Sebi taps DigiLocker to ease unclaimed assets transfer – Times of India

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Sebi taps DigiLocker to ease unclaimed assets transfer – Times of India

MUMBAI: Markets regulator Sebi plans to use authorities’s DigiLocker system to scale back situations of unclaimed assets within the securities market. This contains MF folios and shares left with fund homes and depositories after the demise of an investor.
The regulator has proposed that fund homes and depositories ought to present demat and MF holding statements on DigiLocker. Sebi additionally needs KYC Registration Agencies (KRAs) to share data on an investor’s demise with DigiLocker.
By integrating DigiLocker with the method of transferring these assets to the rightful heirs, Sebi intends to decrease unclaimed assets within the securities market. It has come out with a draft round on this problem and has requested for public feedback by December 31.

All Fin holdings in single place?

DigiLocker is a govt-initiated digital doc storage platform that at the moment integrates Aadhaar, PAN, driving license and a number of different govt-issued paperwork on a single, digital app.
In December 2020, govt notified to combine financial institution accounts, insurance coverage insurance policies and statements of new pension schemes on the DigiLocker platform. “The proposed inclusion of MF and demat holding statements within DigiLocker can make available the entire financial holdings of individuals in a single DigiLocker account,” Sebi’s draft round famous.
In October 2023, Sebi had initiated a centralized course of for reporting the demise of an investor by way of the KRAs. The proposed technique of integrating the identical with DigiLocker goals to additional smoothen the method. Currently, DigiLocker customers have the choice to nominate people for his or her accounts. Sebi now needs KRAs to additionally share details about an investor’s demise with DigiLocker, after verifying such data.
“At Sebi’s instance, the Digital India Corporation (DIC) has created a mechanism where the DigiLocker system automatically notifies the DigiLocker Nominee(s) about demise of the user through SMS and e-mail,” the draft round mentioned.



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