Kal se kya badal raha hai?
Kal, yani 1 November 2026 se, mutual fund me invest karne ka ek tareeka badal raha hai. SEBI ke chairman Tuhin Kanta Pandey ne 28 October 2026 ko Mumbai me NDTV Profit IGNITE event me bataya ki fund house ki apni website ya app par direct plan ab default option hoga.
Seedha matlab ye hai: jab aap kisi fund house ki apni website ya app par nayi SIP ya lump sum shuru karenge, to shuruaat me direct plan chuna hua milega. Agar aap regular plan lena chahenge, to platform ko aapko ye batana hoga ki regular plan ka kharch (expense ratio) zyada hai.
Ye niyam fund house ke apne digital platform ke liye hai. Iska ye matlab nahi hai ki har broker app ya distributor portal par bhi kal se wahi default dikhega — wahan ka process alag ho sakta hai.
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Direct plan aur regular plan me farak kya hai?
Bahut se logon ko lagta hai ki direct aur regular alag-alag scheme hote hain. Aisa nahi hai. Dono me scheme ek hi hoti hai, portfolio ek hi hota hai, aur fund manager bhi ek hi hota hai. Farak sirf ek cheez ka hai — kharch ka.
Regular plan distributor ya intermediary ke through bikta hai. Distributor ko commission milta hai, aur wo commission regular plan ke expense ratio me juda hota hai. Isliye regular plan ka kharch zyada hota hai.
Direct plan me aap fund house se seedha kharidte hain, beech me koi distributor nahi hota, isliye commission nahi lagta aur expense ratio kam hota hai. Kharch fund ke assets se kat ta hai aur NAV me dikhta hai, isliye kam kharch ka matlab lambi avadhi me thoda zyada net return ho sakta hai — agar baaki sab kuch barabar rahe.
| Baat | Direct plan | Regular plan |
|---|---|---|
| Scheme aur portfolio | Wahi | Wahi |
| Fund manager | Wahi | Wahi |
| Distributor commission | Nahi | Haan, expense ratio me juda |
| Expense ratio | Kam | Zyada |
| Guidance | Khud chunna aur track karna padta hai | Distributor/advisor ki madad mil sakti hai |
Farak kitna bada ho sakta hai? Ek example se samjho
Ye samajhne ke liye Moneycontrol ka ek hypothetical example dekhte hain. Ye koi guarantee nahi hai — sirf ye dikhane ke liye hai ki chhota sa kharch lambi avadhi me kaise bada farak bana sakta hai.
Maan lijiye aap har mahine ₹10,000 ki SIP karte hain, 20 saal tak, aur scheme saalana 12 percent return deti hai — base expenses se pehle. 20 saal me aap kul ₹24 lakh lagayenge.
Is example me direct plan lagbhag ₹84.53 lakh tak pahunch sakta hai, jabki regular plan lagbhag ₹75.06 lakh tak. Farak lagbhag ₹9.47 lakh ka banta hai — sirf expense ratio ke farak ki wajah se.
Ye number isliye itna bada lagta hai kyunki kharch har saal kat ta hai, aur jo paisa kharch me gaya, wo aage compound bhi nahi ho paata. Jitni lambi avadhi, utna bada asar. Lekin yaad rakhna: asli return market par depend karta hai, aur base expense ratio ke alawa bhi total costs hote hain. Isliye ₹9.47 lakh ko pakka munafa mat samajhna — ye ek anumaan hai.
Ek chhota sa hisaab aur: agar kisi scheme me regular plan ka expense ratio direct se 0.5 percentage point zyada hai, to ₹5 lakh ke investment par ek saal me farak lagbhag ₹2,500 ka hoga, agar investment value poora saal wahi rahe. Chhota lagta hai, par 20 saal me yehi chhota farak lakhon me badal sakta hai.
Kya-kya NAHI badal raha? Ye galatfehmi door kar lo
Is niyam ko lekar teen galatfehmiyan aasani se fail sakti hain, isliye saaf kar dena zaroori hai:
- Purani SIP apne aap direct me nahi badlegi. Agar aapki SIP regular plan me chal rahi hai, to wo waisi hi chalti rahegi.
