Start with the same as-of date, then separate folio holdings from dematerialized holdings. Reconcile units and transaction entries—not just market values—across your electronic Consolidated Account Statement (eCAS), broker or depository-participant (DP) statement, and AMC or registrar-and-transfer-agent (RTA) folio statement. The AMC/RTA is the record owner for folio units; the broker/DP or depository is the record owner for demat units. CAS is a consolidated view, so a disagreement should be traced to the underlying account instead of settled by averaging figures.
What eCAS (CAS) contains—and what it may leave out
SEBI Investor defines a Consolidated Account Statement (CAS) as “a single/ combined account statement which shows the details of transactions made by an investor during a month across all Mutual Funds and also other securities held in their demat account(s).” An eCAS is the electronic statement delivered for that consolidated record. It is useful for seeing activity across fund registrars and, where the records are matched, securities in demat accounts.
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CAS access and accurate matching depend on your Permanent Account Number (PAN) being correctly updated with the depository participant or stock broker and in the relevant fund records. A spelling variation, an old PAN status, or a different holder name can prevent a transaction or folio from appearing under the expected consolidated view.
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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteDo not treat CAS as a guaranteed, real-time inventory of every demat unit. CAMS cautions: “The statements may not reflect the complete information on your DEMAT holdings which is basis last available details received from depositories. Please check with your DP for details on DEMAT holdings.” That limitation determines how you investigate a conflict: use the DP or depository statement for demat positions and the AMC/RTA statement for folio positions.
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Freeze one comparison date before opening the statements
Most reconciliation errors are timing errors. A broker statement ending on the last trading day of a month cannot be compared fairly with a folio statement generated after a later purchase settled. Pick one date and make every document cover it.
Documents to download
- Detailed CAS/eCAS: choose a period that includes the date you are testing and the detailed transaction view, not only a summary of current value.
- Broker or DP statement: obtain the demat holding statement and, when needed, the transaction or settlement report for the same date.
- AMC/RTA folio statement: request a transaction statement or account statement for each folio. CAMS and KFintech provide consolidated views across funds serviced by both RTAs; KFintech also offers Summary and Detailed mail-back statements.
- Supporting records: retain contract notes, payment confirmations, redemption confirmations, systematic-investment instructions, and any conversion or transfer request.
Write the exact “as of” date and the statement-generation date at the top of your working sheet. The generation date tells you when a file was produced; the as-of date tells you what holdings it purports to show. They are not interchangeable.
First classify every holding as folio or demat
Before comparing numbers, label each line by where the units are legally recorded.
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| Holding form | Primary record owner | Identifiers to compare | Best follow-up authority |
|---|---|---|---|
| Folio (physical or statement-based mutual-fund account) | AMC and its servicing RTA | Folio number, PAN, holder names, scheme and plan | AMC/RTA investor service team |
| Dematerialized mutual-fund units | Depository, accessed through the DP or broker | Demat account, ISIN, holder names, quantity | Broker/DP or depository |
| Consolidated CAS line | Aggregated presentation of source records | Source folio or demat reference, scheme/security, transaction date | Underlying record owner, not CAS alone |
A single scheme can appear in both forms. For example, a purchase made directly into a folio and another purchase routed to a demat account should be reconciled as two separate positions even when the scheme name and plan are identical. Never add them together until each source account has been verified.
Step-by-step reconciliation workflow
1. Create a control sheet
Open a new spreadsheet and record the statement period, as-of date, investor PAN (masked in the working copy), and the date you downloaded each file. Add one row per folio, demat security, or transaction line. Keep the original PDFs unchanged in a dated folder.
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2. Match the investor identity
Compare PAN, holder name and holding pattern across all documents. Check whether the account is single, joint, minor, or operated under a different order of names. Record differences in punctuation, initials, spelling, or an outdated PAN status. A mismatch here can explain a missing CAS line even when the investment itself exists.
3. Match the account identifier
For folio units, match the complete folio number and servicing RTA. For demat units, match the demat account and ISIN. Do not match solely on a scheme name: similarly named plans, options, or growth and income variants can have different identifiers.
