Sebi wants to tap DigiLocker for unclaimed assets transfer

The markets regulator Securities and Exchange Board of India (SEBI) wants to leverage the a government-backed digital document storage platform DigiLocker to address the vast amount of unclaimed assets in the securities market such as mutual fund folios and stocks left with fund houses and depositories after the death of an investor.

The proposal, notified by SEBI in a draft circular on Wednesday, includes automatic updates to a DigiLocker user’s account status upon their demise.