The Securities and Change Board of India (SEBI) has launched an assistant to assist those that have misplaced monitor of outdated mutual fund investments and wish to reclaim the cash.
As of now, there are greater than 7.5 million inactive folios throughout the trade.
The software known as, the Mutual Fund Funding Tracing and Retrieval Assistant (Mitra) was rolled out as a result of previous to 2006, buyers may open mutual fund accounts with out a everlasting account quantity (PAN) and thus, the net portals will not present it now.
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Many of those similar older folios have since gone inactive (No transactions in 10 years, however a stability stays), making it tough for buyers to retrieve their holdings, based on a Mint report.
As of now, there are greater than 7.5 million inactive folios throughout the trade, the report learn.
How Mitra works
Further particulars like tackle, PIN code, metropolis, or nominee title can even additional refine the search and assist confirm possession.
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Tips on how to use the Mitra platform
After getting into particulars, clicking on “Proceed” will provoke a seek for inactive or unclaimed folios linked to the offered particulars.
If a match is discovered, customers can then observe the directions on the platform to replace their KYC and reclaim their investments.
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Mitra, which was formally launched on February 21, 2025, is to be rolled out in phases, with a two-month beta accessible initially for buyers to make use of and supply suggestions. As of now, it permits as much as 25 search makes an attempt per person.