Supreme Court Issues Notice to Centre, Regulators on Plea for Unified Financial Asset Tracking Platform

The Supreme Court of India on Monday (October 6, 2025) issued notices to the Union Government and major financial regulators, including the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and Insurance Regulatory and Development Authority of India (IRDAI).

The notice came in response to a public interest litigation (PIL) seeking the creation of an integrated digital platform for citizens to access information about all their financial holdings, whether active, dormant, or unclaimed, across regulated entities.

Petition Highlights ‘Trapped Wealth’ Across Financial Sectors

The petition, filed by social activist Aakash Goel, aims to establish a centralised system to help individuals trace and recover dispersed or inactive financial assets. It points out that funds lying in dormant bank accounts, unclaimed dividends, matured insurance policies, unpaid provident fund balances, and unredeemed mutual fund units remain scattered across institutions with no unified mechanism for recovery.

Senior advocate Mukta Gupta, representing the petitioner, informed the Court that although the Delhi High Court had earlier acknowledged the gravity of the issue, authorities had failed to act. The plea estimates that over ₹3.5 lakh crore in unclaimed financial assets remain idle across banks, insurance firms, mutual funds, and small savings schemes. Additionally, over 9.22 crore inoperative bank accounts exist nationwide, each with an average balance of ₹3,918.

Constitutional and Welfare Concerns Raised

The petitioner argued that the lack of a unified tracking system violates the right to property under Article 300A, the right to information under Article 19(1)(a), and the right to dignity and welfare under Article 21. Many of these funds belong to deceased individuals, with legal heirs unaware of their existence due to missing nominee details or poor data integration.

The plea proposes a secure, Aadhaar-linked, e-KYC-enabled platform that consolidates details of all financial assets under various regulatory bodies. It also seeks mandatory recording of nominee information and a structured, time-bound mechanism for claim redressal.

Also Read: FM Sitharaman Launches Drive to Return ₹1.84 Lakh Crore in Unclaimed Assets!

Conclusion

The Supreme Court Bench, comprising Justices Vikram Nath and Sandeep Mehta, has sought responses from the Union of India, RBI, SEBI, IRDAI, EPFO, PFRDA, and other bodies within four weeks. The case will be heard further thereafter. This move marks an important step toward addressing India’s growing pool of unclaimed financial assets and ensuring rightful ownership through transparency and digital integration.

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