Is it possible to stop my SIP investment in an ELSS?
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Yes, it is possible to stop your SIP investments in mutual funds, including your equity linked saving schemes (ELSSs). If you have gone through a mutual fund advisor, you can ask him for help. You just need to fill up the form - the procedure is the same if you have invested offline. If you have invested online, you can visit the funds' website and cancel your SIP.
However, it is not a great idea to stop your SIPs in equity mutual funds when the market goes through a rough phase. The basic idea behind investing via SIP is to invest regularly irrespective of the market conditions. What happens when you invest through ups and downs in the market? You buy less number of units during a market upturn and buy more number of units when the market is down. Essentially, it helps you to buy more number of units or averages the purchase cost. That is how you maximise wealth. When you stop your SIP when the market is down, you are actually letting go an opportunity to create wealth.