Frequently Asked Questions about Sqrrl’s shift from Advisory to Distribution Model

With our shift from a Advisory to Distribution model, we are sure you will have a lot of questions. Here we have complied a list of questions that you might have with their answers.

What happens to my existing investments ? 

Your existing investments are totally safe and accessible. You will not lose any of your investments.  This move just gives you the choice to switch your existing investments with Sqrrl to a regular model. This can be done by visiting the app. 

If you do not wish to do so you can –

1. Migrate these investments to any of the other investment platforms of your choosing which offer Direct Plans
2. Or you may redeem your investments from Sqrrl’s App itself within 30 days, in which case please be mindful of exit loads and/or capital gains.Please click on the link (https://www.amfiindia.com/investor-corner/knowledge-center/tax-corner.html) for capital gains implication. 

What will happen to my Existing SIP(s)?

This move will not affect your SIP(s), they will continue as is and the auto debit facility will continue via the ongoing NACH mandates, however going forward the SIP will be under distributor plan. To continue the same you need to confirm the switch via app.  

What will happen with my Sqrrl Prime subscription?

Your Sqrrl Prime subscription will stand canceled with immediate effect. Any un-utilized subscription fee paid in advance by you will be refunded on a pro rata basis. You won’t be able to make any new purchase of Sqrrl Prime henceforth. 

Do I need to redeem my investments?

We advise you not to panic as this doesn’t affect your active investments in any way. Your active investments will be secure. You just need to make a choice to switch them to a regular plan with us. All you need to do to switch to the regular plan is visit the app and confirm the switch and your existing investments will be moved from the current direct plan to a regular one.

You can do that or to continue to with the direct plan you can – 

1. Migrate these investments to any of the other investment platforms of your choosing which offer Direct Plans
2. Or you may redeem your investments from Sqrrl’s App itself within 30 days, in which case please be mindful of exit loads and/or capital gains.Please click on the link (https://www.amfiindia.com/investor-corner/knowledge-center/tax-corner.html) for capital gains implication. 

What if I don’t take any action in 30 days?

If you don’t take any action in the next 30 days, we will need to get the mapping of Sqrrl’s Advisory code on your investments removed from the respective AMC’s as a part of the process of surrendering  our Registered Investment Advisory license issued by SEBI (Securities & Exchange Board of India)

What will happen to my investments in Equity Linked Savings Schemes(ELSS) ?

This move will not affect your ELSS fund investment, the units locked in continue to be safe and accessible to you. However for further access or redemption after lock-in period is over you will have to go through any of the following channels – 

1. AMC Website 
2. CAMS ( https://mycams.camsonline.com ),
   Karvy ( https://mfs.kfintech.com/investor/ ) 
3. MF Central www.mfcentral.com 

New Investments in ELSS Schemes will go in the distribution plan.

What about the benefits I got with Sqrrl Prime?

The benefits will cease to be in effect starting today i.e. 26th March 2022. As informed above you will be issued a refund pro rata for your Sqrrl Prime membership provided your plan hasn’t lapsed.

I wish to continue in the direct plan? Where do I migrate to?

If you decide that you do not want to wish to switch the regular model, thereafter, you can access and manage your investments from any of the undermentioned channels:

1. You can migrate these investments to any of the other investment platforms of your choosing which offer Direct Plans
2. Or you may redeem your investments from Sqrrl’s App itself within 30 days, in which case please be mindful of exit loads and/or capital gains.Please click on the link (https://www.amfiindia.com/investor-corner/knowledge-center/tax-corner.html) for capital gains implication.

What will happen to my Fixed Deposits?

This move will not have any impact on your current fixed deposit. You can continue to access them via our app and also create new fixed deposits.