Consolidated Account Statement (CAS)
A Consolidated Account Statement (CAS) is a single statement, linked to your PAN, that shows your mutual fund holdings and transactions across all fund houses, and also demat holdings if you have a demat account.
What Is a Consolidated Account Statement (CAS)?
A Consolidated Account Statement (CAS) is one statement that brings together your investments across mutual fund houses, identified by your Permanent Account Number (PAN). If you also have a demat account, the CAS can combine your demat holdings (shares, bonds, ETFs) and mutual fund folios in a single document.
SEBI introduced the CAS framework so investors do not have to collect separate statements from every AMC. Instead of tracking ten folios across six fund houses individually, you get one view of what you own, what you transacted and what it is worth.
You receive a CAS by email periodically, and you can also request one on demand. It is useful for portfolio reviews, tax filing, checking commissions and costs, and keeping family records.
How Does CAS Work?
- Your PAN links everything. AMCs and their Registrar and Transfer Agents (RTAs) share PAN-level folio data.
- Who issues it depends on whether you have a demat account.
- If you have a demat account, the depositories (NSDL or CDSL) consolidate your demat holdings and mutual fund folios and send the CAS.
- If you do not, the CAS for your mutual fund folios is issued on behalf of the AMCs through the RTAs.
- Monthly CAS if you transacted. If there was any transaction in your folios or demat account during a month, a CAS is sent for that month.
- Half-yearly CAS if you did not. If there were no transactions, a CAS showing your holdings is sent every half-year (for periods ending September and March).
- Email is the default. Since 2024, SEBI made email the default mode for CAS; you can still ask for a physical copy.
- On-demand CAS. You can request a summary or detailed CAS for a chosen period from RTA websites or MF Central.
Practical Example
Illustrative figures only.
Rahul invests in schemes of three AMCs and also holds shares in a demat account. In July he makes a ₹10,000 SIP instalment in one scheme and redeems ₹25,000 from another.
His July CAS (from his depository, since he has a demat account) might show:
| Section | What it shows (illustrative) |
|---|---|
| Portfolio summary | Total value ₹8,40,000: mutual funds ₹6,10,000, shares ₹2,30,000 |
| AMC 1 folio | SIP of ₹10,000 at NAV ₹50 = 200 units allotted; closing balance 2,400 units |
| AMC 2 folio | Redemption of 500 units at NAV ₹50 = ₹25,000; closing balance 1,500 units |
| AMC 3 folio | No transaction; holding shown with market value |
| Demat holdings | Shares and ETFs with quantity and value |
| Cost and value | Total cost of investment and current market value per scheme |
From this, Rahul can see his asset mix (mutual funds about 73% of the total: ₹6,10,000 ÷ ₹8,40,000 ≈ 72.6%), confirm his SIP and redemption, and spot any unexpected transaction.
Why Is It Important?
- Complete picture: One statement shows all your holdings, helping with Asset Allocation and Portfolio Rebalancing.
- Fraud detection: You can spot unauthorised transactions quickly.
- Cost transparency: Under SEBI's Master Circular, every CAS shows the cost of investment in each scheme. The half-yearly CAS (September and March) also shows the actual commission paid to distributors against your investment, and each scheme's average TER split into investment and advisory fees, distributor commission and other expenses.
- Tax filing: A detailed CAS helps compute capital gains, though you should cross-check with capital gains statements and your tax records.
- Estate planning: A CAS is an easy record for nominees to locate your investments.
Key Features or Components
| Feature | Details |
|---|---|
| Basis | PAN of the sole or first holder |
| Issuer | Depositories (if you have a demat account) or AMCs through RTAs |
| Frequency | Monthly if transactions occurred; half-yearly otherwise |
| Delivery | Email by default; physical on request |
| Contents | Folios, schemes, transactions, units, NAV, cost, market value, demat holdings |
| Half-yearly extras | Commission paid to distributors and the scheme's average TER with its break-up |
| On-demand versions | Summary (holdings) or detailed (transactions for a chosen period) |
Benefits and Limitations
Benefits
- Single, regulated, free statement across fund houses.
- Helps track performance, asset mix and costs.
- Password-protected PDFs improve security.
Limitations
- Folios not linked to your PAN, or with mismatched details, may be missing.
- Holdings of minors or folios where you are a second holder appear under the first holder's PAN.
- A CAS shows cost and value but may not give ready-made XIRR or tax-adjusted gains; you may need separate reports.
- Mutual fund units held only in demat appear in the depository CAS; on-demand RTA CAS may not cover them.
