This paper presents a modulation scheme in order to reduce conducted Electromagnetic Interference (EMI) generated by modular power converters with parallel topology. The proposed scheme is based on a combination of interleaving and Switching Frequency Modulation (SFM) techniques. The objective of this modulation scheme is to cancel certain harmonics of EMI and to reduce the amplitude of the remaining harmonics. The proposed scheme has been implemented in a field programmable gate array and a four channel parallel buck converter has been used in order to verify it. A significant EMI reduction has been obtained in comparison to use the interleaving and Switching Frequency Modulation separately.