LIC Mutual Fund Asset Management (AMC) announces Revision in terms and conditions for cancellation of SIP
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
LIC Mutual Fund has informed that in accordance with SEBI Letter No. SEBI/HO/OW/IMD/IMD-SEC1/P/2024/270/1 dated January 03, 2024, pertaining to ‘Uniformity in Cancellation of SIPs cross Mutual Funds’ the terms and conditions for Systematic Investment Plan (SIP) Cancellation stands revised as follows with effect from April 01, 2024.
1. In case of Daily and Monthly frequencies, the SIP registration will stand cancelled in case of 3 consecutive failed debits attempts.
2. In case of Quarterly frequency, the SIP registration will stand cancelled in case of 2 consecutive failed debits attempts.
Further, If the investor has one or more failed debit attempts prior to April 01, 2024, then SIP registration shall be auto cancelled if the subsequent debit attempt, if any, also fails as per given above. In case an investor submits a request for cancellation of SIP, the said request will be effective within 10 calendar days from the date of receipt of the request.
This Notice cum Addendum forms an integral part of the Scheme Information Document and Key Information Memorandum of the aforementioned Schemes of LIC Mutual Fund, as amended from time to time. All other terms & conditions of the Scheme Information Document and Key Information Memorandum remain unchanged.
