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SEBI's digital platform 'Mitra' introduced, will trace inactive or unclaimed mutual fund investments
SEBI: The platform called Mutual Fund Investment Tracing and Retrieval Assistant (Mitra) aims to encourage investors to trace forgotten mutual fund investments as well as update KYC (Know Your Customer) as per the current norms.
On Wednesday, Market regulator SEBI introduced a new digital platform 'Mitra' to assist investors in tracing and retrieving inactive or unclaimed mutual fund folios.
The Mutual Fund Investment Tracing and Retrieval Assistant (Mitra) platform encourages investors to trace forgotten mutual fund investments and update KYC (Know Your Customer) as per the current norms.
The Securities and Exchange Board of India (SEBI) said in a circular, that many folios become inactive or no one claims the folio due to lack of timely KYC or any other reason. Due to this, investors do not get the benefit of their investment. Also, such inactive and unclaimed folios create a different problem. The RTA (Registrar and Transfer Agent) has developed this platform to track such folios or get them back. A folio is considered inactive if no financial or non-financial transaction has been done in it by the investor for 10 years.
