Mutual Funds CAS Consolidated Account Statement CAMS KFin CDSL NSDL

Consolidated Account Statement (CAS)

From WebNotes, a public knowledge base. Last updated . Reading time ~13 min.

The Consolidated Account Statement (CAS) is the unified monthly statement that aggregates an Indian investor’s mutual fund folios across CAMS and KFin Technologies (the two principal RTAs) and equity demat holdings across CDSL and NSDL (the two depositories) into a single document keyed to the investor’s PAN. The CAS framework was operationalised by SEBI through circulars issued from October 2015 onwards and replaced the prior system where investors had to separately request statements from each AMC, broker, or depository. The CAS is the canonical record of an investor’s mutual fund and equity holdings for portfolio tracking, financial planning, and tax-return preparation.

There are three distinct types of CAS in the Indian ecosystem, each issued by a different infrastructure entity:

  • CAMS CAS: issued by CAMS covering all mutual fund folios at CAMS-RTA AMCs.
  • KFin CAS: issued by KFin Technologies covering all mutual fund folios at KFin-RTA AMCs.
  • Depository CAS: issued by CDSL or NSDL covering all equity demat holdings plus mutual fund units held in demat form, plus optionally consolidating across both RTAs.

For an investor with mutual fund holdings spread across AMCs served by both CAMS and KFin, the depository CAS provides the most complete consolidated view. For investors with only AMC-direct or RTA-routed holdings (not in demat form), the CAMS CAS and KFin CAS together cover the picture. The framework is explored in detail through this article alongside the Annual Information Statement (AIS) reconciliation considerations.

This article covers the CAS framework end-to-end: the SEBI regulatory basis, the three CAS types and their respective coverage, the email-based dispatch mechanism, how to read each section, the relationship with AIS and TIS for tax reporting, the practical use cases, and the operational considerations for investors maintaining accurate holdings records.

Regulatory framework

SEBI 2015 circulars

The CAS framework was operationalised by SEBI through circulars issued from October 2015 onwards. The key circulars:

  • SEBI circular dated 7 October 2015: introducing the CAS framework requiring CAMS and KFin to issue monthly consolidated statements covering all folios at AMCs they serve, dispatched via email to investors who consented.
  • SEBI circular dated 8 November 2016: extending CAS coverage to include demat-held mutual fund units alongside cash-held folios.
  • Subsequent circulars through 2020-2024 refining the dispatch mechanism, format requirements, and integration with the AIS and TIS frameworks.

Underlying authority

The CAS framework rests on:

Coverage scope

The CAS framework covers:

  • All mutual fund folios at SEBI-registered AMCs.
  • All equity dematerialised holdings.
  • Sovereign Gold Bonds held in demat form.
  • Bonds and debentures held in demat form.
  • Government securities held in demat form (where applicable).

It does NOT cover:

  • Holdings in non-Indian markets.
  • Direct equity holdings in physical form (rare today after dematerialisation mandates).
  • PMS or AIF holdings (these are separate from the mutual fund framework).
  • Unit-Linked Insurance Plans (ULIPs) which are insurance products, not securities.

The three CAS types

CAMS CAS

The CAMS CAS is issued by CAMS and covers mutual fund folios at the approximately 25 AMCs that use CAMS as their Registrar and Transfer Agent. Major CAMS-RTA AMCs include:

  • HDFC Mutual Fund
  • ICICI Prudential Mutual Fund
  • SBI Mutual Fund
  • Aditya Birla Sun Life Mutual Fund
  • Tata Mutual Fund
  • Mirae Asset Mutual Fund
  • Kotak Mahindra Mutual Fund

The CAMS CAS is dispatched monthly by email to the investor’s registered email address. The statement format includes:

  • Cover summary with total AUM and number of folios.
  • Per-AMC, per-scheme summary with current units, NAV, and market value.
  • Transaction details (purchases, redemptions, switches, dividends) during the reporting period.
  • Tax-relevant information (year-to-date capital gains, dividends).

KFin CAS

The KFin CAS is issued by KFin Technologies and covers folios at the approximately 15-20 AMCs that use KFin as RTA. Major KFin-RTA AMCs include:

  • Axis Mutual Fund
  • DSP Mutual Fund
  • Nippon India Mutual Fund
  • Quant Mutual Fund
  • PPFAS Mutual Fund (specific scheme registrations)

The KFin CAS format and dispatch mechanics mirror the CAMS CAS, with the difference being the AMC coverage scope.

