Reportedly to facilitate the transfer of financial assets in the name of any investor investing in the stock market or mutual fund after his death, the stock market regulator SEBI (Securities and Exchange Board of India) is preparing to emphasize on the use of DigiLocker. Investors' financial assets demat accounts, which include shares as well as units in mutual funds, will be stored safely in the government wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital storage system DigiLocker.
Meanwhile market regulator Securities Exchange Board of india (SEBI) has proposed the use of the central government's wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital storage system DigiLocker. The purpose of this proposal is to simplify and facilitate the transfer of existing financial assets in the name of any investor on his death. Whatever financial assets are present in the name of the investor can be easily transferred to his nominee or heir. The financial assets of investors include statements of demat accounts which contain shares, debentures. Apart from this, mutual fund schemes also contain units in the name of investors. The statement of investment in all these financial assets of investors will be stored safely in DigiLocker.
Moreover according to this proposal, after the death of the investor, DigiLocker will update his account and notify those whom the investor has made his nominee or heir so that that person can manage the financial assets. In this way, the nominee of the investor who has died will be able to access his financial asset details and transfer the assets. SEBI's aim is to prevent stocks and mutual funds from becoming unclaimed assets and transfer the assets to the right heir.
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