Before transferring Mutual Fund units to Upstox, ensure that any active SIPs in the scheme are cancelled. After the units are successfully transferred, you can set up a new SIP on Upstox. The process for transferring existing Mutual Funds varies depending on how the units are held, as outlined below:

If the units are held in a CDSL demat account, you can complete the transfer process. For more details, refer to the guide on How to transfer shares from another broker to Upstox?

If the units are held in a NSDL demat account, you can complete the transfer process. For more details, refer to the guide on How do I transfer shares from Upstox to another NSDL demat account?

Units held in physical mode or Statement of Account (SOA) must be either dematerialized or converted to electronic form. For more details, refer to What is the procedure to dematerialize Mutual Funds?

Units under lock-in period:

To transfer Mutual Funds that are under a lock-in period from another platform to Upstox, customers can follow these steps:

1. Initiate transfer request
The customer needs to raise a transfer request with their existing broker or platform. They will need to specify that the Mutual Funds, including those under the lock-in period, should be transferred to their Upstox account.

2. Check with AMC for lock-in status

ELSS Mutual Funds under a lock-in period can only be transferred via a closure-cum-transfer process within CDSL and cannot be transferred through NSDL. The locked-in units can be moved only to another Demat account held by the same account holder. However, if the ELSS scheme has units outside the lock-in period or free units, they can be transferred without any restrictions.

Transferred MF units not visible on the Upstox:

Here are some requirements and conditions to fulfil by the users for the visibility of Mutual Fund units during the transfer process:

• Statement of Accounts (SOA) from AMC since inception is required
• Once the units are updated, the returns displayed on the app may not reflect accurately
• Clients will need to maintain a P&L statement for transferred units with their tax advisor

Note: Ongoing SIPs cannot be transferred between Upstox and other brokers.