4. Normalize the scheme and plan description
Write the scheme name exactly as shown in each source, then identify the plan and option. Distinguish direct from regular plans and growth from income or payout options. If a fund changed its name, use the transaction history and ISIN or folio continuity to establish that it is the same holding rather than treating a renamed line as a new purchase.
5. Reconcile transactions before balances
Start with the opening units at the beginning of the chosen period. Add purchases, systematic-investment installments, switches in, bonus or merger credits, and transfers in. Subtract redemptions, switches out, transfers out, and other debits. The resulting calculated closing units should match the closing units reported by the relevant source statement.
Use the transaction date shown by the record owner and note the settlement or allotment date when it differs. A payment date, order date, allotment date, and statement posting date can all be different. Put each date in a separate column rather than forcing one date to serve all purposes.
6. Compare units, then value
Units are the primary reconciliation field. Only after units agree should you compare NAV and market value. Values can differ because documents use different NAV dates, cut-offs, rounding conventions, or valuation times. A value difference with identical units is normally a valuation-date issue, not a missing holding.
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For each unmatched line, mark a reason code such as “PAN mismatch,” “folio versus demat,” “post-cut-off settlement,” “wrong RTA,” “name variation,” “switch,” “redemption,” or “source statement error.” Attach the PDF page or transaction reference that supports your conclusion. Do not delete an unmatched row until the record owner confirms the correction.
8. Recalculate the closing position
After corrections, recompute units from the opening balance and every dated transaction. The final calculated total should equal the closing balance in the source statement. Save a new version of the spreadsheet and preserve the earlier version so the audit trail shows what changed.
Identifiers and fields to compare
Use a fixed set of fields for each line. The following layout prevents a market-value comparison from hiding an account or timing problem.
| Field | What to check | Why it matters |
|---|---|---|
| Investor identity | PAN, holder names, holding pattern and PAN status | CAS matching and statement delivery depend on consistent identity data. |
| Account reference | Folio number or demat account; ISIN for demat units | Separates two positions that happen to have the same scheme name. |
| Fund description | AMC, scheme, plan, option and, where shown, class | Prevents direct/regular or growth/payout positions being merged. |
| Transaction details | Date, type, amount, units, NAV and transaction reference | Explains a balance difference instead of merely showing that one exists. |
| Closing units | Source closing balance and your calculated balance | Provides the definitive quantity test before valuation. |
| Valuation | NAV date, NAV used, market value and rounding | Identifies differences caused by cut-offs rather than missing units. |
Understand CAS timing and cut-offs
Under the cited guidance, a CAS is transaction-driven on a monthly basis when valid PAN details are available. When there is no transaction, a holdings CAS is issued half-yearly. Therefore, the absence of a monthly transaction line does not by itself prove that a holding disappeared; first establish whether a transaction occurred in the period and whether the statement type and frequency fit that situation.
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Cut-offs create another common mismatch. A purchase that was accepted before month-end may have been allotted or settled after the statement cut-off. A redemption can be visible in a transaction report while the units remain in a holdings statement until the record is updated. Compare the source’s posting or settlement date and request a statement covering the next period before escalating a timing-only difference.
Registered email details also affect delivery. If the eCAS or RTA statement is not arriving, verify the email address registered against the folio and demat account rather than assuming that no statement means no activity.
Diagnose the most common mismatches
Units appear in the broker statement but not in eCAS
- Confirm that the broker position is dematerialized and identify the ISIN.
- Check whether the PAN and holder names on the demat account match the fund records used for CAS.
- Compare the DP statement’s as-of date with the CAS cut-off and look for a later settlement.
- Ask the broker or DP to confirm the depository position. CAMS specifically directs investors to the DP for complete demat information.
Units appear in an AMC folio statement but not in eCAS
- Verify that the PAN is correctly linked to the folio and is not marked invalid or incomplete.
- Confirm that the folio is serviced by the RTA whose data is included in the consolidated request.
- Check whether the purchase, switch, or transfer posted after the CAS cut-off.
- Request a detailed transaction statement from the AMC/RTA and ask for a PAN or email correction if the folio data is wrong.
eCAS shows a different number of units from the AMC or broker
Compare transaction lines first. Look for a switch that creates both an outflow and an inflow, a partial redemption, a transfer between folio and demat form, a merger or scheme change, or a transaction posted in the adjacent statement period. A one-unit or fractional difference can also result from rounding displayed in a summary; use the detailed source statement for the authoritative quantity.
