The Securities and Exchange Board of India (SEBI), on Wednesday said that it would enable a single consolidated view of all investments of every investor in mutual funds and securities held in demat form with depositories from March 2015.
Consolidation of account statement would be done on the basis of permanent account number (PAN) and in case of multiple holding, it would be PAN of the first holder and pattern of holding.
The Consolidated Account Statement (CAS) for all securities would “create one record for all financial assets of every individual,” said SEBI in a circular to all the depositories, asset management companies and mutual fund RTAs. “This is the first step in this direction,” SEBI added.
However, the capital market regulator said that if an investor does not wish to receive CAS, an option would be given to the investor. “Depositories shall accordingly inform investors in their statements from the month of January 2015 about the facility of CAS and provide them with information on how to opt out of the facility if they do not wish to avail it,” SEBI said.
Further SEBI said that AMCs/ RTAs would share the requisite information with the depositories on monthly basis to enable generation of CAS.
Based on the PANs provided by the AMCs/MF-RTAs, the depositories would match their PAN database to determine the common PANs and allocate the PANs among themselves for the purpose of sending CAS.
