Uti mutual fund account statement

UTI mutual fund is a financial organization, which was formed by an act of parliament in India in 1963. This was under the direction of col. Akash Behi. This company remained as the solo vehicle for investment in the capital market by Indian citizens. During the mid of 1980s the public sector was not allowed to open mutual funds. Through this period, UTI maintained its pre-eminent place until 2001 when there was a massive decline in the market. Over time UTi has managed to remain competitive despite the prevailing situations as of 2010 UTI had 10 million investors.

This fund is usually supported by four large public sector financial institutions, which include state bank of India, Viz, Life insurance, Punjab national bank and life Corporation of India. Each of these banks have a 18.5 stake which is the paid up capital of UTI AMC.

As a member of this fund, it can be important to clearly note how to get the account statement. The following include some of the essential details, which you should know.

There was a SEBI’s notification which included a sub-regulation no 4 which mandates all mutual funds to issue a consolidated account statement for each and every month before the 10 of the coming month. This is the main reason why UTI mutual funds provide an account statement in a monthly manner. After the regulation was passed, it was followed by a circular, which clarified the whole issue.

Consolidation usually takes place based on the valid PAN of the unit holder with Transfer Agent and AMC/registrar and also identical holding pattern. A separate consolidated account statement is issued with a rating e.g. A

The account statement was issued on 10 November 2011. The same was expected to issued by mutual funds in India by the end of that month. CAS was to be issued before 10 of the coming month. All transactions, which were carried out in the previous months, were fully included.

Some of the transaction which were to include in CAS included purchase, redemption, dividend payout ,redemptions , bonus and merger. The format was to be made depending on the number of transactions which had taken place in the previous months. CAS will be issued in Inland or A4 stationary using envelopes.

The information to be included in the CAS was to include investor’s information including address, mobile number, all holders. Transaction details were to include scheme, amount, transaction, units and charges. The summary of the transaction folio with their closing balance of the value unit are to be provided at the end of CAS.

Minor holder will receive existing account statement from Karvy as per the existing method or they may attempt to move on to CAS for no-pan folios.