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05 Nov 2011 11:50 AM
Now, get a common account statement every month 
Ravi Samalad
 

From 10 December 2011, mutual fund investors will receive consolidated statements reflecting their holdings across fund houses

Mumbai: Earlier fund houses had the option to issue such statements to investors who opted to receive CAS. So far, 18 fund houses had been issuing consolidated statements. Now, all fund houses will follow suit and from 10 December 2011, all investors will receive consolidated statements.

The first time investor will receive an account statement within 5 working days. All other investors will now receive a consolidated monthly statement for all transactions across fund houses. However, an email will be sent within 5 working days for each transaction.

The AMFI committee has shortlisted two printers for printing these statements so that the entire data is not disclosed to a single vendor, said a person familiar with the development.

Consolidated statements will only print the name, address, scheme name and amount. Confidential details like nominee, bank account number will not be disclosed in CAS.

Fund houses are likely to sign a confidentiality agreement with these printers soon.

Some fund houses had reservations about issuing consolidated statements on the grounds of investor confidentiality.

 
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