Mutual Fund Investment Tracing and Retrieval Assistant – MITRA – SEBI  

SEBI proposes MITRA to reduce unclaimed amount in mutual funds

In a consultation paper, the regulator SEBI has proposed introduction of a new platform, Mutual Fund Investment Tracing and Retrieval Assistant (MITRA) that aims to reduce unclaimed amounts in mutual funds. Just like MF Central, MITRA will be jointly run by both RTAs – CAMS and KFintech.

According to SEBI, an unclaimed MF folio is one where no investor-initiated transactions have taken place in the last 10 years, but unit balance is available. The platform will host details of all such folios in one place. It will also encourage investors to complete their KYC and make their inactive folios active.

Here are more details about the platform:

·         Platform will be hosted by CAMS and KFIN Technologies and will be available on the websites of AMCs, AMFI, the RTAs, SEBI & MF Central

·         AMCs & AMFI will have to create awareness amongst investors about MITRA

·         MITRA will have to follow cyber security & cyber security framework as per SEBI norms

·         CAMS & KFIN will be responsible for compliance with SEBI norms

·         Beta version of the platform will be initially launched for 2 months

Any one can give feedback on the consultation paper here by 2025 January 07.

 

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