Sebi Launches New Scheme MITRA

New Delhi: Sebi has introduced a new digital platform MITRA to assist investors in tracking and reclaiming inactive or unclaimed mutual fund (MF) folios. The objective of the platform, Mutual Fund Investment Tracing and Retrieval Assistant, is to encourage investors to search for forgotten MF investments and update KYC as per the current norms. In a circular, Sebi said the platform addresses a growing concern wherein investors, over time, lose track of their mutual fund investments lack of updated contact information, or unawareness of investments made in their name.

Such inactive folios may become susceptible to fraudulent redemptions, it added. “In order to address the concerns, MITRA platform is developed by the RTAs to provide investors with a searchable database of inactive and unclaimed mutual fund folios at an industry-level which will empower the investors,” the regulator said.