Capturing SIP cancellation reasons

Uniformity in Cancellation of SIPs across Mutual Funds

References

As per SEBI circular SEBI/HO/OW/IMD/IMD-SEC1/P/2024/270/1 dated 3rd January 2024, AMCs are required to ensure capturing proper reasons for cancellation of a purchase plan. This change is expected to be live by April 1st, 2024.

Changes in FP

Note the change in the cancel purchase plan API endpoint /v2/mf_purchase_plans/:id/cancel will be decommissioned on 1st April 2024 and new endpoint /v2/mf_purchase_plans/cancel will only be active

FP has introduced a new attribute cancellation_code while cancelling a purchase plan.

This attribute will be optional input for the cancel API (/v2/mf_purchase_plans/cancel) until March 31st 2024, and will be made mandatory on April 1st 2024.

Affected API endpoints

Purchase plan API endpoint - POST /v2/mf_purchase_plans/:id/cancel

SIP API endpoint - PATCH /api/oms/investment_accounts/:id/orders/sips/:id

Allowed cancellation codes

amount_not_available

investment_returns_not_as_expected

amc_support_not_satisfactory

exit_load_not_as_expected

switch_to_other_scheme

fund_manager_changed

investment_goal_complete

mandate_not_ready

invest_later

customer_support_not_satisfactory

Cancel Purchase API

Current endpoint valid till Mar 31, 2024 - POST /v2/mf_purchase_plans/:id/cancel

New endpoint- POST /v2/mf_purchase_plans/cancel

Request Parameters

Name	Mandatory	Type	Comments
id	yes	string	V2 plan ID
cancellation_code	yes

Cancel SIP API (^Deprecated)

Endpoint - PATCH /api/oms/investment_accounts/:id/orders/sips/:id

Request Parameters

Name	Mandatory	Type	Comments
cancellation_code	yes	string	if operation=`deactivate`