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Yes, AutoPay is mandatory for setting up a Stock SIP. It ensures that your funds are debited successfully and investments occur seamlessly by automatically adding funds before order placement. Please note that the SIP will not be created if the mandate setup fails.

How it works:

1. You set up a UPI AutoPay mandate for the SIP amount.
2. On each execution cycle, the SIP amount is automatically debited.
3. The order is placed only if the debit is successful.

Note:

• The full SIP amount is debited every time, even if you have an existing ledger balance.
• If the AutoPay debit fails, the SIP installment will not be executed.
• Each SIP has its own AutoPay mandate.
• If the mandate is cancelled externally (e.g., via PhonePe), the SIP remains active but future executions will fail until you cancel the SIP and set up a new mandate.