Capital markets regulator Sebi has updated the timelines for issuing Consolidated Account Statements (CAS) by depositories to improve compliance efficiency.
In a circular issued on Friday, the regulator stated that asset management companies (AMCs) and mutual fund registrar and transfer agents (MF-RTAs) must now provide common PAN data to the depositories within five days from the end of the month, instead of the previous three-day deadline.
Once the depositories receive the data, they will consolidate and send the CAS to investors who have opted for electronic delivery (e-CAS) by the 12th day of the month, while those preferring physical copies will receive them by the 15th day from the month-end, it noted.
Under the revised framework for half-yearly CAS, Sebi decided that “the AMCs/MF-RTAs shall provide the data with respect to the common PANs to the depositories on or before 8th day of April and October every year.”
The depositories will then consolidate and dispatch the CAS to investors who have opted for e-CAS by the 18th day of April and October, while those who prefer physical delivery will receive it by the 21st day of April and October, respectively, as per the circular.
Additionally, Sebi has revised the CAS issuance provisions for cases where there are no transactions. If an investor’s demat account or mutual fund folios show any activity, the CAS will continue to be sent monthly via email.
If there is no transaction in any mutual fund or demat account, the CAS with holding details will be sent to investors via email on a half-yearly basis, Sebi said.
The regulator also emphasized that investors can choose to receive CAS either through email or in physical form. If an investor does not wish to receive CAS via email, they can opt for a physical copy, which will be sent to the address registered with the depositories and the AMCs/MF-RTAs.
These revised timelines will take effect from May 14, the circular said.
With inputs from PTI
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