The Securities and Exchange Board of India (SEBI) on March 19, 2025, issued the notification regarding Harnessing DigiLocker as a Digital Public Infrastructure for reducing Unclaimed Assets in the Indian Securities Market.
The following has been stated namely: -
• With a view towards reducing unidentified Unclaimed Asset (UA) in the Indian securities market, it is proposed to harness the prowess of digital public infrastructure (specifically Digital Locker mechanism i.e. ‘DigiLocker’) and of the KRAs registered with the Board
• The inclusion of MF and demat holding statements within DigiLocker, can make available the entire financial holdings of individuals in a single account
• DigiLocker system will update the status of demise of its user, from either of the following sources: -
o Register of deaths of the Registrar General and Census Commissioner (RGI, see Annexure – A for an elaboration), or
o Verified information on demise and also the death certificate of the investor available with KRA system, that administers the centralized mechanism for reporting demise of investors. See Annexure – B for an elaboration of this mechanism. It is clarified that this information shared by the KRAs with the DigiLocker system, shall not render it an ‘Issued document’
• A mechanism has been created whereby the DigiLocker automatically notifies the DigiLocker Nominee/s about demise of the user through SMS and e-mail
• All AMCs (and their RTAs) and recognised Depositories are directed to register with DigiLocker as ‘Issuer’ so as to enable users/investors, at their own option.
This circular shall come into effect from April 01, 2025
[Notification No. SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2025/32]
