The Most Authentic Guide on Personal Finance and Investments

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Consolidated Account Statement for all Securities

About a year back, SEBI and AMFI had put in place a system so that you could periodically receive a Consolidated Account Statement (CAS) for all your mutual fund holdings.

This facility has now been extended. Henceforth, your consolidated account statement would... in addition to the mutual funds... also include all kinds of securities that you hold in your demat account. This typically comprises shares, tax-free bonds, NCDs, infrastructure bonds, gold ETFs and such other securities that you may have bought through your demat account.

SEBI has recently issued a circular in this regard, after extensive consultation with the Depositories, AMFI and MF-RTAs. Some of the key aspects of the same are outlined below.

1. Your PAN No. would be the basis for such consolidation.

2. If there are multiple holders, PAN No. of the first holder would be considered.

3. Every month AMCs / MF-RTAs would share the requisite MF details with the Depositories.

4. Depositories will then match these PANs with their database of demat account holders.

5. For PANs that are common with the AMCs, Depositories will dispatch the CAS to the account holders.

6. For PANs with no demat accounts, AMCs / MF-RTAs would continue with their practice of sending the MF CAS as per the guidelines issued last year.

7. If you have multiple demat account across different depositories, then the account that was opened first would become the default depository to send you your CAS. However, you have the option to choose through which depository you would prefer to receive your CAS from.

8. CAS would be sent on monthly basis. AMCs / MF-RTAs would send the details to depositories within 3 days after end of the month. Depositories would then do the consolidation and send you the CAS within 10 days after end of the month.

9. You have the option to receive CAS either as email or a physical copy mailed to your registered address.

10. Depositories and AMCs / MF-RTAs are responsible for data integrity and confidentiality of all information shared with each other.

11. Depositories and AMCs / MF-RTAs have to also set up an appropriate grievance redressal mechanism.

12. You can also opt out in case you do not wish to receive your CAS.

The first such CAS report shall be sent you in Mar 2015 regarding all your transactions during Feb 2015; and shall continue thereafter every month. However, if there are no transactions, CAS will come to you on a six-monthly basis.

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