The Securities and Exchange Board of India (SEBI) has launched a new initiative, “Harnessing DigiLocker as a Digital Public Infrastructure for Reducing Unclaimed Assets in the Indian Securities Market.” This move aims to help investors securely store and access details of their demat accounts, mutual fund holdings, and Consolidated Account Statements (CAS) through DigiLocker, ensuring seamless financial record management.
Key Highlights of SEBI’s DigiLocker Initiative
✅ Easy Access to Securities Holdings
- Investors can now store and retrieve their demat account statements, mutual fund holdings, and CAS via DigiLocker.
- This expands existing DigiLocker services, which already include bank statements, insurance policies, and NPS account details.
✅ Nomination Facility for Smooth Asset Access
- Users can appoint Data Access Nominees within DigiLocker.
- In the event of the user’s demise, nominees will get read-only access to financial information, ensuring a hassle-free transmission process for legal heirs.
✅ Automated Notifications for Nominees
- If the user’s death is recorded by KYC Registration Agencies (KRAs), the system will automatically notify nominees.
- This feature speeds up asset claim procedures with financial institutions.
✅ Role of KYC Registration Agencies (KRAs)
- KRAs will verify and trigger notifications to nominees, making the asset transition process smoother.
How SEBI & DigiLocker Collaboration Benefits Investors
- Reduces unclaimed assets by helping investors track and manage financial holdings efficiently
- Protects investor interests by preventing securities from being lost due to lack of access
- Simplifies legal heir access, ensuring nominees can quickly claim securities without lengthy legal battles
Where to Access SEBI’s Official Circular?
The detailed circular is available on the SEBI website at www.sebi.gov.in
