SEBI Introduces MITRA to Help Investors Reclaim Inactive Mutual Funds
| Key Points for Exam | Details |
|---|---|
| Why in News? | SEBI launched MITRA (Mutual Fund Investment Tracing and Retrieval Assistant) to help investors track and reclaim inactive/unclaimed mutual fund folios. Managed by CAMS & KFIN Tech, it provides a searchable database for folios inactive for 10 years and promotes KYC compliance. Available via MF Central, AMCs, AMFI, SEBI's website. Expected to be operational in 15 working days. |
| Full Form of MITRA | Mutual Fund Investment Tracing and Retrieval Assistant |
| Managing Entities | Computer Age Management Services (CAMS) & KFIN Technologies Limited |
| Criteria for Inactive Folios | No investor-initiated transactions for 10 years despite a unit balance |
| Purpose of MITRA | Help investors track, claim, and update inactive/unclaimed mutual fund folios |
| KYC Compliance | Encourages investors to complete KYC to prevent fraud and ensure security |
| Accessibility | Available via MF Central, AMCs, AMFI, SEBI's website |
| SEBI's Guidelines Followed | Business Continuity Plan (BCP) & Disaster Recovery (DR) |
| Expected Launch Timeline | Within 15 working days from SEBI's circular issuance |