Index Fund Corner
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| Scheme Name | 1-Year Return | Invest Now | Fund Category | Expense Ratio |
|---|---|---|---|---|
| Axis Nifty 50 Index Fund | +32.80% | Invest Now | Equity: Large Cap | 0.12% |
| Axis Nifty 100 Index Fund | +38.59% | Invest Now | Equity: Large Cap | 0.21% |
| Axis Nifty Next 50 Index Fund | +71.83% | Invest Now | Equity: Large Cap | 0.25% |
| Axis Nifty 500 Index Fund | — | Invest Now | Equity: Flexi Cap | 0.10% |
| Axis Nifty Midcap 50 Index Fund | +46.03% | Invest Now | Equity: Mid Cap | 0.28% |
Over the years, many investors have lost track of their investments, particularly those made in physical form with minimal KYC requirements. In some cases, mutual fund folios do not appear in a unit holder’s consolidated account statement due to missing details such as PAN, email ID, or a valid address.
Since inactive accounts are vulnerable to fraudulent redemptions, SEBI has directed Registrar and Transfer Agents (RTAs) like CAMS and KFin Technologies to collaborate with Asset Management Companies (AMCs) to launch the ‘MITRA’ platform.
The ‘MITRA’ platform will create a database of inactive mutual fund folios and provide the following benefits to investors:
- Identify overlooked investments or investments made by another person where the investor may be the legal claimant.
- Update KYC as per current norms.
- Reduce the number of unclaimed mutual fund folios.
- Mitigate fraud risks associated with unclaimed or inactive mutual fund folios.
SEBI has also clarified that a mutual fund folio will be classified as inactive if no transactions have been made in the last 10 years, but a unit balance still exists.
The Registrar and Transfer Agents (RTAs), which will jointly manage the ‘MITRA’ platform, will also be responsible for its Business Continuity Plan (BCP) and Disaster Recovery.
(Edited by : Anshul)
First Published: Feb 13, 2025 9:19 AM IST