How to consolidate your fund holdings

Consequent to an amendment in SEBI Regulations, beginning November 2011, mutual funds send investors one single consolidated account statement (CAS) every month. Some queries on this are answered below.

What is 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 on or before the tenth of every month, in respect of financial transactions carried out in the previous month across all mutual funds.

CAS is generated uniquely only if the first and joint holders are identical in all folios and all have valid PAN. For example, if you hold a folio singly, and another folio jointly with your wife as second holder, CAS will not be issued aggregating both folios.

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

The statement will also contain opening and closing unit balances of these folios, the registered email ID, mode of holding, KYC status and the nominee registration status.

Transactions in folios held in demat mode will not be included in the CAS, as separate statements are issued by the depository participants. If no transaction is done in any folio for a period of six months, a statement will be sent at the end of every six months. While investors are never issued duplicates of CAS in physical form, they can request the mutual funds/registrars for individual statements.

Alternately, investors with registered email ID may use the mailback services offered by the 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 receive fund-specific account statements electronically after each financial transaction within five working days.

CAS includes details of all financial transactions, such as purchase, including NFO transactions, redemption including maturity of FMPs, switches, systematic transactions, dividend payouts or reinvestments. Non-financial transactions, such as updation of address, bank details and registration of nominee, will not be included. Confirmation for these will be sent separately to investors. Sensitive information — 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 fund if a particular transaction/folio is not reflected or if there is discrepancy in the statement.

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

PAN-based KYC is mandatory for all purchases. CAS will be sent to the KYC-registered address of the investor. If KYC is not updated in any of the folios considered for consolidation, CAS will be sent to the address available in the folio where the investor has made the last transaction in the month. Mutual funds advise updating PAN and KYC details in all folios.

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