SEBI and DigiLocker Tie-Up to Cut Unclaimed Assets
Why in the news
SEBI linked up with DigiLocker so investors keep track of holdings and fewer assets end up forgotten.
Key facts
- Demat holdings, mutual fund statements and CAS can now be stored and accessed in DigiLocker.
- Auto-fetch of CAS on January 1 every year, prompting regular review.
- Earlier available: bank statements, insurance policy certificates, NPS account statements.
Unclaimed financial assets (UFAs)
UFAs are funds or instruments left inactive or unclaimed by rightful owners for a legally defined period.
| Type | Example |
|---|---|
| Bank deposits | Savings, current or fixed deposits not accessed for a set period |
| Shares and dividends | Unclaimed dividends from stocks or collective schemes |
| Insurance | Matured life or endowment policies with uncollected payouts |
| Others | Mobile money accounts, unclaimed wages, utility refunds |
Expected impact
- Greater financial awareness among investors.
- A secure, central store for investment documents.
- Fewer investments lost to forgotten or misplaced statements.
- More paperless financial documentation, supporting digital financial inclusion.
Exam angle
- CAS = Consolidated Account Statement.
- Regulator: SEBI; platform: DigiLocker.
- Goal: reduce unclaimed financial assets.