The Securities and Exchange Board of India (SEBI), on December 17, 2024, issued a Consultation paper on Draft Circular on Service platform for investors to trace inactive and unclaimed Mutual Fund folios: MITRA (Mutual Fund Investment Tracing and Retrieval Assistant.
To address the issue of inactive and unclaimed Mutual Fund folios, a platform named MITRA (Mutual Fund Investment Tracing and Retrieval Assistant) has been introduced by RTAs. This platform provides investors with a searchable industry-level database to help trace overlooked investments or claim rightful ownership. MITRA aims to reduce non-KYC-compliant folios, minimize fraud risks, and enhance transparency in the financial ecosystem.
Public comments on the draft circular are invited until January 7, 2025. Investors and stakeholders can provide their suggestions via the SEBI public comments portal or email. Detailed instructions for submitting comments are available on the SEBI website, ensuring comprehensive feedback from the financial community.
