How to Cancel an Existing SIP in a Mutual Fund Without Selling Units Through Angel Broking

Managing your Systematic Investment Plan (SIP) is an essential component of effective financial planning. If you wish to stop your existing SIP in a mutual fund without selling the units through Angel Broking, there are several steps you can follow. This guide will help you understand the process to cancel your SIP without impacting your portfolio.

Steps to Cancel Your Existing SIP in Angel Broking

1. Log In to Your Account

To begin the process, you need to log in to your Angel Broking account. This can be done either via the mobile app or the official website. Ensure that your account is active and has the correct credentials.

2. Navigate to Mutual Funds

Once logged in, proceed to the mutual funds section on the platform. This is usually found in the main menu or by searching for relevant keywords.

3. Find Your SIP

In the mutual funds section, locate the SIP you wish to cancel. It might be listed under a specific heading such as 'Active SIPs' or 'Your Investments.' Scroll through the list to find the specific SIP you want to terminate.

4. Select the SIP

Click on the specific SIP you wish to cancel. This step will initiate the cancellation process.

5. Cancel SIP

Look for an option or button that says 'Cancel SIP' or 'Stop SIP.' Click on this to proceed with the cancellation request.

6. Confirmation

After submitting your cancellation request, you should receive a confirmation message or email. Ensure that you keep a copy of these confirmations for future reference.

7. Check Status

After some time, it's a good idea to check the status of your SIP to ensure that it has been successfully stopped. You can do this by logging back into your account and reviewing the details of your SIPs.

Note: If you encounter any issues during the process, do not hesitate to contact Angel Broking’s customer support for assistance.

Alternative Methods to Cancel an SIP

Alternatively, you can also send an email to the mutual fund company to cancel your SIP. This method requires you to clearly explain the reasons for stopping the SIP and ensure that you follow the procedure as provided by the company. Depending on the timing, your SIP may be stopped by a specific date.

Canceling Through Your Stock Broker

If you purchased mutual fund units through a stock broker, such as Angel Broking, your units will remain in your Demat account until you decide to sell them. To discontinue the SIP, you need to provide intimation to the stock broker. You can contact them directly for the procedures and formalities involved in discontinuing your SIP.

Note: If you invested through a fund house or an Asset Management Company (AMC), such as Axis Mutual Fund, you can apply a SIP cancellation form provided by the fund house to discontinue the investments. Your existing units will remain with the fund house until you decide to sell them.

Important: SIP discontinuation is separate from the sale of your existing units. This process does not affect the units you already own in your mutual fund.

Happy Investing!