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The Association of Mutual Funds in India (AMFI) has started issuing mutual fund common account statement in electronic form – ‘eCAS’.
This electronic statement gives a consolidated view to an investor about his holdings in various mutual fund schemes.
The Securities Exchange Board of India (SEBI) had mandated all mutual funds to provide a common account statement (CAS) to investors aimed at enhancing investor convenience. This was implemented in November 2011.
CAS was issued for each calendar month to the MF unit holders in whose folios financial transaction/s have taken place during that month.
“One of the main challenges in rolling out CAS was the aggregation of data from across five registrars and the presentation of a common account statement to an investor based on the PAN.
“Suitable independent partners had to be identified to address confidentiality related challenges. eCAS, we believe, will be convenient to the investors and also make a positive impact on our environmental responsibility through this go-green initiative,” said H.N. Sinor, Chief Executive of AMFI.
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