Unclaimed Mutual Fund Folio: Have you forgotten about investing in Mutual Funds years ago? Are you not getting the folio number of your mutual fund investment? So soon the solution to your problem is going to be found. Stock market regulator SEBI (Securities and Exchange Board of India) is going to launch a service platform named Mutual Fund Investment Tracing and Retrieval Assistant (MITRA) to trace inactive and unclaimed mutual fund folios. Used to be.
MITRA will track mutual fund investments
SEBI has issued a draft circular regarding the service platform it is going to launch named Mutual Fund Investment Tracing and Retrieval Assistant (MITRA) to trace inactive and unclaimed mutual fund folios. You can give your comments or suggestions regarding this draft circular till January 7, 2025. Sebi said, investments invested in mutual fund schemes with open-ended growth options will continue to be held unless the investors or their nominees or legal heirs approach the asset management company for redemption, transfer or transmission.
According to SEBI, it is also possible that due to lack of PAN, email ID or valid address, this folio number does not appear in the consolidated account statement of the unit holder. In such a situation, inactivity of the mutual fund folio may be due to the investor losing track of his investment, death of the investor or other reasons. Such inactive folios can also become victims of fraudulent redemption.
Database of inactive, unclaimed mutual fund folios will be released
After a few years of investment, mutual fund investors are not able to keep track of their investments because the investments may have been made in physical form with minimal KYC details. In such a situation, Securities and Exchange Board of India (SEBI) has issued a draft circular to collect comments and suggestions from people before launching this service platform. SEBI said, to overcome this problem of mutual fund investors, RTA has developed a platform in which an industry-level database of inactive and unclaimed mutual fund folios will be released in which investors can search for the folios in their name. Will find. SEBI says that this will empower investors.
Investors will be able to find out mutual fund investments
According to SEBI, investors will be able to find such investments in this database which they have forgotten. Or someone will be able to claim the investments made by him of whom he is the rightful heir. With this step, investors will be able to do KYC under the existing rules. This will help in reducing the number of non-KYC compliant folios. This platform database will help in reducing the number of unclaimed mutual fund folios. According to SEBI, this step will help in creating a transparent financial ecosystem. Also, passive mutual funds will prove to be a reliable medium for investors to find investments. It will also include measures against the risk of fraud.
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