Capital market regulator SEBI is planning to curb the issue of unclaimed assets by integrating investors details with the DigiLocker.

In a discussion paper released on Tuesday, SEBI has proposed the depositories and mutual funds to provide demat and mutual fund holding statement of investors in DigiLocker.

DigiLocker users can provide nominee for their account and upon demise of the user, their status will be updated using registration of deaths of the Registrar General of India or the KRA system.

Automatic intimation

The DigiLocker will issue automatic intimation to the DigiLocker nominee by SMS and e-mail, who can then access the digital information in the account of the deceased investor, said SEBI.

Following this, the nominee can initiate the process of transmission of the financial asset by approaching the concerned AMC or depository participants.

The move is expected to simplify the process of claiming unclaimed assets and provide greater convenience to investors and their nominees.

Sebi has sought public comments and suggestions on the proposals by December 31.