ELSS - invested through Broker - Need to Switch

Q & A Forum › Category: Investments › ELSS – invested through Broker – Need to Switch

shewaresushant@yahoo.co.in asked 8 years ago

Hi Shreekanth, I have invested in ELSS through a broker last year. Now i need to switch them to Direct plans As per my understanding, one cannot switch ELSS funds as they have lockin period for 3 years. After that we can switch. Can you suggest me an alternative to switch. I am not able to stop the SIP from MF Utility website as well!! Thanks, Sushant

3 Answers

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Sreekanth Staff answered 8 years ago

Dear Sushant, Yes, if you have invested in regular plan of ELSSscheme, you need to wait for at least 3 years before the switch. I believe one can Pause/Cancel SIPs in MFU platform. You may kindly check with their customer care. If you are able to stop future SIPs, you can invest them in a Direct plan of same scheme.

shewaresushant@yahoo.co.in replied 8 years ago

Hi Sreekanth,

I did not invest through MFU portal and hence i cant cancel or pause these funds. I also directly checked on AMC website but did not find an option there either. Not sure of any other alternatives now !!!.

I had invested in Birla Tax Relief 96 and Sundaram Tax Saver. I am planning to stop Sundaram and invest in Tata India Tax Savings Fund OR IDFC-tax-advantage.
Any suggestion as to in which fund should i invest

Thanks,
Sushant

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Sreekanth Staff answered 8 years ago

Dear Sushant, Suggest you to kindly contact your broker and inquire about the SIP cancellation process. I believe that you may inform your banker as well about the cancellation of ECS mandate. Kindly click here to download the SIP cancellation form.

shewaresushant@yahoo.co.in replied 8 years ago

Thanks Sreekanth for the response. Just another question
had invested in Birla Tax Relief 96 and Sundaram Tax Saver. I am planning to stop Sundaram and invest in Tata India Tax Savings Fund OR IDFC-tax-advantage.
Any suggestion as to in which fund should i invest

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Sreekanth Staff answered 8 years ago

Hi, You may make additional investments in Birla fund itself. In case, you HAVE to include one more ELSS fund then you may have a look at Axis LTE or DSP Tax saver. Kindly read : https://www.relakhs.com/mutual-fund-portfolio-overlap-comparison-tools/ https://www.relakhs.com/best-elss-funds-2017-2018/