SEBI Launches MITRA Platform

The Securities and Exchange Board of India (SEBI) on 12 February introduced a new digital platform, MITRA, to assist investors in tracking and reclaiming inactive or unclaimed mutual fund folios.

• The objective of the platform, Mutual Fund Investment Tracing and Retrieval Assistant, is to encourage investors to search for forgotten MF investments and update KYC as per the current norms.

• The platform addresses a growing concern wherein investors, over time, lose track of their mutual fund investments lack of updated contact information, or unawareness of investments made in their name.

• MITRA will allow investors to identify the overlooked investments or any investments made by any other person for which he/she may be rightful legal claimant and also encourage them to do KYC as per the current norms thus reducing the number of non-KYC compliant folios.