Remove broker from existing SIP

[lonsharim]

I started investing in MFs through a broker when I made some lump sum investments. Later I visited the CAMS and explained that I wanted to make more investments, preferably SIP but wanted to do so without involving the broker.

I was not required to write a letter either ( which make sense if you have an on going SIP). All I had to do was make subsequent investments and clearly mention DIRECT on the form. This is also clearly reflected in CAMS reports once you have made a DIRECT investment.

 

[praveen taneja]

no, once u change the folio to direct the broker stops getting anything from that particular folio, even the trail commission. it is totally unnecessary to stop an ongoing sip just to change the broker code.

Bro I am myself too an AMFI certified broker and know fully once a case is deposit in my code no one can stop me getting trail until and unless that case go for redemption
Ya new investment entered in direct is not entitled for brokerage or trail:thumb:

 

[avijit]

Bro I am myself too an AMFI certified broker and know fully once a case is deposit in my code no one can stop me getting trail until and unless that case go for redemption
Ya new investment entered in direct is not entitled for brokerage or trail:thumb:

well i work for an amc and handle these type of cases regularly. so i can safely say that once the broker code is changed by the investor the old broker doesnot get a single paisa more from that particular folio. u can check the fact through ur income statement that u must be receiving every month.

 

[abdriver2000]

well changing the broker code for your investment is really a simple process. you just need to give a letter mentioning your folio no. & state that you want the broker code changed to "direct". just sign the letter and deposit the same in any of the investor service centers of the AMC or with the registrar of that AMC, eg, CAMS, Karvy etc.
and to answer your quiery regarding how much the broker gets, it is anything between 2.10% to 3% (on every installment)or even more depending upon the mf house. there is absolutely no reason for you to keep paying the broker 2.25% each month when there is an option to get 100% of your money invested through direct route.

I submitted an application to CAMS for one of my SIP and here is the response.

With regard to your mail below, please be informed that you have made your
investment through Channel broker. Hence channel broker has to give this
request to us to process the same.

I think there is now other way than to stop and restart the SIP.