CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Securities and Exchange Board of India (SEBI) has launched a new digital platform called Mutual Fund Investment Tracing and Retrieval Assistant (MITRA) to assist investors in locating inactive or unclaimed mutual fund folios. This initiative addresses the issue of investors losing track of their investments due to outdated contact information or a lack of awareness about existing investments under their name.
Objective Of MITRA
MITRA aims to provide a searchable database of inactive mutual fund folios, enabling investors to locate forgotten investments and update their Know Your Customer (KYC) details according to current regulations. The platform seeks to prevent fraudulent redemptions of inactive folios by improving tracking and transparency.
Criteria For Inactive Folios
A mutual fund folio is deemed inactive if there have been no investor-initiated transactions for a span of ten years, even if the folio holds a balance. This classification helps in identifying investments that may have been overlooked or forgotten by investors.
Role Of Qualified RTAs
The platform will be managed by two Qualified Registrars and Transfer Agents (QRTAs) - Computer Age Management Services Limited (CAMS) and KFIN Technologies Limited. These QRTAs are tasked with ensuring regulatory compliance and maintaining the integrity of the platform.
Awareness And Compliance Efforts
SEBI has instructed all stakeholders, including Asset Management Companies (AMCs) and mutual fund distributors, to promote the MITRA platform and raise investor awareness. This initiative is designed to reduce the number of non-KYC compliant folios and unclaimed mutual fund investments.
Impact On Investors
The launch of MITRA is expected to help investors reclaim forgotten or overlooked investments, thus reducing the number of inactive folios and enhancing investor protection. The platform is also anticipated to foster a more informed and engaged investor community by making it easier to track and manage investments.
Technological Considerations
The QRTAs are required to ensure that the platform meets SEBI's guidelines for Business Continuity Plans (BCP) and Disaster Recovery (DR), ensuring security and accessibility for all investors.
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