Hi, I am having one SIP for Mirae Asset emerging blue chip -Regular plan through Funds India.Apart from this I am also having the same for direct plan as well(via AMC portal). I just request fundsindia to stop my SIP. Now do I need to wait for 1 year to protect from exit load sothat it can convert to direct ; how it can be done efficiently sothat I have to bear minimum charges or nil?
There is an exit load of 1% in case you withdraw (or in case of your’s switch to direct) within 365 days. Hence, to avoid exit load and also short term capital gain taxes, you have to wait for a year to complete, then opt for switch to direct fund.
But do remember that, if you invested in the regular fund through SIP, then each such installment units must complete a year. Suppose you started a SIP in January 2017, then you can withdraw Jan 2017 units now in Jan 2018 without ext load and also without tax.
Ok , thanks..I am having 3500 Rs SIP through direct mode and 2000 Rs which was through regular mode has now been stopped.And a SIP of 2000 Rs through direct mode is started. After completing 1 year which would be Dec, 2018 then I would be able to switch Right? How it can be done after 1 year?