SEBI brings demat and mutual fund holdings to DigiLocker to reduce unclaimed assets
SEBI issued a circular on 19 March 2025 letting investors store demat and mutual fund holding statements in DigiLocker and name 'Data Access Nominees', to reduce unclaimed assets in the securities market.
Summary
The Securities and Exchange Board of India (SEBI) issued circular SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2025/32, 'Harnessing DigiLocker as a Digital Public Infrastructure for reducing Unclaimed Assets in the Indian Securities Market', on 19 March 2025, effective 1 April 2025. DigiLocker users can fetch and store statements of holdings of shares and mutual fund units from their demat accounts and their Consolidated Account Statement (CAS), alongside bank, insurance and NPS statements already available. Users can appoint 'Data Access Nominees' who get read-only access after the user's death. KYC Registration Agencies (KRAs), regulated by SEBI, will trigger the notification of a user's death, after which DigiLocker automatically informs the nominees so that they can start the transmission process.
Key facts
- Date
- 19 March 2025
- Circular
- SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2025/32
- Effective
- 1 April 2025
- New in DigiLocker
- Demat and MF holding statements, CAS
- Nominees
- Data Access Nominees (read-only access)
- Trigger
- KYC Registration Agencies (KRAs)
Practice MCQs 2 questions
Under SEBI's DigiLocker circular of 19 March 2025, what are the persons called whom a DigiLocker user can appoint to get read-only access to the account after the user's death?
Show answer
Correct answer: B — Data Access Nominees
Users can appoint Data Access Nominees, who get read-only access to the DigiLocker account after the user's demise.
Under SEBI's March 2025 framework for DigiLocker, which entities serve as the primary source for verifying a user's death and triggering notifications to the nominees?
Show answer
Correct answer: D — KYC Registration Agencies (KRAs)
SEBI-regulated KYC Registration Agencies will be the primary source for verifying and triggering notifications to Data Access Nominees.