The Securities and Exchange Board of India (SEBI) on December 10, 2024, issued a Draft Circular for Public Comments on Harnessing DigiLocker as a Digital Public Infrastructure for reducing Unclaimed Assets in the Indian Securities Market.
The key features of the draft circular, include;
• Direction to
o Depositories and Mutual Funds to provide demat and MF holding statement, respectively, in the DigiLocker
o KRAs to provide information on demise of investor, available with them vide SEBI circular dated October 03, 2023, to DigiLocker
• DigiLocker users can provide nominee for their DigiLocker account
• Upon demise of the DigiLocker user, their status shall update, using information either from
o data of registration of deaths of the Registrar General of India (RGI) or
o the KRA system
• The DigiLocker shall issue automatic intimation to the DigiLocker nominee by SMS and e-mail, who can now access the digital information in the account of the deceased user/investor.
• In turn this nominee can initiate the process of transmission of the financial asset by approaching the concerned AMC and or DP.
Public comments are invited on the draft of the captioned circular placed in Annexure A.
The comments/suggestions should be submitted latest by December 31, 2024, through the following link: https://www.sebi.gov.in/sebiweb/publiccommentv2/PublicCommentAction.do?do PublicComments=yes
[Draft Circular No. SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2024/XXXX]
