{"id":344280,"date":"2025-03-24T17:30:22","date_gmt":"2025-03-24T12:00:22","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=344280"},"modified":"2025-03-24T17:27:40","modified_gmt":"2025-03-24T11:57:40","slug":"sebi-and-digilocker-collaboration-to-reduce-unclaimed-assets","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/03\/24\/sebi-and-digilocker-collaboration-to-reduce-unclaimed-assets\/","title":{"rendered":"SEBI collaborates with DigiLocker to reduce unclaimed assets"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 19-3-2025, the <span style=\"font-weight: bold;\">Securities and Exchange Board of India<\/span> issued a circular titled <span style=\"font-weight: bold;\">&#8220;Harnessing DigiLocker as a Digital Public Infrastructure for Reducing Unclaimed Assets in the Indian Securities Market&#8221;<\/span> to address the issue of unclaimed financial assets. The provisions will come into effect on 1-4-2025.<\/p>\n<h3>Key Points:<\/h3>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p>SEBI and DigiLocker have committed to enhance investor protection through this initiative.<\/p>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Aims to:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>facilitate seamless access to financial records;<\/p>\n<\/li>\n<li>\n<p>minimize unclaimed assets;<\/p>\n<\/li>\n<li>\n<p>ensure identification of assets that might otherwise remain unnoticed.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>This initiative has enabled DigiLocker users to fetch and store their statement of holdings for shares and mutual fund units from their demat accounts along with their <span style=\"font-weight: bold;\">Consolidated Account Statement (&#8216;CAS&#8217;)<\/span>.<\/p>\n<p><span style=\"font-weight: bold;\">Effect-<\/span> This has expanded the existing DigiLocker services which includes bank account statements, insurance policy certificates and NPS account statements.<\/p>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Intimation to DigiLocker Nominees upon demise of DigiLocker user:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Intimation will be done through SMS or email;<\/p>\n<\/li>\n<li>\n<p>Nominees will be able to able to access the deceased DigiLocker account through their own DigiLocker account after authentication of identity.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Data Access Nominees<\/span> can be appointed by users within the DigiLocker application, and these nominees will be granted read-only access to the deceased DigiLocker account.<\/p>\n<p><span style=\"font-weight: bold;\">Effect-<\/span> this will ensure that essential financial information is easily accessible to the legal heirs.<\/p>\n<\/li>\n<li>\n<p>Once the <span style=\"font-weight: bold;\">KYC Registration Agencies (&#8216;KRA&#8217;)<\/span> will notify the demise, the DigiLocker sysytem will automatically notify the Data Access Nominee.<\/p>\n<p><span style=\"font-weight: bold;\">Effect-<\/span> to facilitate the initiation of the transmission process with the relevant financial institutions.<\/p>\n<\/li>\n<li>\n<p>KRAs will be the primary source for verifying and triggering notifications to Data Access Nominees.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Direction to Securities Market Intermediaries:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>All Asset Management Companies and recognised Depositories are directed to register with DigiLocker as &#8220;Issuer&#8221; to enable users\/ investors to fetch the following in their DigiLocker account:<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#10003; holding statement, as of the date immediately preceding the date of fetching;<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#10003; transaction statements for the last 30 days of mutual fund units and demat accounts.<\/p>\n<\/li>\n<li>\n<p>Latest or last available CAS in previous 12 months of the request;<\/p>\n<\/li>\n<li>\n<p style=\"margin-bottom: 3%;\">DigiLocker to provide the user the option to fetch CAS automatically on the 1 st of January each year.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<h3>Notes:<\/h3>\n<p style=\"margin-bottom: 3%;\">DigiLocker is a digital documnet wallet of the Government of India which facilitates citizens in obtaining and storing documents like Aadhaar, PAN, Driving Licence, Death Certificate, etc.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">KRAs will be primary source for verifying &amp; triggering notifications to Data Access Nominees.<\/p>\n","protected":false},"author":67515,"featured_media":344283,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[42920,80144,2563,79776],"class_list":["post-344280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-digilocker","tag-digitalpublicinfrastructure","tag-SEBI","tag-securitiesandexchangeboardofindia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SEBI and DigiLocker collaboration | SCC Times<\/title>\n<meta name=\"description\" content=\"SEBI issued a circular titled &quot;Harnessing DigiLocker as a Digital Public Infrastructure for Reducing Unclaimed Assets in the Indian Securities Market&quot; to 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