Sebi has proposed using DigiLocker to streamline securities market processes and reduce unclaimed assets. The plan includes providing demat and mutual fund statements on DigiLocker and sharing investor death information.

The markets regulator Securities and Exchange Board of India (SEBI) wants to leverage the a government-backed digital document storage platform DigiLocker to address the vast amount of unclaimed assets in the securities market such as mutual fund folios and stocks left with fund houses and depositories after the death of an investor.

SEBI: In case of a user's death, DigiLocker will update the account status based on death registration data from the Registrar General of India, or information from the KRA system, the regulator propo

This proposal aims to reduce unclaimed and unidentified assets, ensuring smoother transmission of financial holdings to rightful heirs while safeguarding investor interests.

SEBI has proposed leveraging DigiLocker to provide demat and mutual fund statements, streamline asset transmission, and minimise unclaimed holdings in the securities market. Public comments are sought by December 31.

This move is expected to simplify the process of claiming unclaimed assets and provide greater convenience to investors and their nominees

Sebi proposes using DigiLocker to streamline processes and minimize unclaimed assets in the securities market, leveraging digital document storage and KYC information.

Sebi has proposed using DigiLocker to simplify asset management, reduce unclaimed assets, and enable faster paperless services.