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Much like a bank account number, a Folio number depict yours holdings in the schemes of a fund house. There is absolutely no restriction on the number of Folios that you can have with a particular fund house. However, it is good housekeeping to have a minimal number of Folios so that it is easier to keep track of your investments.
The Cut-off timing is the time before which an investor has to submit a valid purchase or withdrawal/ redemption form to be eligible for a particular day's price or NAV.
A phrase you commonly hear is that mutual funds are market linked investments. They can invest in either Equity, Bond or Gold markets and these markets have fixed open and closing hours for trading. The NAV of the scheme is highly correlated with the state of the markets. So in order to be eligible for a particular days' NAV, the fund manager needs to be aware of the amount that needs to be purchased or sold as per the settlement period and trading times of the markets. The timings also largely help in ensuring that all classes of investors get the same treatment irrespective of their quantum of investing.
As the name suggests, it is a statement that reflects your holding in a scheme. A statement of accounts is like a bank pass book.
An account statement will reflect the following
The industry issues a consolidated account statement across fund houses once a month. However, one is free to request for an account statement with each fund house that will solely reflect the holdings in the schemes managed by that particular fund house, although there are charges levied for requesting an account statement.