Lesson 7 of 10 · Investor Services & Transactions

Account Statement, CAS & Digital Records

Account statements are the investor's record of transactions and holdings. This lesson explains the transaction confirmation and the Consolidated Account Statement (CAS): who issues it, when it is sent and what the half-yearly statement shows about costs.

Fact-checked 8 October 20263 practice questions in the game

Why statements matter

A statement is the investor's record of what was bought, what was sold and what is held. The fund house confirms each transaction to the investor, and a periodic statement brings the holdings together in one place.

A statement shows the value on a given date. That value moves with the market.

The Consolidated Account Statement

The Consolidated Account Statement (CAS) brings together an investor's mutual fund holdings across all fund houses, identified by PAN. An investor with folios in several fund houses therefore sees them in a single document.

The CAS is generated by the registrars and transfer agents on behalf of the fund houses. Where units are held in demat form, the depository issues the statement. SEBI and the investor's bank do not issue it.

When it is sent

A monthly CAS is sent only for a month in which there was a transaction, by the 15th of the next month.

A half-yearly CAS is sent for the periods ending September and March to investors who hold units, even if there were no transactions. An investor who makes no transactions therefore still gets at least two statements of holdings a year.

What the half-yearly CAS adds

The half-yearly CAS shows the commission actually paid to the distributor, in rupees, and the scheme's average total expense ratio. An investor in a regular plan can thus see what distribution costs in money terms.

Statements also give the purchase dates and amounts needed to work out capital gains when units are redeemed.

Rules at a glance

CAS coverageHoldings across all fund houses linked to a PANMaster Circular (20 March 2026)

Issued byRegistrars and transfer agents for the fund houses; depositories for units in demat formMaster Circular

Monthly CASOnly for a month with a transaction; by the 15th of the next monthMaster Circular, para 15.7.4

Half-yearly CASFor the periods ending September and March, even without transactionsMaster Circular, para 15.7.4

Cost disclosureCommission paid to the distributor in rupees; scheme's average total expense ratioIn the half-yearly CAS

Illustration

Half a year of statements (illustrative)

Naveen holds units with three fund houses under one PAN. In July he makes one purchase, so a monthly CAS covering his holdings across the three fund houses is sent by 15 August. In August and September he makes no transactions, and no monthly CAS is sent for those months.

He still receives the half-yearly CAS for the period ending September. It shows, in rupees, the commission paid to his distributor and each scheme's average total expense ratio.

Worked example

Reading value and gain from a statement (illustrative)

Assumptions for the arithmetic only: a statement shows 1,250 units of a scheme, bought for ₹45,000 in all, and a NAV of ₹42.00 on the statement date.
Value on the statement date = 1,250 × ₹42.00 = ₹52,500.
Unrealised gain = ₹52,500 − ₹45,000 = ₹7,500.

Result. The holding is worth ₹52,500 on that date, ₹7,500 above cost. The figure is on paper only: it changes with the NAV, and a capital gain arises when units are redeemed.

Key points

The fund house confirms each transaction to the investor.
The CAS shows mutual fund holdings across all fund houses linked to a PAN.
It is generated by the registrars and transfer agents on behalf of the fund houses; the depositories issue it for units held in demat form.
A monthly CAS is sent only for a month with a transaction, by the 15th of the next month.
A half-yearly CAS is sent for the periods ending September and March, even without transactions.
The half-yearly CAS shows the commission paid to the distributor in rupees and the scheme's average total expense ratio.

Common misunderstandings

The CAS is not issued by SEBI or the investor's bank: the registrars and transfer agents generate it, and the depositories do so for demat units.
No transactions does not mean no statement: the half-yearly CAS is still sent.
A monthly CAS is not sent every month: it is sent only for a month with a transaction.
The value on a statement is not fixed: it is the value on that date and moves with the market.

Questions people ask

How does one statement cover several fund houses?

Holdings are identified by PAN, so the CAS brings together the folios linked to the investor's PAN across fund houses.

When is the monthly CAS sent?

By the 15th of the next month, and only if there was a transaction in the month.

Where can an investor see what the distributor was paid?

In the half-yearly CAS, which shows the commission paid in rupees along with the scheme's average total expense ratio.

What this lesson relies on

SEBI Master Circular for Mutual Funds (20 March 2026) — para 15.7.4 and related provisions on the Consolidated Account Statement

This lesson was reviewed independently against these sources on 8 October 2026. Rules change: check the current regulation, scheme document or policy wording before relying on any figure. This is education, not advice.