What a CAS is
A CAS lists the mutual fund folios linked to an investor’s PAN, across fund houses, with the transactions and the closing units in each. It can be requested from either of the two registrars that service mutual funds in India, CAMS and KFintech, and it covers funds serviced by both.
Units held in a demat account appear instead on the depository’s statement, from NSDL or CDSL.
Summary or detailed
A summary statement gives closing balances only. A detailed statement gives every transaction in the period requested.
A detailed statement from inception gives every transaction since each folio was opened. Only that one is enough to work out what was invested, and when, and therefore a return that accounts for timing.
What is on each folio
For each folio: the fund house, the folio number, the scheme’s name with its plan and option, its ISIN and its registrar. Then the transactions, each with a date, a description, an amount, a NAV, the units and the running unit balance.
Each folio ends with a closing unit balance and its value on the statement’s date.
Rows worth checking twice
Switches appear as two rows: a redemption from one scheme and a purchase into another. They are not new money, and counting the purchase as an investment overstates what the client put in.
Reinvested dividends (IDCW reinvestment) appear as a purchase with no cash from the client. Counting them as new money understates the return.
Stamp duty is deducted from purchases and often appears as a small row of its own. It reduces the units bought, not the amount invested.
A segregated portfolio, created when a fund separates a troubled holding, appears as a separate scheme with units the client never bought.
Reconcile to the closing units
The test of a correct reading is simple. For every folio, the units added up from the transactions should equal the closing units the registrar printed.
If they do not, a row has been missed or misread, and every figure built on it is wrong. A difference of a thousandth of a unit is rounding; anything more is a missing transaction.
Asking for one
An investor can request a CAS by email from either registrar’s website, choosing the period and whether it is a summary or detailed. For a review, ask for a detailed statement from inception, as a PDF.
Sahi Capital reads a CAS PDF, locked or not, and reconciles every scheme to the registrar’s own closing balance. The file itself is not kept.