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Informist, Tuesday, Dec. 10, 2024

 

MUMBAI – The Securities and Exchange Board of India has issued a draft circular on using the properties of DigiLocker in order to reduce unclaimed assets in the Indian securities market. "With a view towards reducing UA (unidentified) in the Indian securities market, it is proposed to harness the prowess of digital public infrastructure (specifically DigiLocker) and of the KRAs (KYC Registration Agency) registered with the Board," the market regulator said in a circular on Tuesday.

 

SEBI also said that the proposed inclusion of mutual fund and demat holding statements within DigiLocker could make available the entire financial holdings of individuals in a single DigiLocker account. Currently, bank account statements, insurance policies and statements are available within the Digilocker, the circular said.

 

DigiLocker also has nomination facility for users. "The nominee specified by the user is/are authorised to access the digital information of the user upon the demise of the user," SEBI said in the circular.

 

The market regulator also said that asset management companies and depositories at their choice may provide information to DigiLocker user beyond the aforesaid minimum regulatory requirement. The regulator has sought comments on the circular by Dec. 31.  End

 

Reported by Kshipra Petkar

Edited by Ashish Shirke

 

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