Currently, mutual fund (MF) and stock market investors receive a consolidated account statement every month with their transaction details across MF schemes and securities held in the demat form, under a single Permanent Account Number (PAN). Retirement savings parked in the National Pension System regulated by the Pension Fund Regulatory and Development Authority (PFRDA) have also been integrated into this consolidated account statement (CAS).
The stock market regulator, Securities and Exchange Board of India (Sebi), has now initiated parleys with other regulators, including the Reserve Bank of India (RBI), the Insurance Regulatory Development Authority of India (Irdai), to expand the CAS disclosures to reflect the status of other investments and savings products, including small savings schemes, bond holdings and provident fund (PF) savings.
“At a later stage, this could ostensibly be ramped up to help consumers build a monthly personal finance balance sheet with their assets as well as liabilities, just as listed companies report their performance each quarter,” said a senior official privy to the development, hinting that data on outstanding loans from different regulated entities could also be dovetailed into the statement.
When contacted, Sebi chairman Tuhin Kanta Pandey confirmed the development. “We are working with other regulators towards implementing this so that a person can simply open one statement and get their entire financial ledger and consolidated picture of their financial well-being. Even if we don’t do it mandatorily, one can voluntarily authorise the option for such data to be fetched from other regulatory systems,” Mr. Pandey told Business Standard.
Technically, such a statement is feasible if the regulators agree to share the relevant Application Programming Interfaces or APIs that govern their regulated entities’ databases, said the official quoted earlier. “Suppose the insurance regulator says that through this API, you get this information already, then combined with the PAN details, the depository can reflect that information as well,” this official said.
“Investors can currently view their securities holdings through NSDL and CDSL, with NPS data also being integrated. However, insurance, EPFO and bank account information remain outside this framework,” noted Harsh Roongta, founder of Fee Only Investment Advisors LLP. While the Account Aggregator ecosystem has partially bridged this gap, and several regulated entities already offer apps that provide consolidated financial views, he said there are limitations such as incomplete visibility of joint accounts.
“Against this backdrop, SEBI’s move to promote a consolidated asset reporting framework is timely and welcome, and could materially improve transparency and the investor experience,” Roongta reckoned.
The CAS is dispatched by the depositories to the email address of investors, who can know the current value of the investments, rate of interests generated, and even expenses and commissions paid on the MF investments. If a customer holds e-insurance accounts and the details are there in the national insurance repository, then that information is also available in the CAS, said an industry expert.
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