What am I?
I am like a bank passbook and a proof of your mutual fund (MF) investments. I carry details such as the amount invested, the net asset value and your bank account details. I also carry details of your existing investments with the same MF if they are in the same folio. I come separately for each folio.
When do you get me?
Your MF would send me every time you invest. As per the Securities and Exchange Board of India (Sebi), MFs must send me within 30 days of investing. If you invest in more than one MF serviced by a single registrar, such as Computer Age Management Services, you will usually get me in a consolidated form to save paper and cost.
What if MFs don’t send me?
t’s highly unlikely that they won’t send me within a week of investing. But if they don’t, give them a call on their toll-free number and demand a copy. If they still don’t, you have a right to complain to Sebi.
Is there more?
Since you can now buy and sell funds through your stock broker, the demat statement you get from your depository participant—consolidating your equity and MF holdings—is your legal account statement. Your MF, in this case, isn’t mandated to send me separately.