SEBI Mitraa Platform: Tracing Lost Mutual Fund Folios
Why in the news
Many investors have lost track of old mutual fund holdings. SEBI introduced Mitraa, a central online tool, to help them find and reclaim such dormant folios.
Key facts
- Mitraa = Mutual Fund Investment Tracing and Retrieval Assistant, a SEBI platform.
- Developed with KFin Technologies and CAMS, the largest qualified registrar and transfer agents (QRTAs).
- An inactive folio shows no investor-initiated transaction for 10 years yet still holds units.
- More than 7.5 million inactive folios are estimated across the industry.
- Available through MFcentral.com.
Why it was needed
Before PAN became mandatory in 2006, many investors opened folios without linking it. Those accounts went dormant and are hard to trace.
How the search works
| Identifier type | Options |
|---|---|
| Primary | PAN, registered phone number, email, bank account number |
| Additional | Name, address, PIN code, city, nominee details |
Concerns
- Proving ownership of pre-2006 accounts can be difficult.
- Allowing several identifiers, including different PIN codes, helps fix data inaccuracies.
Exam angle
- Full form of Mitraa and its regulator: SEBI.
- Inactive folio period: 10 years.
- PAN mandatory from: 2006.