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Consolidated Account Statements 

It's like all mutual funds coming together
to give you a single report, periodically.  
What is a Consolidated Account statement (CAS)?
 

Consolidated Account Statement is a single account statement that consolidates financial transactions in all your portfolios, across all schemes of all mutual funds. The Consolidated Account Statement (CAS) is being issued consequent to an amendment in the SEBI Regulations.

When does one receive the Consolidated Account Statement?
 

A consolidated account statement will be sent either on or before the tenth day of the succeeding month, detailing all the transactions and holdings at the end of the month, including transaction charges paid to the distributor, across all schemes of all mutual funds and to everyone whose portfolio transactions have taken place during that month.

What is the basis for consolidation of portfolios to be considered for CAS?
 

As per amendments to SEBI regulations, the asset management company shall identify common investors across fund houses by their permanent account number (PAN) for the purposes of sending Consolidated Account Statements.

Consequently, only those portfolios that have any of the following, will be considered and consolidated while issuing a CAS.

  1. Financial transactions in a month
  2. Identical holders
  3. All unit holders who are KYC compliant
Will all of my portfolios be included in the monthly CAS?
 

A monthly CAS will only include those portfolios in which financial transactions have taken place during the given month, provided they have valid PAN numbers available for all the unit holders.

For example, if you have three portfolios and transact in only two of them in a month, the CAS for the month will include only the two active portfolios and not the third one.

So what happens if there are no financial transactions in a particular portfolio for a month?
 

Such portfolios will not reflect in the statement.

Which financial transactions will be included in CAS?
 

The CAS will include all types of financial transactions like purchases including NFOs, redemption including maturity, switches, systematic transactions like SIP, SWP, STP etc., dividend payouts or reinvestments, merger, bonus transactions etc.

Please note that non-financial transactions like updating of addresses, bank details, nominee registration etc. will not be included because the confirmation for these is sent separately by individual AMCs.

Suppose I hold units in the dematerialised mode, will I still get a CAS?
 

Transactions under the dematerialized mode will not be included and you should check the dematerialised account statement for the same.

What if there are no transactions in a portfolio for a long period?
 

The CAS for portfolios that do not have a financial transaction in a half-year period, ending September or March, will be sent in the following month detailing the holding at the end of six months.

Will minor's portfolios be considered for consolidation?
 

No, a minor's portfolios will not be considered for consolidation since different portfolios of the same minor may have different guardians in different mutual funds and it will be inappropriate to consolidate on the basis of the PAN of the guardian.

Will a statement be sent in cases involving portfolios not included in CAS?
 

Yes. A regular standard statement will be sent to account holders individually by each asset management company as per their practice. This too is generally sent on a monthly basis.

What investor details will the CAS include?
 

Apart from details of financial transactions, opening and closing unit balances in each portfolio, the CAS will also reflect the email ID registered, nominee registration status, mode of holding, KYC status, ISIN and UCC for each portfolio and scheme.

What investor details will the CAS exclude?
 

Apart from non-financial transactions, sensitive information like registered bank account details, PAN and contact numbers will not be included in the CAS. The mobile number will be provided, although it will be masked to maintain confidentiality and privacy.

To which address will the CAS be sent to if I have provided different addresses in the portfolios?
 

As a PAN based KYC is mandatory for all purchases and would be updated in a few portfolios by virtue of a purchase transaction, the CAS is generally sent to the KYC address of an investor.

However, if the KYC has not been updated in any of the portfolios considered for consolidation, then the CAS will be sent to the address available in the portfolio with the last transaction of the month by the investor.

We strongly advise you to update your PAN and KYC details in all portfolios in the mutual fund industry by approaching the respective mutual funds or their registrars.

If for any reason I need a duplicate CAS, what is the procedure I should follow?
 

A duplicate CAS will not be available in physical form for the past months. If you have a registered e-mail ID, you may use the mail back services provided by registrars of various mutual funds to get a duplicate statement.

Do you also get an individual statement from the AMC?
 

Portfolios with a registered e-mail ID will continue to get regular fund specific transaction intimation electronically after each financial transaction, within 5 working days. But portfolios with no e-mail ID will only get a monthly CAS.

How can I verify that details mentioned in the application form are captured correctly by each AMC?
 

The AMC's will continue to send the first account statement for a new portfolio separately, with all registered details to help you verify the same.

What do I do if some of the portfolios are not reflected in the monthly CAS?
 

If you find that some of your portfolios are not reflected in the CAS, you should check the following and act appropriately:

  • Whether the portfolio has had any financial transaction in that month, since the CAS includes only those portfolios with financial transactions. 
  • If yes, then check whether the PAN of all the unit holders has been updated in the portfolio.
  • If no, you should get to doing that immediately so that you don't face the same problem in the future.
  • If the PAN is already updated, then you should check with the respective mutual fund or the registrar about the discrepancy.
In case of any discrepancy in portfolio related details in the CAS, what should one do?
 

It's simple; just approach the respective mutual fund or the registrar who will clarify any discrepancies for you.

 
 
 

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