As per SEBI circular SEBI/HO/OW/IMD-SEC1/P/2024/33679/1 (attached), SIP cancellations must now be processed within T+2 working days starting 1st December 2024. In line with this circular, we have implemented the following updates:
Client-Initiated Cancellation:
Clients can now initiate SIP cancellation through their app.
You will be notified via SMS/email immediately.
Reversal Window:
Clients have 48 hours to withdraw the cancellation request via the app.
Partner Dashboard:
Track and manage cancellation requests directly from your dashboard.
Cancellation requests can also be withdrawn from your dashboard upon client approval.
SIP Cancellation Walkthrough
You will receive an SMS and an email once a client requests cancellation of their S.I.P. This is how the email will look mentioning the S.I.P requested for cancellation.
If the next installment date is farther than 5 working days, then you will have 48 hours cooling time before the cancellation is initiated by the system. You can view more details about this and any other cancellation requested by clients by clicking View More
Here you can see the list of S.I.Ps requested for cancellation by your clients, and when it is scheduled to be cancelled by the system. If in case your client changes their mind, they can stop the cancellation from client App or you can send them an approval link from here. Just select the SIP and click Stop Cancellation. You can send the approval link now or later from the pending transaction page in client profile.
In case you wish to cancel the S.I.P immediately, you can click Cancel Now and S.I.P cancellation request will be immediately raised to BSE.
Please note:
If next installment date is within 5 working days, then SIP will be cancelled immediately and you will be notified via email.
Under client app settings, SIP Modification option would be removed and will be visible to all clients