SEBI Mandates DigiLocker Integration for AMCs and KRAs to Reduce Unclaimed Assets Starting April 2025

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....SEBI has directed AMCs, depositories, and KRAs to integrate with DigiLocker effective April 1, 2025, to reduce unclaimed assets in the securities market. The directive requires these entities to register as "Issuers" on DigiLocker, enabling investors to access their holding statements, transaction statements, and annual Consolidated Account Statements through their DigiLocker accounts. KRAs must share information about deceased investors with DigiLocker, which will then notify the deceased's DigiLocker nominees. This mechanism allows nominees to access the deceased's financial information and facilitates asset transmission by informing appropriate parties (nominees, joint holders, or legal heirs) about investments that might otherwise remain unclaimed. The circular preserves existing transmission norms while leveraging digital infrastructure to prevent unidentified unclaimed assets.....