SEBI Joins DigiLocker To Reduce Unclaimed Assets, Protect Nominees’ Interests

Mumbai: The Securities and Exchange Board of India (SEBI) on Sunday collaborated with DigiLocker to assist scale back unclaimed property and give protection to traders. The partnership was once printed in a put up by way of the National Stock Exchange (NSE) at the social media platform X.

“SEBI has partnered with DigiLocker to reduce unclaimed assets in the securities market and protect nominees’ interests,” mentioned the alternate. “A secure way to manage digital documents—built with investors in mind,” the NSE added.

To minimise unclaimed property purchased by way of traders within the capital markets, the capital markets regulator has taken a number of projects, reminiscent of mandating the submission of touch, to simplify the transmission procedure.

SEBI projects for unclaimed property are norms for inactive accounts and folios; necessary touch and financial institution main points submission, nomination requirement or opt-out mandate, simplified means of transmission and centralised reporting of investor loss of life.

Alarmed at frauds associated with securities marketplace on quite a lot of social media platforms, capital markets regulator this month issued an advisory for traders to workout warning and due diligence to make sure the genuineness of social media handles of SEBI-registered entities whilst gaining access to them.

SEBI spotted an building up in frauds associated with securities marketplace on quite a lot of social media platforms reminiscent of YouTube, Facebook, Instagram, X (prior to now Twitter), WhatsApp, Telegram, Google Play Store and Apple Store, and many others.

“With increasing adoption of digital communication platforms, it is observed that scamsters are enticing victims by giving trading calls in the name of providing education. They also provide misleading or deceptive testimonials, promise or guarantee of assured or risk-free return etc. through various social media platforms,” consistent with a SEBI commentary.

SEBI spotted unregistered funding advisory services and products being equipped by way of entities that falsely declare to be registered intermediaries with SEBI or by way of showcasing pretend certificate purportedly issued by way of the regulator.

It additionally seen impersonation of SEBI-registered entities by way of fraudulent buying and selling platforms, WhatsApp, Telegram channels which deceptively declare or recommend association with SEBI-registered entity claiming to offer confident or risk-free go back.