The Securities and Exchange Board of India (SEBI) has introduced MITRA (Mutual Fund Investment Tracing and Retrieval Assistant), a platform to help investors find inactive and unclaimed mutual fund folios. Over time, investors may lose track of their investments due to outdated KYC details, address changes, or the demise of the original investor. MITRA aims to solve this issue by offering a user-friendly way to locate and reclaim these investments.
Here’s a step-by-step process to use the MITRA platform:
- Register: First, register on the MITRA platform using your PAN and other details.
- Search: After registering, search for inactive or unclaimed mutual fund folios by entering your name, PAN, or folio number.
- Verify: The platform will verify your details and show the list of inactive or unclaimed folios linked to you.
- Update KYC: Update your KYC details directly on the platform if necessary.
- Claim: For unclaimed folios, initiate the claim process through MITRA by providing necessary documents.
- Follow-Up: SEBI will follow up with mutual fund houses to ensure claims are processed efficiently.
Moreover, MITRA helps investors reclaim their lost investments. Furthermore, it reduces the number of unclaimed folios, ensuring better financial security for investors.
