Chandigarh 5 march 2025 : The Securities and Exchange Board of India (SEBI) has introduced an assistant to help those who have lost track of old mutual fund investments and want to reclaim the money.
The tool called, the Mutual Fund Investment Tracing and Retrieval Assistant (Mitra) was rolled out because prior to 2006, investors could open mutual fund accounts without a permanent account number (PAN) and thus, the online portals won’t show it now.
Many of these same older folios have since gone inactive (No transactions in 10 years, but a balance remains), making it difficult for investors to retrieve their holdings, according to a Mint report.
As of now, there are more than 7.5 million inactive folios across the industry, the report read.
How Mitra works
“The platform will search for inactive folios using a combination of the investor’s name and at least one primary parameter—PAN, registered phone number, email, or bank account number,” the report quoted Vigneshkumaran, digital product head at KFin Tech Ltd as saying.
Additional details like address, PIN code, city, or nominee name will also further refine the search and help verify ownership.
Summary: Mitra app aids users in tracking and reclaiming old mutual fund investments, ensuring forgotten assets are recovered and managed efficiently.