I would ensure that you do not have to track the account statements of different MF schemes separately and thus would help you reduce your paperwork
What am I?
Unlike a normal account statement issued by a mutual fund (MF) house, which provides details of a particular folio or a scheme, I provide the status of all your folios in different fund houses at one place. I use your Permanent Account Number (PAN) to combine the details of all your folios and offer you information about investments, redemptions, switches, dividend payouts and re-investments, among others. I also mention your nominee registration status, mode of holding and know-your-client (KYC) status for each folio and scheme.
Apart from me, you will also receive separate account statements of the MFs you invest in.
For joint account holders: I am available even to joint account holders provided the order of investors remains the same across all folios. If the order of investors is not the same in different folios, they would be considered as investments by separate individuals.
How frequently am i issued?
I would be issued in April and October of every year whether you have made any transaction or not.
I would also be issued for the month when you transact in any one of the schemes held by you. In this case, I would include details of only those folios in which you transact. For instance, if you have five folios, but you transact only in two in a month, I would include details of only those two folios and not the other three folios.
What are my benefits?
I would ensure that you do not have to track the account statements of different MF schemes separately and thus would help you reduce your paperwork.
I would also help you to track the quantum of your MF investments at one go at the time of portfolio review or otherwise.
What are my limitations?
I have to admit I have certain shortcomings, too. I would be unable to give you a status update on non-financial transactions such as updating your residence address or change in bank account details, among other things. You would continue to get information regarding such changes through your MF house.
I would also be unable to provide details of MF transactions done under demat mode. For that, you would have to monitor your demat account statement.
Abhishek Anand