Depository CAS (CDSL / NSDL)

The depository CAS is the most comprehensive single statement type. Issued by CDSL (for accounts held at CDSL DPs) or NSDL (for NSDL DPs), the depository CAS aggregates:

  • All equity dematerialised holdings.
  • Mutual fund units held in demat form (e.g., units held through Zerodha Coin ).
  • Sovereign Gold Bonds, bonds, debentures, REITs/InvITs held in demat form.
  • Cross-RTA mutual fund folios where the investor’s PAN matches.

The depository CAS is the canonical single-document view of an investor’s securities holdings if they hold across both AMC-direct mutual fund folios and demat equity. The CDSL CAS and NSDL-CDSL CAS versions detail the format and reconciliation differences between the two depository statements.

How CAS dispatch works

Email-based delivery

CAS statements are dispatched via email to the investor’s registered email address. The email contains the CAS as a PDF attachment, password-protected with a combination of the investor’s PAN and date of birth (the standard CAMS / KFin password convention).

Dispatch frequency

  • Monthly: if there has been at least one transaction in any folio during the month.
  • Half-yearly: if there have been no transactions during the period (specifically: a CAS is dispatched at the end of every March and September even if no transactions occurred).

The dispatch frequency rules ensure that even passive investors with no recent transactions receive a periodic CAS to verify their holdings.

Email registration

The investor must have a registered email address at the RTA (for CAMS / KFin CAS) or at the DP (for depository CAS). Registration can be done through:

  • AMC online portal (during folio creation or KYC update).
  • CAMS or KFin website (myCAMS or KFinKart portal).
  • DP portal (Zerodha Console, Groww, etc.).

A missing or outdated email address means the CAS dispatch fails silently. Investors often discover stale CAS dispatches only when reconciling tax-time records.

Physical dispatch

Physical (paper) CAS dispatch is available only on specific written request and is discouraged due to environmental and operational considerations. Most retail investors now use the email-based dispatch exclusively.

Reading the CAS

Header section

The CAS header identifies:

  • The investor’s PAN (the unique key for aggregation).
  • The reporting period (the month or half-year).
  • The dispatch date.
  • The total folio count and total AUM.

Per-folio detail

For each folio, the CAS shows:

  • AMC name and folio number.
  • Scheme name (with category classification per SEBI October 2017 categorisation ).
  • Plan variant (direct or regular, growth or IDCW).
  • Opening units balance at start of reporting period.
  • Transactions during the period: purchases (with date, units, NAV, amount), redemptions, switches, dividend payouts, dividend reinvestments.
  • Closing units balance at end of reporting period.
  • NAV as of the statement date and current market value.

Transaction details

Each transaction line in the CAS includes:

  • Transaction date.
  • Transaction type (subscription, redemption, switch in, switch out, dividend payout, dividend reinvestment).
  • Number of units involved.
  • NAV at which the transaction occurred.
  • Net amount paid or received.
  • Stamp duty (where applicable, post-July 2020 framework).

Tax-relevant data

The CAS includes year-to-date capital-gains data:

  • Realised STCG (short-term capital gains) per scheme.
  • Realised LTCG (long-term capital gains) per scheme.
  • Grandfathered cost basis for units acquired before 1 February 2018 (the equity MF grandfathering rule reference date).
  • Dividend income per scheme with TDS (under Section 194K for residents).

The tax-relevant section is the data source for the CAMS-KFin capital gains statement used in ITR preparation.

Relationship with AIS and TIS

AIS pre-fill

The Annual Information Statement (AIS) (for the broader AIS framework) and the AIS for mutual funds (mutual-fund-specific) pre-populate the income tax return’s capital-gains and dividend schedules using data from:

  • CAMS and KFin RTA reporting to the Income Tax Department.
  • CDSL and NSDL depository reporting.
  • Broker reporting (for equity capital gains on dematerialised shares).

The CAS represents the underlying source data that flows into the AIS. The CAS is in the investor’s hands month-on-month; the AIS is the consolidated annual view from the tax department’s perspective.

