Question
Which of the following is the platform for investors to
trace inactive as well as unclaimed mutual fund investments ?Solution
MITRA - Mutual Fund Investment Tracing and Retrieval Assistant (MITRA) i s a Service Platform for investors to trace inactive as well as unclaimed mutual fund investments . An inactive folio is where no investor initiated transaction (financial or non-financial) has taken place in last 10 years but unit balance is available in the folio. UDGAM - UDGAM refers to Unclaimed Deposits-Gateway to Access information, which is an online porta developed by RBI. It facilitates the registered users to search unclaimed deposits/accounts across multiple banks at one place in a centralised manner. IEPF – Investor education and Protection Fund by the government - IEPF provides a facility to search for unclaimed shares, dividends or deposits SCWF – Senior Citizens’ Welfare Fund (SCWF) maintained by the Government of India. If an amount remains unclaimed for more than 10 years, it is transferred by the insurer to the Senior Citizens’ Welfare Fund (SCWF) . An unclaimed insurance amount refers to the amount held by an insurer, but payable to consumers, including income accrued thereon, on account of their non- contactability through any means and remaining unpaid beyond twelve months from the due date of such payment. SPCPA - S ubscriber’s Pension Contribution Protection Account maintained at PFRDA - The Unclaimed/reconciled NPS contributions which have remained unclaimed for over seven (7) years, or earlier, if the registration of the intermediary has been cancelled or has expired, are deposited by POPs into the SPCPA account.
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