Consolidated Account Statement
Also written CAS · Consolidated Account Statement (CAS)
A single statement showing an investor's transactions and holdings across every scheme of every mutual fund in India, linked by PAN and issued monthly where there has been a transaction.
In plain language
Most investors hold schemes at three or four fund houses. Left alone, that is three or four separate statements arriving at different times, in different formats, none of which shows the whole portfolio.
The Consolidated Account Statement fixes it. It is one document, built by the registrars, showing all the transactions and the holdings at the end of the month across all schemes of all mutual funds for a given investor.
The thread that ties the folios together is the PAN.
How it works
Chapter 9.5 sets out the machinery, and the frequencies are the examinable part.
Where there has been a transaction. The AMC must ensure a consolidated account statement for each calendar month is issued, by post or email, per the timeline SEBI specifies, detailing all transactions and the holdings at the end of the month across all schemes of all mutual funds, to every investor in whose folio a transaction took place during that month.
Where there has not. For investors in whose folios no transaction has taken place during the preceding six-month period ending in September or March, a consolidated account statement is issued on a half-yearly basis.
How investors are identified. The AMC identifies a common investor across mutual funds by their permanent account number.
And "transaction" is defined widely: purchase, redemption, switch, dividend payout, dividend reinvestment, systematic investment plan, systematic withdrawal plan, systematic transfer plan and bonus transactions. A running SIP is therefore a monthly transaction, and keeps the CAS monthly.
Separately from the CAS, mutual funds issue a monthly Statement of Account where there has been a transaction in the month, and an annual account statement to unit-holders who have not transacted in the last six months.
A worked example
The Iyers hold, all under one PAN:
| Fund house | Scheme | Activity |
|---|---|---|
| Fund A | Flexi-cap | SIP of Rs 10,000 on the 5th |
| Fund B | Liquid | Lump sum Rs 4,00,000, untouched for two years |
| Fund C | ELSS | Lump sum Rs 1,50,000, untouched for two years |
Because the SIP into Fund A is a transaction every single month, a CAS is issued every month — and it carries the Fund B and Fund C holdings too, even though nothing happened in them. One statement, Rs 4,00,000 + Rs 1,50,000 + the growing flexi-cap folio, all visible together.
Now suppose the SIP is stopped in February. March, April, May, June, July and August pass with no transaction anywhere. For the six-month period ending September, there is nothing to report monthly, so the family receives a half-yearly CAS instead.
Had the ELSS folio been opened years earlier without a PAN or a valid email, it would not appear on the CAS at all — which is exactly the gap SEBI is closing with MITRA and the rules on inactive folios.
Why NISM asks about it
Chapter 9.5 (Account statements for investments) is a near-certain source of questions, because the three frequencies sit side by side and are easy to confuse: the monthly CAS where a transaction occurred, the half-yearly CAS for folios with no transaction in the six months ending September or March, and the annual account statement for unit-holders who have not transacted in the last six months. The other reliable question is the identifier: the CAS is built on PAN.
Common exam traps
- The CAS spans all fund houses; the account statement does not. A Statement of Account comes from one mutual fund.
- PAN is what links the folios. A folio without a PAN simply will not appear — a live cause of unclaimed mutual fund assets.
- The half-yearly reference periods end in September and March, not at the end of any rolling six months.
- A running SIP counts as a transaction, so the CAS stays monthly even if the investor does nothing.
- Dividend payout and dividend reinvestment are transactions too, and so are bonus transactions — a folio in the IDCW option rarely goes quiet.
Where this is taught
- Series V-A · Chapter 9: Investor Servicesintroduced here
- Series II-B · Chapter 14: Financial Transactionsintroduced here
- Series VI · Chapter 3: Depository and its business partnersintroduced here
- Series V-D · Chapter 9: Investor Servicesintroduced here
- Series V-B · Chapter 9: Investor Servicesintroduced here
Related terms
- Folio numberThe unique account number a fund house allots to an investor, under which the registrar holds that investor's units across every scheme of the fund, along with the bank mandate, address and signature.
- MITRAMutual Fund Investment Tracing and Retrieval Assistant — an industry-level platform built by the RTAs and hosted by CAMS and KFintech to help investors find inactive and unclaimed mutual fund folios.
- Registrar and Transfer AgentThe SEBI-registered agency that keeps the investor records of a mutual fund — processing purchases and redemptions, updating folios and unit capital, and issuing account statements.
- Systematic Investment PlanA facility to invest a constant amount into a scheme at regular intervals, which buys more units when the NAV is low and fewer when it is high and so averages the cost of acquisition down.
- IDCWThe renamed dividend option of a mutual fund scheme — a payout that is part income and part return of your own capital, which is why the NAV falls by exactly the amount distributed.
- MFCentralA unified digital portal built by CAMS and KFintech under SEBI mandate, giving investors a single-window, consolidated view of all their mutual fund holdings and letting them place service requests across AMCs.
- Unclaimed amountsDividend and redemption money a mutual fund investor never collected, held in a separate liquid plan — paid at prevailing NAV if claimed within 3 years, at the 3-year NAV if claimed later.
- Common Transaction FormThe single form offered by MF Utilities for transacting in several schemes across participating mutual funds at once, with one payment, submitted through a distributor or any neutral Point of Service.
- Statement of AccountsThe registrar's proof of investment for a mutual fund folio, showing amount, price and units for each transaction and, from the second one, the balance units and their current value.
- Account AggregatorAn RBI-regulated NBFC that retrieves a customer's financial information from Financial Information Providers — including AMCs through their RTAs — and passes it on only with the customer's explicit electronic consent.
- Demat accountAn account with a depository participant of NSDL or CDSL that holds your shares and other securities in electronic form. Since April 1, 2019, shares must be in demat form to be transferred.
- NACHNational Automated Clearing House — NPCI's centralised electronic clearing system for repetitive payments, which replaced ECS and now carries SIP debits and dividend and redemption credits.