- Regular plan band nahi ho raha. Aap ab bhi regular plan chun sakte hain — bas aapko uske zyada kharch ke baare me bataya jayega.
- Direct plan ka matlab risk khatam nahi. Kam kharch behtar return ki guarantee nahi hai. Return hamesha underlying portfolio aur market par depend karega.
Purani regular SIP ko direct me badalna hai? Pehle ye check karo
Agar aap soch rahe hain ki purani regular SIP ko direct me badal dein, to jaldbazi mat karo. Business Today ke explainer ke mutabiq, regular se direct me badalna aam taur par purane units ko redeem karke naye direct plan me kharidna hota hai. Isme do cheezein lag sakti hain:
- Capital gains tax — holding period ke hisaab se tax ban sakta hai.
- Exit load — kuch schemes me jaldi nikalne par exit load lagta hai.
Isliye switch karne se pehle apne fund ka exit load, apna holding period aur tax ka asar zaroor samajh lo. Kabhi-kabhi purani SIP ko waisa hi chalne dena aur sirf nayi SIP direct plan me shuru karna zyada samajhdari hota hai. Is faisle ke liye apne advisor se salah lena behtar rahega.
Apna plan kaise check karein?
Apni SIP direct hai ya regular, ye jaanne ke teen aasan tareeke hain:
- AMC ki website/app par apne folio me scheme ke naam ke saath "Direct" ya "Regular" likha hota hai.
- Consolidated Account Statement (CAS) me apne regular plan wale SIP transactions par distributor ko mila commission bhi dikhaya jayega — SEBI ne is disclosure ko bhi majboot kiya hai.
- Apne statement me expense ratio compare karo — usi scheme ke direct aur regular plan ka ratio side-by-side dekho, alag scheme se compare mat karo.
Nayi SIP shuru karne se pehle 5-point checklist
- Usi scheme ke direct aur regular plan ka expense ratio compare karo.
- Decide karo ki tumhe guidance chahiye ya tum khud manage kar sakte ho.
- Exit load aur lock-in (jaise ELSS me 3 saal) check karo.
- SIP amount apni income aur goal ke hisaab se rakho, kisi ke kehne par nahi.
- Har 6–12 mahine me apni SIP ka review karo, par har hafte switch mat karo.
Aksar puche jaane wale sawal
Q: Kya 1 November se har jagah direct plan default ho jayega?
Nahi. Ye niyam fund house ke apne digital platforms (website/app) ke liye bataya gaya hai. Broker ya distributor apps par alag process ho sakta hai.
Q: Kya meri purani SIP apne aap sasti ho jayegi?
Nahi. Purani SIP jaisi hai waisi hi chalegi. Naya niyam naye investment ke default par hai.
Q: Kya direct plan hamesha behtar hai?
Kam kharch lambi avadhi me madad karta hai, lekin agar tumhe scheme chunne aur portfolio sambhalne me madad chahiye, to regular plan ki keemat us service ke liye ho sakti hai. Apni zaroorat ke hisaab se chuno.
Q: Switch karne par tax lagega?
Ho sakta hai — regular se direct switch aam taur par redemption mana jata hai, isliye capital gains tax aur exit load ka asar check karo.
Sources
- Moneycontrol, 28–29 October 2026: SEBI direct plan default from 1 November; ₹10,000 SIP hypothetical example (direct ≈ ₹84.53 lakh vs regular ≈ ₹75.06 lakh, 20 saal, 12 percent).
- Business Today explainer, 29 October 2026: direct vs regular, switching par tax/exit load ki chetavni.
- The Hindu BusinessLine, 29 October 2026: SEBI chairman ka announcement.
- IndMoney, 30 October 2026: rule sirf AMC digital platforms par; existing SIP ka automatic conversion nahi.
Ye article sirf aam jaankari ke liye hai. Isme diya gaya 20-saal wala example Moneycontrol ka hypothetical anumaan hai — ye koi return guarantee nahi hai; asli return market aur total costs par depend karega. Direct ya regular plan chunne, ya purani SIP switch karne ka faisla apne advisor se salah karke hi lein.