A big platform for investing in mutual funds is going to shut down, will your hard-earned money go down the drain?

A big platform for investing in mutual funds is going to shut down, will your hard-earned money go down the drain? Newspoint | 06/06/2025 21:39:14

Piggy, a popular platform that facilitates online investment in mutual funds, is going to shut down its operations in June 2025. The company sent an email to customers on May 30 informing them that the app and web portal would be shut down in the next 30 days. This announcement has raised questions in the minds of thousands of investors about whether their money is safe. Will SIP stop automatically? Can the investment be transferred elsewhere?

What will happen to your investment?

Piggy has clarified that even though its platform is shutting down, investors' money is completely safe. Mutual fund units are held directly by fund houses and their RTAs (such as CAMS or KFintech). Piggy was only an interface that facilitated investors in investing and tracking. Even after the app is shut down, you can manage your units through options like AMC portal, RTA apps, or MF Central.

What will happen to SIP?

All SIPs set up through Piggy will be automatically cancelled between June 15 and 20, 2025. If you wish to stop them earlier, you can do so manually by going to the app. Also, you can ask your bank to cancel the standing instruction set in the name of BSE Star or ICCL.

SIPs cannot be transferred to another platform. You will have to start SIPs afresh on the AMC website, MF Central, or any other mutual fund app.

Will redemptions and dividends be affected?

No. Redemption orders placed before the closure of Piggy will be processed as normal. Dividends will also continue to come to your registered bank account. This decision will not affect payments made by the AMC.

How to get tax and capital gains reports?

You can easily get your Consolidated Account Statement (CAS) and Capital Gain Statement on portals like MF Central and CAMS. This will not cause any hindrance in tax filing.

What to do now?

Quickly check the status of your SIP and manually stop it if needed.

Start new SIPs on a trusted platform like MF Central, Zerodha Coin, Groww, Paytm Money, or directly on AMC sites.

Get CAS from CAMS/KFintech or MF Central to track your units.

Cancel any necessary bank instructions.

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