If you have investments across
different mutual funds, you can now receive a
consolidated account statement (CAS) instead of multiple statements from different fund houses. The mutual fund industry body, the Association of Mutual Funds in India (Amfi), recently said that a CAS will be issued to investors if there are any transactions during a month.
The CAS would be issued by the registrar and transfer agents (RTAs) of the fund houses. RTAs are third-party agents who perform functions such as processing of buy, sell and switch requests, etc, on behalf of the fund houses. There are four RTA agents-CAMS, Karvy Computershare, Deutsche Investor Services and Franklin Templeton-serving 42 fund houses. "This is an investor-friendly initiative as it allows single-window view of all their transactions", said HN Sinor, chief executive, Amfi.
Earlier, RTAs issued account statements based on email addresses provided by investors. Now, the CAS would be compulsorily issued based on their Permanent Account Number issued by the income-tax department.
It is still not clear if the statements would have details of investments spread across all RTAs. Srikanth Meenakshi, chief operating officer, Fundsindia.com, says, "It seems that RTAs would have separate CAS, which would not include investments serviced by rival RTAs."
