MITRA Platform: Market regulator SEBI has launched a new digital platform ‘MITRA’. This platform will help investors track inactive or unclaimed mutual fund folios. This platform, called Mutual Fund Investment Tracing and Retrieval Assistant, aims to encourage investors to search for forgotten mutual fund investments and update KYC as per existing regulations.
Forgotten investments can be found out!
In a circular, SEBI said that this platform addresses the growing concern that investors, over time, lose track of their mutual fund investments, do not have contact information or are not aware of investments made in their name. SEBI said, ‘To address the concerns, the ‘Mitra’ platform has been designed by the RTA (Registrar and Transfer Agent) to provide investors with a searchable data of inactive and unclaimed mutual fund folios at the industry level.
It will also help in identifying someone else’s investment
\According to the circular, the MITRA platform will help investors to identify their forgotten investments or investments made by someone else. This platform will also encourage investors to get KYC done as per the current rules, which will reduce the number of folios without KYC. SEBI also said that the MITRA platform will also reduce the number of unclaimed mutual fund folios. A folio will be considered inactive if, despite having unit balance in it, no transaction has been done by the investor in the last ten years.
SEBI has changed the functioning of the Unit Holder Protection Committee (UHPC) under mutual fund regulations. Now the UHPC will review inactive folios as well as unclaimed dividends and redemptions and ensure that proactive steps are taken to reduce such cases. The market regulator has directed all shareholders, including AMCs, RTAs, RIAs, AMFIs and mutual fund distributors, to create awareness about this initiative among investors.
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