When I started my professional journey at a private bank in 2003, we used to fill out physical forms to invest in mutual funds or even IPOs. Mutual funds were not a popular investment option back then, and we had to convince clients to invest. Sometimes, clients didn’t have a cheque book, so as bankers, we would issue a bank draft on their request to open a folio, and the AMCs would later refund the bank draft charges to investors.
Fortunately, the markets performed exceptionally well in the following years, attracting more investors to these products. In 2006, SEBI made PAN cards mandatory for mutual fund investments. This slowed the process slightly, but since market euphoria was high, investors didn’t resist much.
Fast forward to 2025—investing now requires multiple KYC validations. PAN and Aadhaar are mandatory, your name must match across your bank account, PAN card, and investment records, your residential status must align with your bank account, and several other checks must be cleared before you can invest. (Read: It’s Mandatory to link Aadhaar to Mutual funds. Here’s how to do it online?)
For new investors who started in today’s organized digital environment, this process is seamless. However, for those who have been investing for 15-20 years and have witnessed the evolution of financial systems, there’s a chance they may have lost track of some old investments—many of which have likely grown significantly over time.
Lakhs of folios remain unclaimed in AMC records, amounting to hundreds of crores of rupees. In some cases, investors may have passed away, leaving these investments to be claimed by legal heirs. Others may have moved abroad and have no idea how to trace their old investments.
Maybe you are also one of them who opened a folio a decade back, lost the paperwork, have no KYC or PAN updated or simply didn’t update your contact details, or maybe your parents invested in a mutual fund scheme years ago, maybe even in *physical form*, and life got busy. Over time, you changed addresses, phone numbers, or emails
Well, guess what? There’s a great news for such investors. SEBI’s new MITRA platform is here to rescue those forgotten investments! Let me break down why this is a game-changer for you.
These “inactive folios” are like hidden treasure chests- except you’re* the one who misplaced the map!
For years, unclaimed investments in mutual funds have been a concern for both investors and regulators. Whether due to forgotten investments, outdated KYC details, or even the investor’s demise, these inactive folios remain in limbo, sometimes becoming targets for fraudulent activities. To address this issue, SEBI has launched the MITRA (Mutual Fund Investment Tracing and Retrieval Assistant) platform, a centralized system designed to help investors trace and reclaim their unclaimed mutual fund investments.
(Read :Your Investments Reflect Your Life: Learn from Mistakes and Rebuild Smarter)
MITRA Platform is Now Live
SEBI announced the launch of MITRA on February 12, 2025, and it is now operational. Investors can access it through:
• Websites of AMCs and RTAs (e.g., Nippon India Mutual Fund)
This means investors can now search for their inactive mutual fund folios and take necessary actions to reclaim them.
Do note that this MITRA Platform is not only about Inactive folios but even older to those, where even PAN might not have been linked.
Why Do Mutual Fund Investments Go Unclaimed?
Several factors contribute to mutual fund investments becoming unclaimed or inactive:
• Investments made in physical form with outdated or minimal KYC details.
• Lack of PAN, email, or updated address, preventing folios from appearing in Consolidated Account Statements.
• Investors losing track of investments over time.
• Death of the investor without proper transmission to legal heirs.
These dormant folios can remain invested indefinitely unless the rightful owner or nominee claims them.(Read : How to find and claim unclaimed deposits with banks, Mutual funds, Insurance policies, EPF, dividends, shares, and post offices?)
What is MITRA and How Does It Work?
MITRA is a searchable industry-wide database developed by the Registrar and Transfer Agents CAMS and KFIN Technologies. It aims to:
1. Help investors and legal heirs identify forgotten or overlooked investments.
2. Encourage KYC compliance, reducing the number of non-compliant folios.
3. Minimize unclaimed mutual fund holdings.
4. Enhance transparency in the financial ecosystem.
5. Build safeguards against fraudulent redemptions. (Read : Mutual funds consolidated account statement – help trace lost money)
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How to Use MITRA
• Visit MF Central or the websites of AMCs, RTAs, or SEBI.
• Enter your PAN, email ID, or other details to search for inactive folios.
• If a match is found, you can initiate the process to update KYC details and reclaim your funds.
• If you’re a nominee or legal heir, you may need to submit additional documentation to claim investments.
You will be given maximum 25 attempts to try searching for the unclaimed investments, with different combinations
Mutual fund companies, investment advisors, and distributors have been instructed to spread awareness about MITRA to ensure investors take advantage of this facility. (Read: Customer liability in case of Online frauds)
Here are some snapshots along with the steps , that i used , and so can you to check your status for unclaimed mutual funds portfolios
Steps to Check Inactive Folios:
1. Visit the MF Central Website
• Go to MF Central.
2. Navigate to the ‘Inactive Folios’ Section
• Click on the relevant section to check for unclaimed or inactive mutual fund holdings.
3. Enter Required Details
• Provide your PAN or PEKRN (Permanent E-KYC Reference Number).
• Click Proceed.
4. Provide Additional Verification Information
Final Thoughts
In the hustle of life, it’s easy to lose track of financial seeds you’ve planted. MITRA isn’t just a platform—it’s peace of mind. So, let’s embrace this SEBI initiative and turn “Where’s my money?” into “There it is!” 💰
MITRA is more than just a tracking tool—it’s a step towards a transparent, fraud-resistant, and investor-friendly financial ecosystem. If you or your family members have old mutual fund investments, checking MITRA could be a smart move to reclaim your wealth and ensure financial security.
If you need help in tracing your investments or updating KYC details, you may contact any MFD or SEBI RIA in your vicinity or may approach some AMC for handholding. ( Read: How Young and New Investors Should Set Their Financial Goals?)
