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FAQ related to Mutual Fund Consolidated Account Statement!!!



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.

The first CAS statement shall be issued by November 10th, 2011 covering transactions processed in October 2011.


FAQ related to CAS(Consolidated Account Statement)

Why is Consolidated Account statement (CAS) being issued now?
Consolidated Account Statement (CAS) is being issued consequent to amendment in SEBI Regulations and introduction of sub-regulation (4) under regulation 36, which interalia 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?
A PAN is considered valid if the PAN details are matched with income tax website or KYC is completed by CVL. So only those folios that have valid PANs for all the holders (including joint holders)and also the order of all joint holders is similar will be consolidated while issuing a consolidated account statement.



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.


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.


What will be the frequency of CAS?
CAS will be sent on or before the 10th calendar day of the following month for folios which have been transacted in the previous month. Currently CAS will be sent only via physical and not electronic mode.


How will CAS be sent? Will it be sent via email?
Currently CAS will be sent by regular post, even if an email id is registered in any or all folios. After few months, CAS may be sent via email using any of the email id registered in any of the folios.
Hence, strongly advise investors to verify their email ids (registered in each folio and also printed in CAS against each folio) and update a single email id across all folios.


Will the investor get any individual statement from the AMC?
Yes. Folios with email id will continue to get regular fund specific account statements electronically after each financial transaction within 5 working days. Folios with no email id will get a monthly CAS.


What if some of the folios are not reflected in monthly CAS? Will the investor get any individual statement from the AMC?
If investors find some of their folios are not reflected in CAS, they should check the following and act appropriately
a. Whether the folio has any financial transaction, as CAS includes only the folios with financial transactions?
b. If yes, whether the PAN of all the unit holders has been updated in the folio?
c. If no, they should get PAN of all the unit holders updated in the folio/s for future inclusion in CAS.
d. If PAN is already updated, investor should check with respective mutual fund or the registrar about the discrepancy.



In case of any discrepancy in folios related details in CAS, what should the investor do?
Investor should approach respective mutual fund or the registrar in case of any discrepancy in financial transactions, folio details printed in CAS or for any other queries.

Source: Amfi India

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