AMFI launches common account statements (eCAS) in electronic form

MUMBAI: The Association of Mutual Funds in India ( AMFI) on Friday announced the roll out of mutual fund common account statements, or CAS, in the electronic form.

Last year, capital market regulator Securities Exchange Board of India ( SEBI) had directed all fund houses to provide a common account statement to every investor. Since November 2011, physical copies of CAS are being dispatched to investors. It is issued each month to MF unit holders in whose folios financial transactions have taken place during that month. Now, the electronic version of this statement will be sent to the investor's e-mail ID.

That is, the e-mail ID registered as per the investor's KYC (know-your-customer) records or the one registered in the last transacted folio during the month. The newly-launched eCAS system will offer convenience, security and anytime/anywhere access, an official release from AMFI said.

"One of the main challenges to roll out CAS was to aggregate data across five registrars and present a common account statement to an investor based on the PAN. Suitable independent partners had to be identified to address confidentiality related challenges," explained HN Sinor, chief executive, AMFI. Terming it a 'Go Green' initiative, he said that eCAS will offer convenience to investors.

The mutual fund body's deputy chief executive V Ramesh advised investors to update their KYC records with their latest e-mail IDs to ensure that the e-statements are sent to the correct ID.