distributor-refuses-to-stop-sip\/#Case_1_Not_a_Real_SIP\" title=\"Case 1: Not a Real SIP:\">Case 1: Not a Real SIP:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/how-to-stop-your-sip-when-your-distributor-refuses-to-stop-sip\/#Case_2_Real_SIP_with_Bank_Mandate\" title=\"Case 2: Real SIP with Bank Mandate\">Case 2: Real SIP with Bank Mandate<\/a><\/li><\/ul><\/nav><\/div>\n<h5 id=\"How-to-Stop-Your-SIP-when-Your-Distributor-Refuses-to-Stop-SIP\" class=\"part\" data-startline=\"1\" data-endline=\"1\"><span class=\"ez-toc-section\" id=\"How_to_Stop_Your_SIP_when_Your_Distributor_Refuses_to_Stop_SIP\"><\/span>How to Stop Your SIP when Your Distributor Refuses to Stop SIP?<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p class=\"part\" data-startline=\"3\" data-endline=\"3\">There are times when you need to stop your SIP. Maybe this month the cash flows are not working out and you will start again in 3 to 4 months. Maybe your fund is underperforming and you want to move to a different fund. Or maybe you want to move to a different platform, so you want to stop your SIP with the current platform.<\/p>\n<p class=\"part\" data-startline=\"9\" data-endline=\"9\">In any case, it\u2019s handy to know how to get out of a commitment, before you enter into that relationship. It\u2019s important to not be at the mercy of your broker or distributor or Mutual Fund investment platform.<\/p>\n<h5 class=\"part\" data-startline=\"11\" data-endline=\"11\"><span class=\"ez-toc-section\" id=\"Case_1_Not_a_Real_SIP\"><\/span>Case 1: Not a Real SIP:<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p>It\u2019s possible your SIP with your distribution platform is a simulated SIP. That is, the SIP is not registered with the AMC, but the distribution platform places a fresh lumpsum order every month on the same date to simulate the SIP.<\/p>\n<p>It is easy to verify a simulated SIP &#8211;<\/p>\n<ul>\n<li>Simulated SIPs have higher minimums than registered SIPs. This is because lumpsum have higher minimums than SIPs<\/li>\n<li>Simulated SIPs show as <em>an additional purchase <\/em> on your Consolidated Account Statement generated from CAMs or Karvy instead of <em>systematic purchase<\/em> or <em>SIP<\/em><\/li>\n<\/ul>\n<blockquote><p><strong>The biggest drawback of simulated SIPs is that when AMC stops taking new lumpsum in a scheme they stop automatically while real SIPs continue.<\/strong><\/p><\/blockquote>\n<p>To stop a simulated SIP you just need to reach out to your bank customer support and ask them to delete mandates, if any. Most banks have a grievance escalation desk, so you can always escalate the request based on how urgent it is.<\/p>\n<h5><span class=\"ez-toc-section\" id=\"Case_2_Real_SIP_with_Bank_Mandate\"><\/span>Case 2: Real SIP with Bank Mandate<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p>Unfortunately, this is usually the most common case. Distributors would say <em>a minimum number of SIP instalments need to be made<\/em>. In reality, however, you can always stop your SIP, with no penalty or cost.<\/p>\n<p>Your first step would be to ask your bank to delete the existing mandate if auto-debit is set up in your net banking. Most people think deleting the biller is enough &#8211; but deleting the biller often doesn\u2019t stop the bill payment that has already been enqueued.<\/p>\n<p>In case of e-NACH mandate, there\u2019s no option for deleting the biller yourself.<\/p>\n<p>Some net banking services let you stop the bill payment, but in general, always get it in writing from your bank\u2019s customer support team that the mandate has been deleted and bill pay has been stopped.<\/p>\n<p>Meanwhile, you can get a SIP cancellation form filled out, and submit to nearest CAMS or Karvy offices. This would require some legwork. Then, there\u2019s customer support for each AMC, and dedicated customer support channel maintained by RTAs for respective AMCs. You can ask them in writing; with your SIP amount, folio, and an attested copy of your PAN; to stop your SIP immediately.<\/p>\n<p>Finally, if none of the above seems responsive, as an investor you have the right to reach out to SEBI and file a complaint through the SEBI SCORES portal. Forwarding complaint ID received from SEBI to your AMC and distributor, usually help in moving thing along.<\/p>\n<p class=\"part\" data-startline=\"49\" data-endline=\"49\">SIPs are not home loan EMIs. It\u2019s your money, getting invested. You\u2019re not on the hook for it. The commitment is yours, and only to yourself. You have many avenues available to you, to be able to stop the SIP, at no cost or penalty to you. Be aware of your rights as an investor, and exercise them judiciously.<\/p>\n<p><em>This article was initially published by <\/em><em>CNBCTV18 <\/em><em> in the <strong>Personal Finance <\/strong>section. <\/em><\/p>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit <a href=\"https:\/\/www.kuvera.in\"><strong>kuvera.in<\/strong><\/a> to discover <a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\"><strong>Direct Plans<\/strong><\/a> and <a href=\"https:\/\/kuvera.in\/user\/login\"><strong>start investing today.<\/strong><\/a><\/p>\n<p>#MutualFundSahiHai, #KuveraSabseSahiHai!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How to Stop Your SIP when Your Distributor Refuses to Stop SIP? There are times when you need to stop your SIP. Maybe this month the cash flows are not working out and you will start again in 3 to 4 months. Maybe your fund is underperforming and you want to move to a different [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/how-to-stop-your-sip-when-your-distributor-refuses-to-stop-sip\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":2,"featured_media":1719,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[91],"tags":[67,17,185],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Stop Your SIP when Your Distributor Refuses to Stop SIP? - Kuvera<\/title>\n<meta name=\"description\" content=\"SIPs are not home loan EMIs. You\u2019re not on the hook for it. 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