Unclaimed Mutual Funds - Check and Recover Now | Everything You need to know

---

Over several years, many mutual fund investors lose track of their investments, especially if they have invested long ago using physical forms with very basic KYC details. In open-ended growth mutual fund schemes, the money can stay invested forever unless the investor, or their nominee/ legal heir contacts the AMC to redeem, transfer, or update the details. If the investor’s PAN, email ID, or address is missing or incorrect, the folio may also not appear in the Consolidated Account Statement (CAS).

So, a mutual fund folio may become “inactive” simply because the investor forgot about it, changed contact details, or even passed away. These inactive folios may also be at risk of fraudulent redemptions.

To avoid such fraudulent redemptions and to enable  investors to identify the overlooked investments or any investments made by any other person for which he/she may be rightful legal claimant, a platform named 'MITRA' has been developed by RTAs to help investors find and reclaim their inactive and unclaimed Mutual Funds. 

When will the mutual fund folio be considered inactive ?

If a mutual fund folio has no investor transactions ( financial or non-financial) in the last 10 years, but unit balance is available, then that folio will be considered as inactive. Those folios will be an open ended scheme and the investor would have either chosen not to redeem or might have lost the track of investment. 

There is no consequence for those folios appearing  in  the  platform  where  the  unitholder  is  aware  of  the  investment  and  has chosen to remain invested.

The objective of the 'MITRA' platform is to encourage the investors to  search  for  forgotten  mutual fund  investments  and  update KYC  as  per  the  current  norms.

How to check if you have any unclaimed mutual fund ?

To check if you have any unclaimed funds, you can either visit the webiste of the RTAs or AMCs. 

You can also search on the MITRA easily. 

• Go to https://app.mfcentral.com/links/inactive-folios
  
• Enter your PAN/ PEKRN
• Select Email or Mobile
• Enter the data as per the above preferance. 
• Click on the 'Proceed' button. 
• If you have given your mobile number, then you will revieve an OTP on your registered mobile number. If you have entered your email id, then the OTP will be recieved in your mail Id. 
• Click 'Proceed'. 
• Now you will be navigated to the 'Profile Information' page. 
• Enter the details and click proceed.
• Now a request will be created with a unique ID.
• You can track your request from here. 

If the fields entered match with the database of any of the Mutual Fund, it would display the Fund Name. The investor/nominee will be informed to contact the respective Mutual Fund officer or RTAs. If you have any unclaimed mutual funds you can contact the nearest office of the Mutual Fund or their RTA. 

How to claim the amount ?

The investor can download the form available on AMC’s website and submit the duly signed form to the AMC/RTA’s office. After verification of records and matching of signature, the unclaimed amount is paid from the Unclaimed Dividend and Redemption Scheme (UDRS) along with the applicable appreciation.mInvestor can reach out to RTA (of relevant AMC where investor has unclaimed amount) for queries in the claim process. 

What all documents should you carry ?

An investor should carry the self-attested copies and originals of PAN, address proof, photograph, cheque leaf/bank passbook or bank statement, KRA-KYC form, any communication recieved from the AMC etc. Depending on the requirement RTA/AMC may ask for more documents. 

When will you recieve the payment ?

Once the required documents are submitted, the RTA/AMC will carry out further verification and if they confirm that the folio belongs to you, then they will update the missing details and provide you the account statement.

The payment from unclaimed scheme is treated similar to redemption hence the applicable Net Asset Value (NAV) is applied based on the date and time of receipt of form. The pay-outs are also made within 2-5 days.

How is your payment calculated ?

For the payments released within 3 years: Redemption processed from Unclaimed Dividend and Redemption Scheme (UDRS) as per applicable NAV of the Unclaimed scheme, including the appreciation received by the scheme.

For the payments released after 3 years: Appreciations are passed on to investor education fund and redemption is processed basis value as at the end of 3 years from date of unit creation in unclaimed scheme.