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SEBI is looking to come up with a single account statement for every investor to tackle the problem of monitoring one's investments

For an industry which prides itself on being very investor-friendly on transparency, disclosures and costs, Indian mutual funds have failed to address one long-felt need of their investors - that for a single-window investment experience. Anyone who owns a number of mutual fund schemes would, at one time or another, have been thoroughly frustrated by the difficulty of completing KYCs and dealing with multiple fund houses when making their investments.

Monitoring your investments spread across different fund houses is even tougher, with each fund issuing a separate accounts statement, that too in a non standardised format. If you own many funds, as most people do, you are deluged in a mass of email or paper statements that you have to file away like a Government office.

This is in sharp contrast to stock market investments, where from day one, you receive a single consolidated demat statement that neatly captures your transactions as well as month-end holdings in all shares.

SEBI is now looking to tackle this problem (of monitoring your funds) by directing all fund houses and mutual fund registrars to coordinate with the stock market depositories (NSDL and CDSL) to come up with a single account statement for every investor's shares as well as mutual fund investments. In a circular issued on November 12, it has directed depositories, AMCs and mutual fund registrars to come up with a consolidated accounts statement for all their investors from the month of March 2015. These accounts statements will have the following features:

·         The CAS (as the consolidated account statement is called) will give you, a single view of all your shares and mutual fund investments

·         If there are transactions in shares or funds every month, you will receive CAS at every month-end. If there are no trades, the statement will be given at half yearly intervals

·         The consolidation across schemes will be done on the basis of the investor's PAN. Sharing of your PAN number is thus essential to get this facility

·         Where you have both a share demat account and mutual fund investments, it is the depository (NSDL or CDSL) which will send you this statement. If you don't own shares at all, it is the AMC/mutual fund registrar who will send you this statement

·         If you opted for email statements, the statement will come to you through email. But you can opt for a physical statement too

·         All investors will be given an option in January 2015 to opt in or out of this facility

Now, tech-savvy investors may wonder why anyone needs this once-a-month CAS at all. For people who store their portfolios (both stocks and mutual funds) in professional tracking tools on the web, this 'innovation' of a consolidated statement comes several years too late.

Not only do these investors already have a live update on the performance of their investments, any time they log on, most portfolio tracking tools also offer a host of analytics that slice and dice their portfolios for them. So you have alerts on fund and stock dividends, bonuses and splits, sector wise breakups of your funds/stocks and a host of other utilities.

But CAS can certainly be a useful tool for the thousands of Indian mutual fund investors who either aren't tech-savvy (many senior people are extremely investment savvy but not internet-savvy) or lack good internet connections that are essential to use such services. One does encounter scores of readers, who painstakingly track their mutual fund returns by picking up the NAVs from newspapers and then working out their funds' return each week or month. The CAS may prove a godsend to such investors.

In fact, the main problem that many of these investors face today is that of 'financial exclusion'. Because most mutual fund transactions have moved to the online mode and customer services to email, such investors find it extremely difficult to obtain even a reasonable level of service from the fund houses. Their requests for physical statements often fall on deaf ears.

It would be good if SEBI takes special care to ensure that physical CAS does reach out to all these investors.

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

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