Transforming Investor Protection: DigiLocker's New Integration with Demat Accounts

Starting April 1, DigiLocker allows investors to store demat account statements and mutual fund holdings, enhancing investor protection. The initiative reduces unclaimed assets and simplifies asset management. Users can add nominees for document access after their demise, facilitating asset transmission to legal heirs.

DigiLocker is now set to revolutionize personal finance management for investors by integrating with demat accounts and mutual fund holdings starting April 1. This government-backed digital document storage platform aims to enhance investor protection and reduce unclaimed assets in India's securities market.

The initiative allows users to fetch and securely store their statements of holdings for stocks and mutual fund units. Additionally, the expansion includes the ability to appoint nominees who can access financial documents posthumously, thus easing asset management for legal heirs or family members of the deceased.

To further streamline financial processes, DigiLocker is registering Asset Management Companies (AMCs), Registrar and Transfer Agents (RTAs), and depositories, facilitating easier access to important financial details. The Securities and Exchange Board of India (Sebi) seeks to curb unclaimed assets and address dormant accounts through this integration.

(With inputs from agencies.)