What is Consolidated Account Statement in India?

The journey towards a unified investment statement gained momentum following the Interim Budget announcement in 2014, which envisioned “one record for all financial assets of every individual”. SEBI, after deliberations with Depositories (NSDL and CDSL), the Association of Mutual Funds in India (AMFI), and Registrar and Transfer Agents (RTAs) like CAMS and KFintech, mandated the consolidated account statement (CAS) via a circular in November 2014. Implemented from March 2015, its primary goal was to provide investors with a single, consolidated view, simplifying tracking and aligning with the government’s broader objective. This initiative marked a significant step towards enhancing transparency and empowering investors in the Indian securities market.

In this article, we will understand CAS in depth along with types of CAS, how CAS works, how to download CAS, and the advantages and disadvantages of the same.

What is CAS (Consolidated Account Statement)?

So, what is CAS exactly? It’s a single, combined statement detailing your financial transactions and holdings across all mutual funds and securities held in dematerialised (Demat) form within a specific period. Think of it as a master report for your investments linked to your Permanent Account Number (PAN).

The scope of a CAS typically includes:

• Mutual Fund units (whether held in Demat form or as a Statement of Account – SOA).
• Equity Shares held in your Demat account(s).
• Preference Shares.
• Debentures and Bonds (Corporate Bonds, Sovereign Gold Bonds etc.).
• Government Securities (G-Secs).
• Money Market instruments held in Demat form.

Essentially, it consolidates information from various Asset Management Companies (AMCs) and your Demat account held with NSDL or CDSL, providing a holistic view based on your PAN.

How Does Consolidated Account Statement Work?

The workings behind the consolidated account statement lies in its PAN-based consolidation. Here’s a simplified breakdown:

• Data Sharing: AMCs/RTAs share PAN-linked mutual fund investment data with the Depositories (NSDL and CDSL) monthly.
• PAN Matching: Depositories match this data against their Demat account holder database to identify investors holding both mutual funds and Demat securities under the same PAN. For joint accounts, the PAN of the first holder and the holding pattern are considered.
• Issuer Determination:
  • Depositories Issue: If your PAN exists in both Depository and RTA databases (meaning you have both Demat securities and MF units), the Depository (NSDL or CDSL) issues the fully consolidated CAS, combining details from both sources.
  • RTAs/MFs Issue: If you only hold mutual funds (in SOA form) or if your PAN doesn’t match across systems, the respective RTA (like CAMS or KFintech) or the Mutual Fund house sends a statement, typically containing only your mutual fund details.
• Default Depository: If you hold Demat accounts with both NSDL and CDSL, the Depository where you opened your first account becomes the default issuer for the consolidated CAS, unless you request otherwise.

RTAs like CAMS and KFintech play a crucial facilitating role by providing accurate MF data to Depositories and offering platforms for investors to request their statements.

Types of CAS or Consolidated Account Statement

We will now understand types of CAS based on three different aspects.

1. Based on Delivery Mode:
   • Electronic CAS (e-CAS): Delivered via email as a password-protected PDF. This is now the default mode as per SEBI regulations effective August 1, 2024.3
   • Physical CAS: A printed statement sent by post to your registered address. Available upon specific request or if you opt-out of e-CAS.
2. Based on Issuer & Scope:
   • Depository CAS: Issued by NSDL or CDSL when you hold both Demat securities and mutual funds linked to the same PAN. This is the most comprehensive version.
   • RTA/MF CAS: Issued by CAMS, KFintech, or the specific AMC when you only hold mutual funds (in physical/SOA form) or if PAN linkage with Depositories isn’t established. This covers only MF holdings.
3. Based on Detail Level:
   According to the Association of Mutual Funds in India (AMFI), investors can generate two types of CAS: a Summary CAS or a Detailed CAS. A summary CAS is a single document that summarises all investments of an investor across different demat account and mutual funds folios, which help to provide a consolidated view of holdings and transactions, While detailed CAS offers a more comprehensive breakdown of each investment with additional information like purchase dates, quantities, and transaction costs within the consolidated statement.

How to Download the Consolidated Account Statement?

CDSL provides an online facility for downloading CAS statements. Follow these steps to download the consolidated account statement.

1. Visit: https://www.cdslindia.com/cas/logincas.aspx
2. Click Login > CAS/Declare Bonafide > Login.
3. Enter PAN and 16-digit demat account number.
4. Provide date of birth and captcha, then click Submit.
5. Enter the OTP sent to your registered mobile.
6. Download the CAS.

Additionally, an investor can access CAS through the NSDL website or from the following:

1. Visit the website https://www.camsonline.com/
2. Click on the tab named Investor Services
3. Click on CAS-CAM, KFin Tech, FT, SBFS
4. Type in your email ID and your PAN (Permanent Account Number)
5. Choose your password, and it does not have to be the same as the given mutual fund account.

You can also check your CAS directly through your Demat Account App, which makes it easier to track your holdings on the go.

Advantages and Disadvantages of CAS

Advantages

• Consolidated View: CAS provides an entire overview of stocks, bonds, mutual funds, and other securities invested by an investor in one document.
• Time-Saving: The consolidated view allows investors to glance at all investments in one place and eliminates the need to check multiple accounts.
• Regulatory Compliance: CAS, as mandated by SEBI guidelines, enhances transparency.
• Portfolio Management: CAS bring efficiency to investment planning and helps for easier tracking of investment performance

Disadvantages

• Duration: CAS is available only for the last six months; older records require a request to be sent to depositaries or mutual funds.
• Large transaction CAS complex to comprehend: Investors with large portfolios may find the CAS challenging to interpret.
• Privacy Risks: CAS contains sensitive financial details, and any data breach puts it at risk of privacy.
• Reliance on RTA: Data accuracy of CAS depends on the efficiency of registrars and depositories as they contribute to providing details of transactions.

Conclusion

Consolidated account statement help investment management by providing a complete bird-eye view of financial instruments, including mutual fund holdings, in a single document. It allows investors to analyse portfolio performance and make informed decisions. Since depositories issue it directly, it provides an accurate financial snapshot.

By regularly reviewing your CAS, ensuring your PAN and contact details are consistently updated across platforms, and understanding how to access it you can maintain better control over your portfolio, verify transactions accurately, simplify record-keeping, and streamline your tax preparation.