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Can I delete a portfolio before I would have gone ahead to invest in it?

Yes, you can rollback the creation of your second or a subsequent portfolio, if you have not yet deposited money in it.

If you have already deposited money in a portfolio that you want to delete, then you would need to either (a) withdraw the entire funds from that portfolio; or (b) merge that portfolio into another portfolio.

Also read the answers to the related questions:

•   Can I merge one portfolio into another portfolio?

•   What is the withdrawal process?