Mutual Funds

All about consolidated account statement

| Updated on October 27, 2012


Consequent to an amendment in SEBI Regulations, from November 2011, Mutual Funds send investors one single consolidated account statement every month, detailing all transactions of the previous month across all schemes of all mutual funds. Some queries on this statement are answered below.

What is the Industry Consolidated Account Statement (CAS)?

The Mutual Fund Industry Consolidated Account Statement (CAS) is a single account statement that consolidates financial transactions for a month in all transacted folios of an investor across all schemes of all mutual funds.

It is issued once a month, on or before the tenth of the month, in respect of financial transactions carried out in the previous calendar month across all mutual funds in India. CAS is generated uniquely only if the first and joint holders are identical in all folios and all have provided valid PAN. For e.g. if you hold a folio singly and in addition another Folio jointly with your wife as second holder, CAS will not be issued aggregating both Folios.

A monthly CAS will include only folios that have valid PAN details and in which financial transactions have taken place during the month. For example, if an investor has five folios and transacts in only two folios in a month, the CAS for the month will include only the two folios and not the others.

Apart from details of financial transactions, the statement will contain opening and closing unit balances of these folios, the registered email ID, mode of holding, KYC status and the nominee registration status.

Please note that transactions in folios held in demat mode will not be included in the CAS as separate statements are issued by the depository participants.

If there is no transaction in any folio for a period of six months, a statement will be sent at the end of every six months.

Investors may note that a duplicate CAS will not be available in physical form. However, investors can request the Mutual Funds/Registrars for individual statements.

Alternately, investors with registered email ID may use mailback services offered by Registrars for a variety of electronic statement options.

It may be noted that AMCs will continue to send a separate individual AMC branded first account statement for a new folio, with all personal details registered in the folio to help investors verify the same. Folios with email IDs will continue to get regular fund specific account statements electronically after each financial transaction within five working days.

What information would be included in a CAS?

CAS will include details of all financial transactions, such as purchase including NFO transactions, redemption including maturity of FMPs, switches, systematic transactions such as SIP, SWP, STP, dividend payouts or reinvestments, etc.

Non-financial transactions, such as updation of address, bank details, registration of nominee, etc, will not be included.

Confirmation for these will be sent separately to investors. Apart from non-financial transactions, sensitive information, such as registered bank account details, PAN and contact numbers will not be included in CAS.

Whom do I contact if any folio/transaction is not included?

Investors may check if their PAN is registered in the folio for all holders and contact the concerned Mutual Fund if a particular transaction/folio is not reflected or if there is any discrepancy in the statement.

What happens if an investor has registered different addresses in folios?

PAN-based ‘know your customer’ (KYC) is now mandatory for all purchases and addresses would be updated in folios. CAS will be sent to the KYC registered address of the investor.

However, if KYC is not updated in any of the folios considered for consolidation, then the CAS will be sent to the address available in the folio where the investor has made the last transaction in the month. Mutual Funds strongly advise investors to update their PAN and KYC details in all folios.

Investors can get more information on the CAS at the AMFI Web site.

Contributed by CAMS Viveka, an Investor Education Initiative from CAMS. Views expressed are general practices in the MF industry and may vary on a case-to-case basis

Published on October 27, 2012

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