Access of Insurance, Fixed Deposits of banks, Mutual Funds, Stocks and Products Details

Free Study Abroad Guide

Indian investors will soon be able to access complete details of their investments in mutual funds, fixed deposits of banks, insurance and stocks products in a single de-materialized account with financial sector regulators starting the project that aims to capture the financial history.

Financial Stability and Development Council, a forum of regulators monitoring financial stability and inter-regulatory co-ordination, headed by the Reserve Bank of India Governor, has been working on this initiative after Former Finance Minister announced a single account for all financial investments in the interim budget.

Much work has been done and to start with investors will have the option to access details of their investments in bank fixed deposits, mutual funds, insurance stock products with plans to incorporate details relating to pension funds and public provident fund later. Regulators are seeking legal opinion on the Depositories Act on whether there is a need to clarify the definition of securities so that it would cover other financial instruments.

"This provision in 1995 had anticipated depository services in respect of financial instruments which may not be securities under the Securities Contracts (Regulations) Act, 1956. In exercise of this power, Sebi has specified certain instruments such as KVP (Kisan Vikas Patra) as security eligible for depository services.