Unclaimed assets via DigiLocker...

December 11, 2024 09:26

The Securities and Exchange Board of India has proposed leveraging the DigiLocker platform to streamline the process of claiming unclaimed assets of deceased investors.

According to a discussion paper, the regulator has proposed that depositories and mutual funds be required to provide demat and mutual fund holding statements, respectively, in DigiLocker.

It has also proposed the automatic updating of a DigiLocker user's status upon their demise, using data from the Registrar General of India.

Further, an automatic intimation to the DigiLocker nominee would be sent via SMS and e-mail.

The nominees could then access the digital information in the account of the deceased user or investor and initiate the process of transmission of the financial asset. This move is expected to simplify the process of claiming unclaimed assets and provide greater convenience to investors and their nominees. Sebi has sought public comments and suggestions on the proposals by December 31, following which it may formalise the new framework.

-- Business Standard

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