Connect with us
Saturday,18-January-2025
Breaking News

Business

SEBI Proposes ‘Mutual Fund Investment Tracing and Retrieval Assistant’ To Access Inactive MF Folios

Published

on

Markets regulator SEBI has suggested the establishment of a Mutual Fund Investment Tracing and Retrieval Assistant (MITR) in an effort to increase transparency and assist investors in recovering their unclaimed mutual fund investments.

To facilitate the management and transfer of financial assets in the event of a death, market regulator Sebi has suggested utilising DigiLocker, a government digital storage system. Financial documents, such as statements for mutual funds and demat accounts (which hold stocks), are supposed to be safely kept in DigiLocker.

Easy of transfer to designated succesor

DigiLocker will automatically update the deceased person’s account and alert the designated successor (such as a family member) to handle the assets.

The nominee will be able to work with the appropriate agencies to transfer the assets and access the deceased’s financial information in this way. Sebi’s mission is to make sure that assets are distributed to the appropriate heirs and to stop unclaimed assets (such as stocks or funds) from being left behind.

Need of the tracking system

Many investors eventually lose sight of their mutual fund investments, particularly those made in physical form with scant KYC information. Due to out-of-date information, such as a missing PAN, invalid addresses, or no email address, some investments are still inactive.

These folios are frequently overlooked because of this disconnect, which keeps them from showing up in consolidated account statements.

Unless the investor, nominee, or legal heir contacts the appropriate Asset Management Company (AMC) for redemption or transfer, investments in open-ended growth schemes may remain dormant indefinitely.

Such folios are susceptible to fraudulent activities because of the inactivity that may result from investors losing track of their investments or even the death of the account holder.

Functionality of retrievel mechanism

In order to solve this issue, SEBI has recommended that the MITR platform be developed and hosted by two Qualified Registrar and Transfer Agents (QRTAs): ComputerAge Management Services Ltd. (CAMS) and KFin Technologies Ltd.

Through links on important websites like MF Central, specific AMCs, AMFI (Association of Mutual Funds in India), and SEBI itself, the service would function as an industry-level searchable database.

Business

Mumbai: Social Activist Demands Action Against Police Officers For Negligence In Torres Multi-Crore Scam Investigation

Published

on

Mumbai: In a serious development concerning Torres massive financial fraud case, a Social Activist Shashikant Kawale has called for action against police officers who allegedly neglected their duty despite receiving prior warnings about fraudulent activities. 

Social Activist Shashikant Kawale wrote a letter addressed to senior law enforcement authorities, including the Commissioners of Mumbai and Navi Mumbai Police, the Maharashtra Cyber Crime Department, the Economic Offences Wing, and the Enforcement Directorate, has raised serious questions about the delay in action against fraudulent companies operating in Mumbai and surrounding areas. The letter highlights gross negligence by responsible officers despite early warnings regarding Torres Scam.

Whistle Blower Flags Concerns

The Whistle blower Shashikant Kawale had previously flagged concerns, urging the authorities to investigate the legality of these companies’ operations, government-issued licenses, mandates, board of directors, and operational documents. Specifically, the letter called for a detailed probe into the working methods and financial inflows/outflows of the company, Records of investors and agents involved and The suspiciously high monthly returns promised by the Torres Company.

About The Allegations

The letter alleges that had an inquiry been launched promptly, it would have prevented many investors from falling prey to false promises, sparing them from financial devastation. Despite explicit warnings that the companies were preparing to flee after defrauding investors, no significant action was taken.

The Social Activist Kawale has demanded an inquiry into officers who failed to act on the provided information, urging that those found guilty be held accountable under applicable regulations. The letter further appeals for systemic reforms to prevent the recurrence of such incidents.A social activist from Dharavi, Shashikant Kavale, first raised red flags in November last year and approached the Shivaji Park police and EOW, highlighting Torres’ dubious practices.

Continue Reading

Business

JSW MG Motor India Unveils Cyberster Roadster & M9 Limousine At Bharat Mobility Expo 2025

Published

on

New Delhi: MG Motor India has made a bold statement at the Bharat Mobility Global Expo 2025 with the launch of two groundbreaking electric vehicles—the MG Cyberster, India’s first all-electric roadster, and the MG M9, India’s first electric three-row presidential limousine.

These models, introduced under the new luxury brand channel, MG Select, highlight the company’s vision of bringing intelligent, sustainable, and customer-focused mobility solutions to India.

MG Cyberster: The All-Electric Roadster of the Future

The MG Cyberster takes luxury and performance to new heights as India’s first electric roadster. It features India’s first-ever electric scissor doors, opening and closing in just five seconds via a single-touch button. The built-in Dual Radar sensors ensure safety while opening the doors, while an anti-pinch feature prevents harm when closing.

Under the hood, the Cyberster delivers blistering acceleration, going from 0 to 100 kmph in just 3.2 seconds. The sleek, aerodynamic design is complemented by the industry’s slimmest 77 kWh battery pack, ensuring the vehicle remains both powerful and efficient, setting a new standard for modern roadsters.

MG M9: The Ultimate Electric Limousine

The MG M9 takes luxury to the next level with India’s first electric three-row presidential limousine. Designed for ultimate comfort, it features a touchscreen armrest for controlling reclining ottoman seats with 8 massage modes and 3-zone climate control.

The spacious cabin can accommodate seven passengers and offers features like a panoramic sunroof, front-opening skylight, and advanced audio systems for a theatre-like experience. With an electric-powered design, the MG M9 redefines the concept of luxury on wheels, offering unparalleled comfort and performance for discerning customers.

Continue Reading

Business

Internet users to surpass 900 million in India this year, AI a game changer

Published

on

New Delhi, Jan 16: Driven by the growing use of Indic languages for digital content, the internet user base in India is set to surpass 900 million by 2025, driven by the growing use of Indic languages for digital content, a report showed on Thursday.

The number of active internet users in India reached 886 million in 2024, marking a robust 8 per cent year-on-year growth. Rural India, with 488 million users, leads this growth and now accounts for 55 per cent of the total internet population, according to the report by the Internet and Mobile Association of India (IAMAI) and Kantar.

Nearly all internet users (98 per cent) accessed content in Indic languages, with Tamil, Telugu, and Malayalam emerging as the most popular due to their extensive availability.

Over half (57 per cent) of urban internet users prefer consuming content in regional languages, underscoring the growing demand for local language content across platforms, according to the report.

AI has emerged as a significant game changer over the past year. Nine out of 10 internet users have interacted with apps featuring embedded AI capabilities.

“The widespread acceptance and enthusiasm surrounding AI should encourage digital companies to introduce more next-generation AI features in India,” Biswapriya Bhattacharya, Director, B2B and Technology, Kantar Insights–South Asia, said.

The digital gender gap in India is steadily narrowing, with 47 per cent of all internet users in the country being women — so far the highest.

Female internet users now form a significant portion of shared device users in rural India at 58 per cent. This marks substantial progress in making digital access more inclusive and equitable over the years, the report noted.

Rural India dominates online engagement for top activities, including OTT video and music streaming, online communication, and social media usage, outpacing urban users in these categories.

Urban India leads in the adoption of non-traditional devices such as smart TVs and smart speakers, which have grown by 54 per cent between 2023 and 2024.

Concurrently, mobile devices remain the primary means of accessing the internet across both urban and rural demographics, said the report.

Continue Reading
Advertisement
Advertisement

Trending