SEBI to utilise DigiLocker as a means of reducing unclaimed assets in stock market.

SEBI to utilise DigiLocker as a means of reducing unclaimed assets in stock market.

SEBI has decided to use the facility of DigiLocker as a means of reducing unclaimed assets in stock market. As per Circular dated 19.03.2025 SEBI has issued necessary directions and advisory to investors in this regard.

DigiLocker is digital document wallet of the Government of India (GoI), facilitating citizens in obtaining and storing documents like Aadhaar, PAN, Driving Licence, Death Certificate, etc. ‘Issued documents’ in DigiLocker are deemed to be at par with originals as per Section 9 A of Information Technology Act, 2000.

SEBI has decided to use the facility of DigiLocker as a means of reducing unclaimed assets in stock market. The inclusion of MF and demat holding statements within DigiLocker, can make available the entire financial holdings of individuals in a single account.

DigiLocker also provides nomination facility to its users. The nominee/s specified by the user is/are authorised to access the digital information of the user upon the demise of the user. While specifying the nominee, the user is required to provide the mobile number and e-mail address of the nominee.

Accordingly,  SEBI has directed all Asset Management Companies (AMCs) of Mutual Funds (MFs) and their Registrars to an issue and share Transfer Agents (RTAs) and  recognised  Depositories  to register with DigiLocker as ‘Issuer’ so as to enable users / investors, at their own option, to fetch their;  holding statement, as of the date immediately preceding the date of fetching, or  transaction statements for the last 30 days of mutual fund units and demat accounts, respectively, in user’s DigiLocker account.

These entities shall provide the latest generated or last available Consolidated Account Statement (CAS) in the previous 12 months of the request.  Additionally, DigiLocker system shall also provide the user the option to fetch CAS automatically on the 1st of January each year. The entities may, at their option, provide additional information to the investors through the DigiLocker, over and above the aforesaid regulatory requirement. 

Similalry KYC Registration Agencies (KRAs) have been directed to electronically share the details of all the instances of demise of investors available in their system with DigiLocker with adequate safeguards for data safety.

SEBI has advised Investors to consider becoming users of DigiLocker and also consider specifying nominee/s for the DigiLocker (over and above the nomination/s, if any, made in their demat account and MF folio. In case of demise of the user, the DigiLocker Nominee/s will be notified by the DigiLocker. The DigiLocker Nominee/s can then access the DigiLocker account of the deceased user, after authentication of identity and can view the documents fetched therein by the user.

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