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Consolidation will be done on the basis of PAN with effect from March 2015

Indian investors will soon be able to view their entire investments in mutual funds and securities held in dematerialised form with the depositories in a single consolidated account statement.

Capital market regulator on Wednesday kicked off the first phase of the project announced in the Budget this year to create one record for all financial assets of an individual.

The regulator said consolidation of account statement would be done on the basis of the Permanent Account Number (PAN). In case of multiple holdings; it would be PAN of the first holder and pattern of holding. Investors will receive the consolidated account statement on a monthly basis either through electronic mail or in physical form at the address registered in the depository system. The consolidated account statement will be implemented from the month of March 2015 with respect to the transactions carried out during the month of February 2015.

If consolidated account statement comes with not much time lag, it will be an error-free source of information for both investors and individual financial advisors. It is useful in effective monitoring of investments and subsequent investment decision-ma king.

Based on the PANs provided by the asset management companies, the depositories will match their PAN database to determine the common PANs and allocate the PANs among themselves for the purpose of sending the statement. In case of PANs with only MF unit holdings, fund houses will continue to send the consolidated statements to their unit holders as is being done currently. If investors have multiple accounts across the two depositories, the depository having the demat account which was opened earlier will be the default depository which will consolidate details across depositories and MF investments and dispatch the statement to the investor.

But options would be given to the demat account holder by the default depository to choose the depository through which the investor wishes to receive the statement. Sebi has asked AMCs to provide the data with respect to the common PANs to the depositories with in three days from the month end. Depositories would then consolidate and dispatch the statement with in 10 days from the month end.

In case there is in any of the MF no transaction in any of the MF folios and demat accounts, then statement with holding details would be sent to the investor on a half-yearly basis.

Sebi has also asked depositories and fund houses to ensure data integrity and confidentiality in respect of the shared information is maintained. "The depositories shall utilise the shared data only for the purpose of providing CAS and shall not share the same with their Depository Participants. Where Depositories are required to share such information with unregulated entities like third party printers, the depositories shall enter into necessary data confidentiality agreements with them," Sebi said.

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