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In order to reduce instances of unclaimed amount in mutual funds and capital market, SEBI has issued a consultation paper in which it has asked AMCs and Depository Participants (DPs) to provide details of MF and stock holdings of investors in DigiLocker.
DigiLocker is a digital document wallet of the Government of India (GoI), which facilitates people to obtain and store documents like Aadhaar, PAN, driving license and death certificate.
Further, DigiLocker users can provide nominee details for their DigiLocker account. Upon death of an investor, DigiLocker will send an intimation to the nominee via SMS and email to access the digital information of the deceased.
The market regulator has also directed the KYC registration agencies to provide information on the demise of investors to DigiLocker.
The nominee then can initiate the process of transmission of the financial assets by approaching the concerned AMC, said SEBI.
SEBI has directed AMCs to become an issuer with DigiLocker to enable investors to get access to their statement of account or transaction statement for the last 30 days in MFs.
You can submit your feedback to SEBI by December 31, 2024.
