Should I exit from ICICI Prudential Value Discovery Fund?

I would like to review my SIPs. Here's my portfolio:
ICICI Prudential Banking and Financial Services Fund: Rs 1,000
ICICI Prudential Bluechip Fund: Rs 1,500
ICICI Prudential Long Term Equity Fund (Tax Saving): Rs 10,004
ICICI Prudential Value Discovery Fund: 1,500


Since ICICI Prudential Value Discovery Fund is underperforming, I would like to stop this SIP (not redeem). Also, I would like to stop the tax saver fund. My questions are:

1. Is it a good idea to stop my current tax saver fund and start a new SIP in Axis Long Term Equity Fund?
2. Should I stop SIP in Value Discovery Fund and start SIPs in the following funds:
a) Nippon India Small Cap Fund: Rs 500
b) Kotak Standard Multicap Fund: Rs 500
c) Kotak Emerging Equity Fund: Rs 1,000.
--Nikhil Joseph

Puneet Oberoi, Founder, Excellent Investment Advisorz, responds:

I am assuming that you are a moderate risk-taker. You shouldn't chase higher returns. All funds go through ups and downs. If you can't take the underperformance, I will recommend you to stop ICICI Prudential Value Discovery Fund and ICICI Prudential Long Term Equity Fund (Tax Saving) and start a new SIP in Axis Long Term Equity Fund. Also, ICICI Prudential Banking and Financial Services Fund is a sector fund. Sector funds are very risky. You should choose a multicap fund in its place, like Kotak Standard Multicap Fund. Also, investing in schemes from one fund house can be risky.