Mutual fund investment platform Piggy will shut down its operations in June, leaving many investors worried. The company has informed customers that their SIPs will be cancelled, but their money will be safe. Investors will have to transfer their SIPs to other platforms and contact MF Central or CAMS for tax statements.
New Delhi: Popular mutual fund investment platform Piggy will shut down its operations in June. The company has recently informed all its customers about this through email. Many users are worried about access to their ongoing investment plans SIP (Systematic Investment Plan) and transaction records along with tax. The company has clarified the situation on many topics through email to help customers manage their SIPs, pending redemptions and dividend payouts. There are many questions in the minds of investors due to the closure of Piggy, which have been answered by the company. The company announced in an email on May 30, 2025, ‘After much thought, we have decided to discontinue further development and support of the Piggy app and web portal. The platform will go offline in 30 days from today.’
Piggy was an easy way to invest in mutual funds. But, now it is shutting down. The company has told its customers that the Piggy app and website will stop working in 30 days. This means that now you will not be able to buy mutual funds through Piggy. But, what will happen to the money you have invested in mutual funds? The company has said that your money is safe and you can withdraw it or transfer it to another place. You will also have to start your SIP at another place because Piggy’s SIPs will be automatically cancelled. It is not yet known why Piggy took this decision. But, this will cause problems to those who used to invest through Piggy.
New SIPs will have to be started
Can I transfer my SIPs to another mutual fund platform? The company says that SIPs cannot be transferred to another place. You will have to start new SIPs on the website of the Mutual Central AMC or any other platform. This means that you will have to do a little work, but your money will be safe.
What will happen to your active Piggy SIPs, can they be transferred? According to the company’s email, all SIPs set up through Piggy will be automatically canceled between June 15 and 20, 2025. If you want to stop them earlier, you can do so manually through the Piggy app. You can also contact your bank to cancel any standing instructions issued in the name of BSE Star or ICCL. This means that if you want your SIPs to continue, you will have to start them somewhere else soon.
Frequently Asked Questions (FAQs) from the Piggy platform, which customers should pay attention to
Do I have to withdraw my money before Piggy closes?
No. Your mutual fund units remain with the fund house and their RTA (CAMS or KFintech). Piggy is just a viewing/transaction tool. You can still log in to the individual AMC/RTA portal or their mobile app even after the app closes. Request a Consolidated Account Statement (CAS) from CAMS or MF Central whenever you need a snapshot of all holdings.
What happens to my active SIPs? Can they be transferred?
Automatic Stop: Every SIP set up through Piggy will get cancelled between 15th and 20th June 2025. Stop it sooner: Open the Piggy app, tap on your profile (top-left), go to Upcoming Events, click on ‘Stop SIP’.
Bank Route: You can also ask your bank to cancel any standing instruction in the name of BSE Star/ICCL.
Transfer? Sadly, SIPs cannot be ported. You will have to initiate new SIPs on MF Central, AMC sites or any other platform of your choice.
Can I buy or sell from other platforms?
Absolutely. Because these are ‘physical’ (RTA-held) units, any service that supports importing external folios can handle them. Popular choices: MF Central (industry-wide) Fund house or RTA portals/apps Third-party investment apps that let you link existing folios (check with their support team). This means you have multiple options to manage your mutual funds.
What will happen to pending redemptions or dividend payouts?
Redemption orders placed before Piggy closes will be processed as normal. Dividends will continue to come directly into your registered bank account. Piggy closes will not affect AMC payouts.
How will I get tax statements after Piggy closes?
Capital gains reports: Both MF Central and CAMS provide capital gains statements from time to time. This means you will get your tax statements easily.
Is my personal data still safe?
Yes. The company is following standard data-retention rules. This means your personal information will remain safe.
The shutdown of Piggy will be disappointing for those who used the platform. But, the company has ensured that your money is safe and you don’t face any hassle. All you have to do is do a little legwork and start your SIP elsewhere.
