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Mutual Fund Consolidated Account Statement-FAQ

By   /   August 24, 2013  /   No Comments


What is a Consolidated Account statement (CAS)

Consolidated Account Statement is a single account statement that consolidates financial transactions in all folios of an investor across all schemes of all mutual funds.


Why is Consolidated Account statement (CAS) being issued now?

SEBI states that “the asset management company shall ensure that consolidated account statement for each calendar month is issued, on or before tenth day of succeeding month, detailing all the transactions and holding at the end of the month including transaction charges paid to the distributor, across all schemes of all mutual funds, to all the investors in whose folios transaction has taken place during that month.”


What will be the basis for consolidation of folios to be considered for CAS?

As per amendment to SEBI regulations, the asset management company shall identify common investor across fund houses by their permanent account number for the purposes of sending consolidated account statement. Consequently, only those folios that have a) financial transactions in a month, b) identical holders and c) all unit holders are KYC compliant will be considered and consolidated while issuing a consolidated account statement.


Which folios will be included or consolidated in CAS? Whether all the folios will be reflected in the monthly CAS?

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

For example, if an investor has three folios and transacts in only two folios in a month, the CAS for the month will include only the two folios and not the third folio.


What happens if there are no financial transactions in a particular folio for the month?

CAS will include only the folios with financial transactions and hence these folios will not reflect in the statement.


Which financial transactions will be included in CAS? Mutual Fund Consolidated Account Statement

CAS will include all types of financial transactions like purchase 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 updation of address, bank details, nominee registration etc will not be included as confirmation for these will be sent separately by individual AMCs.


I hold units in demat mode. Will I get a CAS?

Transactions under demat mode will not be included as investors should check their demat account statement for the same.


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

CAS for folios 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 folios be considered for consolidation?

No. Minor folios will not be considered for consolidation as different folios of same minor may have different guardians in different mutual funds and it will be inappropriate to consolidate on the basis of PAN of the guardian.


Will a statement be sent in case of folios like Micro SIP folios, or where the PAN is not valid, sincesuch folios will not be included in CAS?

Yes. Regular standard statement will be sent to the account holders individually by each asset management company as per their practice. Generally this may be sent on a monthly basis.


What details of the investor will be included in CAS?

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


What details of the investor will not be provided in CAS?

Apart from non financial transactions, sensitive information like registered bank account details, PAN and contact numbers will not be included in CAS. Mobile number will be provided however will be masked to maintain for confidentiality and privacy.


CAS will be sent to which address? What if the investor has different addresses in different folios?


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About the author

Hi My name is Hari Om Tripathi. I am an engineer by chance & a Personal Financial Planner by choice. Currently residing in Kanpur & writing full time for Financial Kundali. In case you have any query about Personal Financial Planning such a buying a MF or ULIP, going for a life insurance plan or a term plan, to surrender your policy or not or any other questions related to your Personal Financial Planning, write to me at financialkundali@gmail.com

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