Reconciliation between CAS and AIS

The AIS-TIS-MF mapping framework documents reconciliation between the CAS (investor’s monthly statement) and the AIS (tax department’s annual aggregation). Common reconciliation issues:

  • Trade-date vs settlement-date timing differences.
  • Grandfathering computation differences.
  • Switch transactions reported differently in CAS vs AIS.
  • TDS captured in CAS vs AIS.

The PPFAS AIS reconciliation guide walks through a worked example.

Practical use cases

Portfolio tracking

The monthly CAS is the most reliable single-document view of an investor’s holdings. Investors use the CAS to:

  • Verify that all folios are correctly recorded.
  • Track total mutual fund AUM and equity holdings.
  • Confirm transactions have been processed correctly.
  • Identify any unauthorised transactions early.

Asset allocation analysis

The CAS facilitates asset-allocation analysis across mutual fund holdings:

  • Sum the equity-oriented allocation across all equity / aggressive-hybrid / arbitrage schemes.
  • Sum the debt-oriented allocation across all debt / conservative-hybrid schemes.
  • Identify rebalancing needs against target allocation.

Tax filing

For tax filing, the CAS is the foundational document:

  • The CAMS-KFin capital gains statement is derived from CAS data.
  • The Section 111A and Section 112A computations are based on the CAS-recorded acquisition dates and prices.
  • The CAS confirms grandfathering treatment for pre-2018 equity holdings.

Estate and inheritance planning

For estate planning, the CAS provides:

  • Complete inventory of mutual fund and equity holdings.
  • Documentation for nominee designations.
  • Reference data for transmission applications on the death of a unit holder.

Generating CAS on demand

Beyond the monthly automated dispatch, investors can generate a CAS on demand:

  • CAMS Online portal: log in to camsonline.com, navigate to “Statements” → “Consolidated Account Statement”, select the reporting period, request dispatch via email.
  • KFinKart portal: similar flow at kfinkart.com.
  • CDSL CAS: log in to evoting.cdslindia.com or the CDSL website’s CAS section, request statement.
  • NSDL CAS: SPEED-e portal or NSDL website CAS section.

On-demand CAS generation is useful for tax-filing reconciliation or for any historical-period verification needs.

Common operational issues

Email not received

If the CAS is not received in the expected month, common causes:

  • Email address not registered or incorrectly recorded at the RTA / DP.
  • CAS in the email spam / junk folder.
  • Password file dispatch separated from the CAS attachment (some dispatches send the password under separate cover).

Folios missing from CAS

If a folio is not appearing in the CAS, common causes:

  • PAN mismatch between the folio and the CAS dispatch.
  • Folio held in a non-CAMS / non-KFin RTA (rare; some smaller AMCs use other RTAs).
  • Folio with multiple co-holders where only one holder’s PAN keys to the CAS dispatch.

Demat-held units not in CAMS / KFin CAS

Mutual fund units held in demat form (e.g., through Zerodha Coin ) do NOT appear in the CAMS or KFin RTA CAS because the RTA does not see the demat-held units. These units appear only in the depository CAS (CDSL / NSDL).

Investors with mixed-form holdings (some folios at AMC, some demat at Coin) need to combine the CAMS CAS, KFin CAS, and depository CAS for complete coverage.

See also

External references

References

  1. SEBI circular dated 7 October 2015 on the CAS framework, sebi.gov.in.
  2. SEBI Master Circular on Mutual Funds dated 27 May 2024 (CAS provisions).
  3. SEBI (Mutual Funds) Regulations 1996, sebi.gov.in.
  4. CAMS operational documentation on monthly CAS dispatch, camsonline.com.
  5. KFin Technologies operational documentation on CAS, kfintech.com.
  6. CDSL and NSDL CAS framework documentation, cdslindia.com and nsdl.co.in.
  7. Income Tax Department AIS and TIS framework, incometax.gov.in.

Related articles

Reviewed and published by

WebNotes Editorial Team

The WebNotes Editorial Team covers Indian capital markets, payments infrastructure and retail investor procedures. Every article is fact-checked against primary sources, principally SEBI circulars and master directions, NPCI specifications and the official support documentation published by the intermediary in question. Drafts go through a second-pair-of-eyes review and a separate compliance read before publication, and revisions are tracked against the SEBI and NPCI rule changes referenced in the methodology section.

Last reviewed
Conflicts of interest
WebNotes is independent. No relationship with any broker, registrar or bank named in this article.