The Securities and Exchange Board of India (SEBI) has launched a new initiative in collaboration with DigiLocker to tackle unclaimed financial assets in the Indian securities market, enhancing transparency and investor protection. This effort enables investors to securely store and access information on demat holdings, mutual fund statements, and Consolidated Account Statements (CAS) through DigiLocker.
Key features of the initiative include the ability for users to fetch and store essential financial documents digitally. The service expands DigiLocker’s existing offerings, which already include access to bank account statements, insurance policy certificates, and National Pension Scheme (NPS) statements.
SEBI has introduced a nomination facility within the DigiLocker platform, enabling users to designate Data Access Nominees. In the event of a user’s demise, these nominees will gain read-only access to the DigiLocker account, ensuring smooth asset transition to legal heirs. Notifications will be automatically sent to nominees upon verification by SEBI-regulated KYC Registration Agencies (KRAs). These agencies will also oversee the process of initiating transmission requests with relevant financial institutions.
By simplifying access to financial assets and minimizing unclaimed holdings, this collaboration reflects SEBI and DigiLocker’s shared commitment to supporting investors and their families. Further details on this initiative are available on SEBI’s official website.
