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The Securities and Exchange Board of India (SEBI) is working with DigiLocker, the government's digital document storage service, to help reduce unclaimed financial assets in the stock market. SEBI has issued a notice called “Harnessing DigiLocker as a Digital Public Infrastructure for Reducing Unclaimed Assets in the Indian Securities Market” to deal with this issue.
This plan allows investors to store and access details about their stock and mutual fund investments using DigiLocker, making it easier for them and their families to keep track of their money.
Here are the key details of the SEBI & DigiLocker initiative:
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Category |
Details |
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Why in News? |
SEBI has partnered with DigiLocker to reduce unclaimed financial assets in the Indian securities market. |
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Objective |
To help investors store and access their stock and mutual fund details digitally, ensuring easier management and reducing unclaimed investments. |
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Platform Used |
DigiLocker – a government-backed digital document wallet. |
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Benefit to Investors |
Ensures seamless access to financial records, minimizes unclaimed assets, and helps legal heirs easily track investments. |
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SEBI’s Role |
Regulates and oversees the implementation of this initiative for investor protection. |
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Impact |
Enhances financial transparency, prevents unclaimed investments, and ensures asset ownership is easily transferred to rightful heirs. |
Here are the main points of the initiative by SEBI and DigiLocker:
Easy Access to Investment Details: DigiLocker users can now store and view their stock and mutual fund details from their demat accounts, along with their Consolidated Account Statement (CAS). This adds to DigiLocker's existing services, which already include bank statements, insurance policies, and pension account statements.
Nomination for Smooth Access: Users can name trusted people (nominees) in DigiLocker. If the user passes away, these nominees will get read-only access to the DigiLocker account, helping families find important financial information easily.
Automatic Notification to Nominees: If a user dies, SEBI’s KYC Registration Agencies (KRAs) will notify DigiLocker, which will then alert the nominated person. This helps in quickly starting the process of transferring investments to legal heirs.
Role of KYC Registration Agencies (KRAs): KRAs will verify the information and send notifications to nominees, making the process smoother for the family members.
SEBI and DigiLocker aim to protect investors by simplifying access to financial records. This initiative helps prevent unclaimed assets and ensures that financial holdings do not go unnoticed.
Source: SEBI
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