Comparison With Related Concepts
| Concept | Meaning | Key difference | Practical implication |
|---|---|---|---|
| CAS | Statement across all AMCs (and demat, if any) | Consolidated by PAN | Best for overall portfolio view |
| Statement of Account (SoA) | Statement for one folio from one AMC | Single AMC | Useful for folio-specific queries |
| Mutual Fund Transaction Confirmation | Confirmation of a single transaction | Issued after each transaction | Check units and NAV immediately |
| Capital gains statement | Report of realised gains for a period | Focuses on tax computation | Use for income tax filing |
| Demat holding statement | Holdings in your demat account | Covers only demat securities | Combined into CAS for demat holders |
How Does It Apply to Mutual Fund Investors?
- Monitoring: Review each monthly CAS to confirm SIPs, redemptions and switches.
- Costs: Check the half-yearly CAS for commission paid and compare Direct Plan vs Regular Plan costs.
- Documentation: Keep CAS copies with your financial records for tax and estate purposes.
- Detailed CAS on demand: Download a detailed CAS from RTA websites or MF Central to see full transaction history for a period.
- Investor responsibility: Keep your email, mobile and PAN details accurate across folios so the CAS is complete.
Common Mistakes and Misconceptions
-
"If I don't receive a CAS, I have no investments."
- Correct view: A missing CAS may result from an outdated email or mismatched PAN details.
- Why it matters: Update contact details with your RTA or depository participant to receive statements.
-
"The CAS shows my returns accurately."
- Correct view: It shows cost and market value; it does not always compute annualised returns like XIRR.
- Why it matters: Use XIRR (Extended Internal Rate of Return) for SIP performance.
-
"All CAS documents are the same."
- Correct view: Depository CAS, RTA CAS and on-demand summary or detailed CAS differ in coverage and detail.
- Why it matters: Choose the right version for your need, such as a detailed CAS for tax work.
-
"I can ignore the CAS emails."
- Correct view: Reviewing them helps you catch errors or unauthorised transactions early.
- Why it matters: Prompt reporting makes resolution easier.
Important Terms to Know
- Folio Number: Your account number with an AMC, listed in the CAS.
- Registrar and Transfer Agent (RTA): Shares folio data and provides on-demand CAS.
- Net Asset Value (NAV): Used in the CAS to value holdings.
- Expense Ratio: Costs disclosed alongside holdings.
- Mutual Fund Nomination: Nomination status may be visible in statements.
- Asset Allocation: The mix of assets you can track using your CAS.
Key Takeaways
- A CAS gives a single PAN-based view of your mutual fund (and demat) holdings and transactions.
- It comes monthly when you transact, half-yearly otherwise, by email by default.
- Half-yearly CAS includes commission paid to distributors, improving cost transparency.
- Keep PAN, email and mobile details consistent so your CAS is complete.
Related Glossary Terms
- Portfolio Disclosure
- Total Expense Ratio (TER)
- SIP Return vs Lump Sum Return
- Absolute Return
- Mutual Fund
References
- SEBI: Master Circular for Mutual Funds (20 March 2026) (CAS requirements for AMCs)
- SEBI circular: Revised timelines for issuance of Consolidated Account Statement (CAS) by Depositories (14 February 2025)
- SEBI Investor website: Consolidated Account Statement
- SEBI: FAQs for Mutual Fund Investors
- CDSL: CAS FAQs
- MF Central
Disclaimer
This content is for educational and informational purposes only and is not personalised investment, tax or legal advice. Statement timelines and formats are set by SEBI and may change; refer to the latest circulars and official communication from your depository, AMC or RTA.
Make your CAS more useful by learning about Asset Allocation and Portfolio Rebalancing in the FynnChintan Finserv glossary.
Frequently Asked Questions
Is the CAS enough for filing my income tax return?
It is a useful record, but for capital gains you should use a capital gains statement from the AMC or RTA and verify against your Annual Information Statement (AIS). Consult a tax professional if you have many transactions.
Who sends the CAS: the depository or the AMC?
If you have a demat account, the depositories (NSDL or CDSL) send a CAS combining your demat holdings and mutual fund folios. If you do not have a demat account, the CAS for your mutual fund folios is issued on behalf of the AMCs through the RTAs.
How often will I receive a CAS?
You receive a CAS for every month in which there is a transaction in your folios or demat account. If there are no transactions, you receive a half-yearly CAS showing holdings as of September and March.
How can I download a detailed CAS?
You can request a summary or detailed CAS for a chosen period through RTA websites or the MF Central portal using your PAN and registered email. The statement is usually emailed as a password-protected PDF.
Why are some of my folios missing from the CAS?
Common reasons include folios not linked to your PAN, different email or mobile details, holdings where you are a second holder, or units in demat form not covered by an RTA statement. Update your details with the AMC or RTA to fix this.
Does the CAS show distributor commissions?
Yes. Under SEBI's Master Circular for Mutual Funds, the half-yearly CAS (for periods ending September and March) shows the gross commission paid to distributors against your investment in each scheme, along with the scheme's average TER and its break-up.
This explanation is for general education only and is not investment advice. Mutual fund investments are subject to market risks; read all scheme-related documents carefully.