Is it possible for me start new SIPs in the same funds via fundsindia where I converted to DIRECT ?

POSTED BY waris ON March 29, 2014 1:33 pm COMMENTS (7)

I have activated my account with . I had done some investments through a broker in regular plans of Canararobeco and franklin AMCs. Later using the same folios i also invested in direct plans of same AMCs.

Now is it possible for me start new SIPs in the same funds via fundsindia do i have to carry out SWITCH in broker ? If i dont carryout the SWITCH will the new investment will be using same folio or different folios?

Kindly advice?

7 replies on this article “Is it possible for me start new SIPs in the same funds via fundsindia where I converted to DIRECT ?”

  1. Hemanth Chandra says:

    Dear Waris,

    As you are not able to go to AMC to do the work, investing via fundsindia is a good option for you which is not a bad idea.

    Now, to start an SIP via fundsindia, fundsindia will only allow to do this across a initial amount invested in a folio. As your investments were not transferred to them, fundsindia will not allow you to start an SIP into a folio as there is no information with them about your folio. So, you have to start your investment fresh with fundsindia where again initial investment of Rs.5000(which is min. initial investment in most of the funds) is to done via fundsindia and then you can start an SIP.

    To avoid this, please move all your investments in ‘Regular’ plan to fundsindia and then start an SIP @ fundsindia.

    Fundsindia has started just less than 2 years back, so no success stories about the advisory services that they provide are heard because it takes time to tell what they have suggested is working or not. As they are providing the ease of investing from home, as I already said, its not a bad idea.

    One last thing, all AMCs are providing online services where all investors can invest ( start SIP,redeem, switch etc. ) through those portals after simple registration. Below are the portals for Franklin and Canararobeco. You can try these to invest online.

    Let me know in case of any clarification required.


  2. VinManHBK007 says:

    In case you look for advisory services for suggestion of funds then it would be good to for a PURE fee based financial planner and then you can get the plan executed through him.
    You will have two benefits 1. Get advise….2. Execution of Plan would include AMC visits and everything else.
    Finding once such planner is a challenge….If you look around you can surely find one provided you do good due diligence.

  3. waris says:

    One more question:
    If i dont carry out a switch and start new SIPs in the same funds, will it be under same folio or a new folio.i understand that AMC give single folio number for a PAN number.
    Will there be any charges if its a new folio?

  4. waris says:

    The problem is , i may never find time to go to AMC office? Thats why looking for online investments solutions , either with AMC or some other portal.
    I tried 3 times to add franklin as biller on SBI online banking platform, every time it has failed for some reason or other.
    Will it be justifiable to stay with funds india(and pay them the brokerage in terms of higher expense ratio) for these reasons?

  5. Hemanth Chandra says:

    You cannot add Franklin AMC as biller in SBI bank account. You have to submit a request for an SIP @ Franklin AMC with your bank details as SBI bank account.

    For Canara, there may not be an option for starting an SIP online, but it can be done by submitting a request at Canara AMC offline.

    ‘Direct’ plan is beneficial in long run. Go through below article to know more benefits of ‘Direct’ plan and decide.

    Yes, don’t invest via Demat platform.

    If you still want to invest with fundsindia, carry on. No idea of their advisory services. I think they will get generic advises but not customized services.

    If you wish through fundsindia, first move all the previous investments in ‘Regular’ plan to fundsindia. Better have ‘Direct’ investments as it is. From here on, you can make investments via fundsindia in your old folios that are moved to fundsindia without creating new.


  6. waris says:

    I invested in direct plan in lumpsum amounts. For some reason SBI does not have the facility to add franklin AMC in the biller for SIP. For canara there is no facility of having online SIP in direct plans. Funny …..

    For all these reasons i thought to bring everything under singlehood by using fundsindia platform.
    I have SBI demat platform account but its having charges for each transactions.

    Moreover fundsindia will provide me online portfolio viewing and advisory services for no charges.

  7. Hemanth Chandra says:

    Dear Waris,

    You cannot invest in ‘Direct’ plan via fundsindia. As you are already investing in ‘Direct’ plan, continue it instead of investing via fundsindia.


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