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Mutual Fund eCAS launched by AMFI

H N Sinor, Chief Executive - AMFI states, “One of the main challenge to roll out CAS was to aggregate data across 5 registrars and present a common account statement to an investor based on the PAN.

December 21, 2012 7:52 IST | India Infoline News Service

Electronic form of Mutual Fund Common Account Statements (eCAS) is launched by Association of Mutual Funds in India (AMFI).


Mutual Fund houses in India, in collaboration with Association of Mutual Funds in India (AMFI) have started issuance of the Mutual Fund Common Account Statement in electronic form. ‘eCAS’ as it would be called, is an electronic form of the erstwhile paper statements and would offer an investor enhanced value, convenience and security with benefits such as anytime/anywhere access while promoting a ‘Go-Green’ initiative.


Securities Exchange Board of India (SEBI) had mandated all Mutual Funds to provide a common account statement (CAS) to investors. This first of its kind move by SEBI, aimed towards investor convenience, was rolled out by the MF houses and AMFI since November - 2011.


On being commissioned, this SEBI driven initiative became the first of its kind, not only in the Indian Financial Services Industry but also across the globe. Aimed towards enhancing investor convenience, CAS was issued for each calendar month, to MF unit holders in whose folios financial transaction/s have taken place during that month.


H N Sinor, Chief Executive - AMFI states, “One of the main challenge to roll out CAS was to aggregate data across 5 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. With eCAS, we believe that investors will have further convenience and we will together make a positive impact on our environmental responsibility through this go-green initiative”.


After about a year of furnishing CAS in physical form, going forward, eCAS would be sent via email to the valid email id registered as per the KYC records of MF investors or to the email id registered in the last transacted folio during the month.


V Ramesh, Deputy Chief Executive - AMFI states, “In order to receive eCAS efficiently, we advise all MF investors to update their KYC records with their latest email id, thereby ensuring quick and appropriate delivery of your consolidated account statements”.




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