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Informist, Wednesday, Feb. 12, 2025

MUMBAI – The Securities and Exchange Board of India has launched MITRA, a service platform for investors to trace inactive and unclaimed mutual fund folios. MITRA stands for Mutual Fund Investment Tracing and Retrieval Assistant.

Any mutual fund folio with a unit balance in which no investor has initiated a transaction, financial or non-financial, in 10 years will be considered an inactive folio, SEBI said.

Inactive folios will include those where investors may have remained invested in an open-ended scheme and chosen not to redeem the units or simply lost track of the investment. "The objective of the platform is to encourage investors to search for forgotten MF (mutual fund) investments and update KYC (know-your-customer) as per current norms."

The MITRA platform will be jointly hosted by Computer Age Management Services Ltd. and KFIN Technologies Ltd. as agents of asset management companies. SEBI also said cybersecurity norms applicable for qualified registrars and transfer agents will be applicable to the service platform.

The service platform will be operational within 15 working days from Wednesday, and the beta version will be launched in the next two months, SEBI said.  End

Reported by Kshipra Petkar

Edited by Rajeev Pai

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