If you start investing in mutual funds with long-term goals like your child’s higher education or your own retirement, it might be years, sometimes 15, 20, or even 30, before you actually use this money. You may continue investing systematically over time, but how do you keep track of it all? It is also possible that you invest in a scheme and stop midway due to changing circumstances. What if you forget about such investments altogether? These are real scenarios that can happen to anyone. The new MITRA platform is designed to address exactly these concerns and more. Let’s find out how.
What is MITRA?
MITRA is a platform launched by the Securities and Exchange Board of India (SEBI) to help mutual fund investors track their folios. It is designed to help you track your mutual fund folios and reclaim inactive or unclaimed funds you may have forgotten about. MITRA centralised platform is hosted jointly by the two Qualified RTAs (QRTAs) viz. Computer Age Management Services Limited(CAMS)and KFIN Technologies Limited (KFintech), as agents of AMCs and available through a link on the website of MF Central, AMCs, AMFI, the two QRTAs and SEBI.
Some investors, especially those who started investing years ago before the internet revolution, may have completed their Know Your Client/Customer (KYC) through physical paperwork. Over time, things change. You might have, changed your address, or updated your email ID. If these details are outdated, it can become difficult to access your funds when you need them most. The MITRA platform helps you update your KYC, such as your contact information, as per the current regulations. This ensures there are no issues in claiming your funds later.
MITRA helps address these situations and many others so you keep track of all your mutual fund investments on a unified platform.
How does MITRA work?
The MITRA platform offers a search interface where you can enter your details to locate your mutual fund folios. You can search using key information such as your PAN, mobile number, or email ID.
Once you enter the details, the platform displays a list of your mutual fund investments, grouped by the name of the Asset Management Company (AMC).
If you find any unclaimed or inactive investments, you can contact the respective AMC directly to claim the funds or update your KYC, if required.
For example, suppose you invested in a mutual fund scheme through physical paperwork back in 2010. Over the years, you may have lost track of this investment and are now unsure of its current value or how to access it. In such a case, you can use the MITRA platform for mutual fund tracking and locate your forgotten money. The platform will display the name of the fund house where the investment was made. You can contact the respective fund house directly to redeem your money or continue with the investment, depending on your preference.
What are the benefits of using MITRA?
Here are some benefits of using MITRA:
- Locate lost folios: MITRA is a mutual fund investment tracing and retrieval assistant. It helps you find mutual fund investments that you may have forgotten about over the years. It brings together all your folios from across fund houses, making it easier to track your money.
- KYC update: You can update your KYC information, such as address, your mobile number, email address, and other personal details. This ensures that your contact information is updated. It also eliminates potential issues if and when you reclaim your funds down the line.
- Investor protection: The platform safeguards your financial interests by giving you access to your existing investments. This allows you to make more informed decisions about your portfolio.
- Transparency and investor confidence: MITRA can help establish greater transparency in the mutual fund industry. It lets you view your investments. This can boost trust in the system and encourage you to continue investing,
- Reduction in unclaimed funds: MITRA reduces the number of unclaimed folios. The platform helps return forgotten money to its rightful owners.
- Reduced risk of fraud: With a centralised and streamlined interface, MITRA helps minimise the risk of fraud by ensuring that your information is accurate and up-to-date.
- Access to legal heirs: Enable investors to identify the overlooked investments or any investments made by any other person for which he/she may be rightful legal claimant.
Who should use the MITRA platform?
The MITRA platform can be used by anyone looking to manage or recover their mutual fund investments. Here’s who can benefit from it:
- Investors who need to update KYC information: If you have changed your phone number, email ID, or address over the years, MITRA allows you to update your KYC details as per current regulatory requirements.
- Individuals looking to locate unclaimed investments: If you have forgotten or misplaced records of your past investments, MITRA helps you with investment tracing. You can search for and recover unclaimed folios.
- Investors wanting to view forgotten or inactive portfolios: If you have invested in multiple mutual fund schemes over time and lost track, MITRA helps you consolidate your
- Legal heirs of deceased investors: If you are the legal heir or nominee of a deceased investor, MITRA can help you trace their mutual fund holdings and claim the investments.
Conclusion
SEBI’s initiative to launch the MITRA platform is expected to help many investors access their mutual fund holdings. It establishes security, transparency, and trust in the mutual fund ecosystem. Anyone can benefit from this platform. If you need help in this space, MITRA can be a valuable tool to guide you through.
An investor education initiative by Edelweiss Mutual Fund
All Mutual Fund Investors have to go through a one-time KYC process. Investors should deal
only with Registered Mutual Fund (RMF). For more info on KYC, RMF and procedure to lodge/redress any complaints, visit - https://www.edelweissmf.com/kyc-norms
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS. READ ALL SCHEME-RELATED DOCUMENTS CAREFULLY
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MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
