SEBI has directed fund houses to send a common monthly account statement to investors who transact in any one of the folios of the funds and a common half-yearly account statement for all non-transacted folios. The common account statement (CAS) will include information on the transaction charge paid to the distributor.
What is CAS?
Unlike a normal account statement issued by a mutual fund (MF) house, which provides details of a particular folio or a scheme, CAS provide the status of all your folios in different fund houses at one place. CAS use your PAN number to combine the details of all your folios and offer you information about investments, redemptions, switches, dividend payouts and reinvestments, among others. CAS also mention your nominee registration status, mode of holding and knowyour-client (KYC) status for each folio and scheme.
How frequently CAS is issued?
CAS would be issued in April and October of every year.CAS would also be issued for the month when you transact in any one of the schemes held by you. In this case, CAS would include details of only those folios in which you transact.
What are CAS benefits?
CAS would ensure that you do not have to track the account statements of different MF schemes separately and thus would help you reduce your paperwork. CAS would also help you to track the quantum of your MF investments at one go at the time of portfolio review or otherwise.
What are CAS limitations?
CAS would be unable to give you a status update on non-financial transactions such as updating your residence address or change in bank account details, among other things.CAs cannot provide details of transactions under demat mode as well.