Investors using DigiLocker can nominate specific individuals for asset transmission.
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Investors using DigiLocker can nominate specific individuals for asset transmission.
The Securities and Exchange Board of India (SEBI) is intending to use a digital infrastructure designed to transform asset management and protect investor interests in the securities market. Through a comprehensive draft circular, SEBI has proposed leveraging DigiLocker as a digital platform to address the persistent challenge of unclaimed and unidentified financial assets.
The proposal represents a strategic approach to streamline asset transmission and ensure immediate financial information access for nominees.
The proposed framework includes a multi-faceted integration strategy involving:
The proposal introduces advanced technological solutions to facilitate seamless asset management, including:
Furthermore, investors using DigiLocker can nominate specific individuals for asset transmission, receive automated notifications upon significant life events, and enable immediate access to financial holdings for designated nominees.
SEBI has initiated a public consultation process, inviting stakeholder feedback until December 31, 2024. Interested parties can submit comprehensive comments through official digital channels.
The proposal directly addresses a longstanding challenge in securities management: the complexity of asset transmission and the risk of financial resources becoming inaccessible. By implementing a digital-first approach, SEBI seeks to create a transparent, efficient mechanism for managing investor assets.
Upon finalisation, the circular will mandate comprehensive system integration across Asset Management Companies, depositories, and KYC Registration Agencies, underscoring a commitment to robust data protection and investor security.
This innovative approach represents a significant milestone in India's digital financial transformation, promising enhanced transparency and efficiency in asset management.
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