Northspread
Archive / Mutual Fund Distributors / Investor Services
nism-series-va-consolidated-account-statement-cas-rules[ MUTUAL FUND DISTRIBUTORS ]

Under SEBI regulations, how is the Consolidated Account Statement (CAS) generated and dispatched to mutual fund unitholders across the industry?

[ A ]Generated separately by each AMC every day and sent exclusively via physical registered post.
[ B ]Issued only to institutional corporate investors holding over Rs. 100 crore in equity schemes.
[ C ]Generated on the basis of passport numbers for resident Indian investors with transactions over Rs. 50 lakhs.
[ D ]Consolidated on the basis of PAN across all mutual funds and depositories; issued monthly for folios with transactions, and half-yearly (by October/April) for non-active folios.[ CORRECT ]
Takeaway

Option D is correct: Consolidated on the basis of PAN across all mutual funds and depositories; issued monthly for folios with transactions, and half-yearly (by October/April) for non-active folios.

Derivation
SEBI mandates the issuance of a Consolidated Account Statement (CAS) that consolidates all mutual fund holdings and transactions across all AMCs and depository accounts based on the common Permanent Account Number (PAN) of the first holder. A monthly CAS is issued (via post/email) detailing transactions and month-end balances for folios with activity during the month. For folios with no financial transactions in the preceding six months (ending March/September), a half-yearly CAS is dispatched. This tests investor reporting standards. The common error is assuming CAS requires separate tracking per AMC.
Why the others fail
A — Generated separately by each AMC every day and sent exclusively via physical registered post.
CAS is an industry-wide consolidated monthly statement, not a daily individual document sent exclusively via registered post.
B — Issued only to institutional corporate investors holding over Rs. 100 crore in equity schemes.
CAS is mandatory for all retail and institutional unitholders across India, not restricted to high-net-worth corporate entities.
C — Generated on the basis of passport numbers for resident Indian investors with transactions over Rs. 50 lakhs.
Consolidation across mutual funds is strictly executed using the investor's PAN, not passport numbers.