Platform ‘MITRA’

Why in the news?

• The Securities Exchange Board of India (SEBI) has launched a new platform called MITRA (Mutual fund Investment Tracing and Retrieval Assistant).

Key Points:

• This platform helps investors track and retrieve unclaimed or inactive mutual fund folios.
• Investors can get information of their inactive folios online and retrieve their investments by completing the required process.
• If a mutual fund folio has no transactions for the last 10 years but has unit balance, it will be considered inactive.
• SEBI has directed Registrars and Transfer Agents (RTAs) like CAMS and KFin Technologies to manage this platform in collaboration with Asset Management Companies (AMCs).
  • CAMS (Computer Age Management Services)
• This platform will be jointly managed by Registrars and Transfer Agents (RTAs).

Securities and Exchange Board of India (SEBI):

• It is the regulatory body for capital market and protection of investors' interests in India.
• Established: 12 April 1988 (as non-statutory body), enacted on 30 January 1992.
• Headquarters: Mumbai, Maharashtra
• Main functions and objectives:
  • Protection of investors' interests and maintaining transparency in financial market.
  • Regulation of stock market, mutual funds, brokers, debenture trustees and other financial institutions.
  • Control of fraudulent and unfair trade activities.
  •  Promoting fair trade practices in stock market.