Mutual Fund Statement (CAS vs AMC Statement)
The official record of mutual fund holdings and transactions issued either as a Consolidated Account Statement (CAS) covering folios across all AMCs linked to a single PAN, or as an individual AMC statement for a specific fund house — with CAS generated jointly by CAMS and KFintech via NSDL/CDSL infrastructure.
Investors in Indian mutual funds received two primary types of account statements: the Consolidated Account Statement (CAS) and the individual AMC or RTA statement. Understanding the difference was important for accurate portfolio tracking and income-tax reporting.
The CAS was introduced by SEBI to provide investors a single document showing all mutual fund folios — and demat account holdings — linked to a common PAN. The CAS was generated by CAMS and KFintech in coordination with depositories NSDL and CDSL. It captured transactions across all fund houses, regardless of whether the AMC was serviced by CAMS, KFintech, or a smaller in-house RTA (such as Franklin Templeton's). CAS could be requested on the CAMS or KFintech portals, or through AMC portals, and was emailed monthly to investors with active folios. The statement included purchase and redemption details, current units held, NAV as of statement date, current value, average cost of purchase, and gain or loss.
The individual AMC statement was a scheme-level document issued by a specific fund house showing only that AMC's schemes held in the investor's folio. This was useful for scheme-specific tax computation or when an investor needed granular transaction history for a single fund.
For income-tax purposes, the CAS served as supporting documentation for capital gains computation. AMFI standardised the CAS format to include cost basis (average cost method, FIFO, and scheme-specific data where applicable). Form 26AS-linked reporting of mutual fund redemptions (applicable from FY2020 onwards) was reconcilable with CAS data.
SEBI's 2020 circular mandated that CAS be sent to investors every six months even without transactions, and monthly when transactions occurred. Investors could also access NSDL and CDSL portals to generate CAS inclusive of demat-held mutual fund units. Physical CAS was available on request.