Mumbai: The Securities and Exchange Board of India (SEBI) has unveiled a proposal to use the DigiLocker platform for easing the process of claiming unclaimed assets belonging to deceased investors, media reports said.

Outlined in a discussion paper, the regulator has suggested that depositories and mutual funds upload demat and mutual fund (MF) holding statements to DigiLocker, Business Standard reported.

The proposal also includes a mechanism to automatically update a DigiLocker user’s status upon their death, using data from the Registrar General of India.

Upon the user’s demise, the nominee listed in DigiLocker would receive automatic notifications via SMS and email.

These nominees could then access the deceased user’s digital account information and initiate the transfer of financial assets.

This initiative aims to streamline asset claim procedures, offering convenience to investors and their nominees while addressing the issue of unclaimed assets.

SEBI has invited public feedback on the proposals, with a deadline for comments set for December 31.

Following the consultation period, the regulator is expected to finalize the framework.