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๐’๐„๐๐ˆ ๐ˆ๐ง๐ญ๐ซ๐จ๐๐ฎ๐œ๐ž๐ฌ ๐Œ๐ˆ๐“๐‘๐€ โ€“ ๐€ ๐†๐š๐ฆ๐ž ๐‚๐ก๐š๐ง๐ ๐ž๐ซ ๐Ÿ๐จ๐ซ ๐ˆ๐ง๐ฏ๐ž๐ฌ๐ญ๐จ๐ซ๐ฌ ๐’๐ž๐ž๐ค๐ข๐ง๐  ๐”๐ง๐œ๐ฅ๐š๐ข๐ฆ๐ž๐ ๐Œ๐ฎ๐ญ๐ฎ๐š๐ฅ ๐…๐ฎ๐ง๐ ๐ˆ๐ง๐ฏ๐ž๐ฌ๐ญ๐ฆ๐ž๐ง๐ญ๐ฌ

  • By Regstreet Law Advisors
  • / February 13, 2025
Featured in
MutualFund

SEBI has launched the Mutual Fund Investment Tracing and Retrieval Assistant (MITRA) to help investors track inactive and unclaimed mutual fund folios. As per . inactive folios may become susceptible to fraudulent redemptions. This initiative aims to enhance investor protection, reduce fraud risks, and build a transparent financial ecosystem.

๐–๐ก๐ฒ ๐ข๐ฌ ๐Œ๐ˆ๐“๐‘๐€ ๐๐ž๐ž๐๐ž๐?

Over the years, many investors have lost track of their mutual fund investments, particularly those made in physical form with minimal KYC details. Changes in PAN, email ID, or address often prevent these folios from appearing in Consolidated Account Statements, making them susceptible to fraudulent redemptions. MITRA will provide a centralized industry-wide database to help investors identify and retrieve such investments.

๐Š๐ž๐ฒ ๐…๐ž๐š๐ญ๐ฎ๐ซ๐ž๐ฌ ๐จ๐Ÿ ๐Œ๐ˆ๐“๐‘๐€

(a) ๐ˆ๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ-๐–๐ข๐๐ž ๐’๐ž๐š๐ซ๐œ๐ก: A single platform to search for unclaimed folios across all AMCs.
(b) ๐Š๐˜๐‚ ๐”๐ฉ๐๐š๐ญ๐ข๐จ๐ง: Encourages investors to update KYC, reducing non-compliant folios.
(c) ๐…๐ซ๐š๐ฎ๐ ๐๐ซ๐ž๐ฏ๐ž๐ง๐ญ๐ข๐จ๐ง: Prevents unauthorized redemptions from long-inactive accounts.
(d) ๐“๐ซ๐š๐ง๐ฌ๐ฉ๐š๐ซ๐ž๐ง๐œ๐ฒ: Brings forgotten investments back into circulation, strengthening financial security.

๐–๐ก๐š๐ญ ๐ข๐ฌ ๐š๐ง ๐ˆ๐ง๐š๐œ๐ญ๐ข๐ฏ๐ž ๐…๐จ๐ฅ๐ข๐จ?
An inactive folio shall be defined as โ€œ๐˜”๐˜ถ๐˜ต๐˜ถ๐˜ข๐˜ญ ๐˜๐˜ถ๐˜ฏ๐˜ฅ ๐˜๐˜ฐ๐˜ญ๐˜ช๐˜ฐ(๐˜ด) ๐˜ธ๐˜ฉ๐˜ฆ๐˜ณ๐˜ฆ ๐˜ฏ๐˜ฐ ๐˜ช๐˜ฏ๐˜ท๐˜ฆ๐˜ด๐˜ต๐˜ฐ๐˜ณ ๐˜ช๐˜ฏ๐˜ช๐˜ต๐˜ช๐˜ข๐˜ต๐˜ฆ๐˜ฅ ๐˜ต๐˜ณ๐˜ข๐˜ฏ๐˜ด๐˜ข๐˜ค๐˜ต๐˜ช๐˜ฐ๐˜ฏ/๐˜ด (๐˜ง๐˜ช๐˜ฏ๐˜ข๐˜ฏ๐˜ค๐˜ช๐˜ข๐˜ญ ๐˜ข๐˜ฏ๐˜ฅ ๐˜ฏ๐˜ฐ๐˜ฏ-๐˜ง๐˜ช๐˜ฏ๐˜ข๐˜ฏ๐˜ค๐˜ช๐˜ข๐˜ญ) ๐˜ฉ๐˜ข๐˜ท๐˜ฆ ๐˜ต๐˜ข๐˜ฌ๐˜ฆ๐˜ฏ ๐˜ฑ๐˜ญ๐˜ข๐˜ค๐˜ฆ ๐˜ช๐˜ฏ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ญ๐˜ข๐˜ด๐˜ต 10 ๐˜บ๐˜ฆ๐˜ข๐˜ณ๐˜ด ๐˜ฃ๐˜ถ๐˜ต ๐˜ถ๐˜ฏ๐˜ช๐˜ต ๐˜ฃ๐˜ข๐˜ญ๐˜ข๐˜ฏ๐˜ค๐˜ฆ ๐˜ช๐˜ด ๐˜ข๐˜ท๐˜ข๐˜ช๐˜ญ๐˜ข๐˜ฃ๐˜ญ๐˜ฆโ€.

MITRA platform will be available via:
(a) MF Central
(b) Websites of AMCs, AMFI, SEBI
(c) Qualified Registrar and Transfer Agents (CAMS Computer Age Management Services & KFin Technologies Ltd.)

๐ˆ๐ฆ๐ฉ๐ฅ๐ž๐ฆ๐ž๐ง๐ญ๐š๐ญ๐ข๐จ๐ง ๐“๐ข๐ฆ๐ž๐ฅ๐ข๐ง๐ž: MITRA will be operational within 15 working days from the issuance of SEBIโ€™s circular. A Beta version will run for two months before full rollout.

AMCs, RTAs, RIAs, and Mutual Fund Distributors should actively create awareness about MITRA.

UHPCs (Unit Holder Protection Committees) must review inactive folios and unclaimed amounts to enhance investor security and transparency.

A copy of the circular is enclosed.

Readers are welcome to send their views to Regstreet Law Advisors at info@regstreetlaw.com

SEBI Circular – MITRADownload

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