Menu- Installation - Advanced Search - Select Transponder to delete - PRESS Yellow Button to delete transponder, do this for each one you want to delete, or use ndf edit and edit your list that way.
I have all 3 versions of the TM5402 M1/2/3 and use the above routine on all of them, never have any issues with channel list.
Do not do factory reset, theres no need.
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