Investors will get consolidated account statements from October 1, 2011 every calendar month
Mumbai: In a bid to bring cost effectiveness in printing and despatching scheme annual reports, SEBI has asked AMCs to send these reports to investors via email.
Fund houses will have to inform all their unit holders that the scheme annual reports will only be sent through email henceforth. However, investors will have a choice to continue getting these reports physically. “The AMCs shall continue to send physical copies of scheme annual reports or abridged summary whose email addresses are not available with the mutual fund,” states the SEBI circular.
Fund houses will have to obtain the email addresses of those investors who have not provided their mailing address at the time of filling up application forms.
SEBI has also directed AMCs to prominently display the link of scheme annual reports or abridged summary on their websites and make sure that physical copies are available at their registered offices at all times.
Consolidated account statement
SEBI has clarified that AMCs will have to continue informing investors about the confirmation on the number of units allotted to them during NFOs and for existing schemes once their application has been accepted through email or SMS within five days.
From October 1, 2011, consolidated account statements will be sent to investors every calendar month for any transactions occurring during a month.
SEBI had been communicating to AMCs verbally about issuing consolidated account statements in the past. However, not all fund houses were in agreement with SEBI. Currently fund houses dispatch quarterly consolidated account statements to those investors who have opted to get consolidated statements.
