SEBI's MOVE TO INTEGRATE DIGILOCKER MATTERS

THE Securities and Exchange Board of India (Sebi) has allowed investors to use DigiLocker, the digital public infrastructure initiative of the Indian government, to store digital documents.

- RAJAS KELKAR

It is a significant development that could unlock wealth stuck because the nomination formalities are not done correctly or legal heirs are unaware of their nomination.

According to media reports, unclaimed assets are estimated to be over ₹2,00,000 crore in India. These include equity shares, fixed deposits, bonds and other instruments. In most situations, the money flows into an investor protection fund.

DigiLocker will store your demat account statements for shares and mutual funds. It will also store the consolidated account statement. Insurance companies and banks have already done it for policy and bank statements. Similarly, you can also store your National Pension Scheme statements. Your nominee will have access to your DigiLocker after you. If they are not your assets' nominees, they can inform them and speed up claiming assets after you. You can also appoint data access nominees on DigiLocker. After you, such nominees will be granted 'read-only' access.

What could be the impact?