Current NAV and Cancelation of SIP

Can someone please help?

1)What is the lag between current NAV and the NAV at which our BUY order gets executed? Suppose I see the market falling and wish to buy at *current* NAV, can I do it? NAVs fluctuate through out the day or it is calculated only when the market closes? Would appreciate if someone gives a link/explains the way MF orders get executed, say via a broker like ICICIdirect.

2)Can I cancel a SIP at any time? Suppose I created a SIP for 12 months and after 4-5 months I don't want to continue. Can I cancel it? Any charges apply?If it is allowed and there are no charges then why the duration for SIP at the time of its creation is not "flexible" and minimum (I saw in case of HDFC/Sundaram) was 12 months?

Thanks in advance
Deep Blue

Current NAV -You cannot get the current NAV as the NAV's are declared at 8:00pm. Secondly, to invest and get today's NAV, your application should be logged in to the AMC's system by 3:00pm, else you will get the next day's NAV which will be declared at 8:00pm the next day.
Cancelation of SIP - Yes, you can cancel your SIP anytime you want. I am not clear about ICICIDIRECT, I mean how I is done there but if you had applied for SIP offline, then you have to intimate your bank to stop the ECS/PDC's and a letter should be given to the AMC for stopping the SIP. Please note, that the intimation to bank and the AMC should be done prior to 21 bank working days. Another thing is, if you stop the SIP before six months, there will be a deduction from the AMC's side along with STT. The deduction rate varies from AMC to AMC.
Flexibility in SIP -
As you mentioned about the flexibiltiy in SIP should be there, in Reliance Funds SIP you have three choices:
Rs. 500 for 12 months
Rs. 1000 for 6 months
Rs. 1500 per quarter
You can chose any of the option for the SIP. These are the minimum amounts for the minimum period required.

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Originally Posted by Deep Blue

2)Can I cancel a SIP at any time? Suppose I created a SIP for 12 months and after 4-5 months I don't want to continue. Can I cancel it? Any charges apply?If it is allowed and there are no charges then why the duration for SIP at the time of its creation is not "flexible" and minimum (I saw in case of HDFC/Sundaram) was 12 months?

Thanks in advance
Deep Blue

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What I saw on icicidirect was that if I chose monthly investments then the SIP duration can't be lower than 12 months.
Anyway, as there are no cancellation charges, one can always cancel the SIP after 6 months.