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In a consultation paper, SEBI has proposed introduction of a new platform, Mutual Fund Investment Tracing and Retrieval Assistant (MITRA) that aims to reduce unclaimed amount in mutual funds.
Just like MF Central, MITRA will be jointly run by both RTAs – CAMS and KFintech.
According to SEBI, an unclaimed MF folio is one where no investor-initiated transactions has taken place in the last 10 years, but unit balance is available.
The platform will host detail of all such folios in one place. It will also encourage investors to complete their KYC and make their inactive folios active.
Here are more details about the platform:
- Platform will be hosted by CAMS and KFIN Technologies and will be available on the websites of AMCs, AMFI, the RTAs, SEBI and MF Central
- AMCs and AMFI will have to create awareness amongst investors about MITRA
- MITRA will have to follow cyber security and cyber security framework as per SEBI norms
- CAMS and KFIN will be responsible for compliance with SEBI norms
- Beta version of the platform will be initially launched for 2 months
You can give your feedback on the consultation paper here by January 07.