Units agree but market values differ
Record the NAV date and valuation time used by each document. If units are identical and the as-of dates differ, the value difference is expected. Recalculate both values with the same NAV date only if the statements provide that date; do not infer a missing unit from a value comparison.
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The same scheme appears twice
Keep separate rows until you have matched the folio or demat identifier. Two folios, or one folio plus one demat position, are distinct records. Combining them can conceal a missing transaction and make later redemptions difficult to trace.
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Which statement should you trust when records disagree?
There is no single official rule that one document universally overrides every other document. Apply the record-domain rule:
- Folio units: use the AMC/RTA folio ledger and transaction statement as the basis for correction.
- Demat units: use the depository position accessed through the broker or DP, with the DP as the follow-up authority.
- CAS: use it as a consolidated cross-check and a way to locate activity, then trace an exception to the underlying folio or demat account.
If two underlying statements disagree, do not choose the larger balance or average the values. Ask the record owner to reconcile its ledger and provide a corrected statement or written explanation.
Escalate to the right record owner
When the folio record is wrong
Contact the AMC or the RTA servicing that folio. Request a folio transaction statement covering the disputed date and identify the exact line: folio number, scheme and plan, transaction date, transaction type, units, amount, and expected closing balance. If PAN, name, or email details are wrong, ask for the correction procedure and retain the acknowledgement or request ID.
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When demat units are wrong or absent
Contact the broker or DP first and provide the demat account, ISIN, security description, disputed quantity, as-of date, and the relevant DP statement. If the DP cannot resolve a depository-position issue, request that it escalate to the depository and give you a case reference. Include the CAS only as supporting evidence; the DP ledger is the source to be corrected for demat holdings.
How to write the request
- State the single discrepancy in the subject line, including the folio or demat reference and as-of date.
- List the quantity shown by each source and identify the unmatched transaction or missing line.
- Attach dated statements and the transaction confirmation, masking unrelated account information.
- Ask for a ledger check, the reason for the difference, and a corrected statement if an error is confirmed.
- Save the acknowledgement, response, and any revised statement in the same case folder.
Maintain an audit trail that can survive a future review
Keep the original eCAS, broker/DP statement, AMC/RTA statements, payment or redemption confirmations, emails, secure-message copies, request IDs, and final responses. Use filenames such as 2026-10-18_Folio1234_RTA_statement.pdf so the as-of date is visible without opening the file. Do not overwrite an earlier statement when a corrected version arrives.
Your reconciliation sheet should contain at least these columns:
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- As-of date and statement source
- PAN match status and holder-name match status
- Folio number or demat account and ISIN
- AMC, scheme, plan and option
- Opening units
- Transaction date, type, amount, NAV and units
- Closing units per source
- Your calculated closing units
- Difference, reason code, evidence file and case/request ID
- Resolution date and final outcome
Mask the PAN and account numbers in copies used for routine email, and send complete identifiers only through the AMC, RTA, broker, DP, or depository’s authenticated channel.
Quick Recap
Prevent the next reconciliation problem
- Keep PAN spelling and status consistent across every folio and demat account.
- Update the registered email address and mobile number whenever they change.
- Save each monthly transaction CAS and each half-yearly holdings CAS when no transaction occurs.
- Download a detailed, not merely summary, statement after a large purchase, switch, transfer, or redemption.
- Record whether each new investment was made in folio or demat mode.
- Review units after settlement and before relying on a market-value total for tax or financial planning.
One-page reconciliation checklist
- Choose one as-of date and obtain detailed CAS, broker/DP, and AMC/RTA statements covering it.
- Label every line folio or demat.
- Match PAN, names, folio or demat account, ISIN, scheme, plan and option.
- Compare opening units and every transaction, including switches and transfers.
- Investigate cut-off, settlement, RTA coverage, PAN and email-registration issues.
- Compare units before comparing NAV or market value.
- Send folio discrepancies to the AMC/RTA and demat discrepancies to the broker/DP or depository.
- Save original statements, evidence, request IDs and the final resolution.
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