What is MITRA?
SEBI has recently launched Mutual Fund Investment Tracing and Retrieval Assistant (MITRA) portal that investors can use to look up unclaimed portfolios using their PAN/PEKRN numbers.
MITRA is a free tool that helps investors find any mutual fund investments they may have forgotten. By entering their PAN or PAN Exempt KYC Reference Number (PEKRN) number, your clients can check if they have any unclaimed or inactive investments.
Why is MITRA important for your clients?
Sometimes investors forget about old investments or are not aware of mutual funds bought by family members who have passed away. MITRA can help them trace these investments and claim them.
How can your clients use MITRA?
Ask your clients to go to https://www.amfiindia.com/investor-corner. There, under the ‘Online Centre’ section, they will find the MITRA link. They need to enter their PAN or PEKRN number. If there are any unclaimed or inactive folios in their name, it will show up. Then, they will be guided on how to claim the investment.
What is an inactive folio?
If there is no investor-initiated transaction in a mutual fund folio for 10 years but units are still there, it is called inactive.
This usually happens when people forget their investments or don’t update their KYC contact details, making it difficult for AMCs to contact them.
How can you help your clients with MITRA?
As a distributor, you can support your clients by helping them use the MITRA tool. You can also remind them to keep their PAN and contact details updated, so this doesn’t happen in the future.
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