What will happen if ECS SIP is not cancelled in Lite Terminal but cancellation form is directly sent to Karvy office?

In such cases, MOSL will not know about the client’s intention to close the SIP and BSE registration for purchase of Stocks / ETF / MF will continue resulting into purchases being done and non-receipt of funds from client’s bank account which might result into RMS selling if ledger debits are not cleared on time

Hence it is advised to cancel the SIP in Lite Terminal and always send the cancellation form to MOSL Malad office within 2-3 days of SIP cancellation

Since the remittance request is sent to respective banks before 15-20 days of SIP due date, SIP cancellation request might take 30 days to get cancelled (Processing time for Karvy), so there are chances of one SIP installment getting hit due to this process.

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