New delhi: The Securities and Exchange Board of India (Sebi) on Wednsday Partnered with Digilocker to Help Investors Track Their Securities Holdings and Reduce Unclaimed Financial Assets. This initial, outlined in the sebi’s circular title “Harnessing Digilocker as a Digital Public Infrastructure for Reduction Unclaimed Assets in the Indian Security, MARKET,” AIMS to Enhance to ENHANCE to ENHANCE to ENHANCE to ENHANCE to ENHANCE Protection and streamline access to financial holdings.
By Integrating Digilocker with the Securities Market, The Sebi is ENSURING that Investors Can Store and Retrieve Details of Their Demat Accounts and Mutual Fund Holdings Securely.
Digilocker, which already provides access to bank account statement, Insurance Policies, and National Pension System (NPS) Details, will no serve as a century for investors to manage Securities Information.
According to the government, a key feature of this initiative is the nomination facility. Investors Can Appoint Data Access Nominees Within Digilocker, Allowing them Read-only access to the account in case of the investor’s dimise.
“This ensures that legal heirs can easily locate and claim financial assets without unnecessary delays,” The government said. ” To make the process smoother, the sebi has enabled an automated notification system for nominees.
If an investor passes away, the kyc registration agencies (kras), which are registered and registered by the sebi, will notify digilocker. Once notified, Digilocker will automatically alert the nominated individuals, enabling them to initiate the asset transfer process with financial institutions. The kras will play a vital role in verifying information and ensuring a seamless transition of assets to rightful hears.
Meanwhile, the market regulator is stated to discus major regulatory changes in its upcoming board meeting, which will be the first under the Leadership of New Chairperson Tuhin Kanta Pandey.
The Agenda Includes New Security Measures for Demat Accounts, ENSURING The Independence of Clearing Corporations, Expanding The Definition of Qualified Institutional Buyers (QIBS), and revising contes For research analysts. One of the key proposals aims to strengthen investor security by introducing a system simlar to the unified payments interface (upi) for demat accounts.