SEBI explores adding insurance to CAS: Could your mutual funds, bank FDs and policies appear in one statement?

Your mutual funds, bank fixed deposits (FDs), pension savings and insurance policies could eventually be tracked through a more comprehensive financial statement, as the Securities and Exchange Board of India (SEBI) explores expanding the scope of the Consolidated Account Statement (CAS).

The proposal could take CAS beyond its existing securities-market coverage and help investors get a broader view of their financial assets through a single statement.

What is SEBI planning?

CAS provides investors with a consolidated view of their securities holdings and mutual fund investments across institutions. Its electronic version, eCAS, makes this information available digitally.

In his address at the summit, Pandey said eCAS covers a broad range of financial assets, including equities, mutual funds, debt securities and National Pension System (NPS) investments.

SEBI is also working to facilitate the inclusion of bank deposit information in eCAS through the Account Aggregator framework. This would allow investors to view bank deposit information alongside their existing securities-market investments.

The inclusion of insurance information is at an exploratory stage. SEBI has approached IRDAI to discuss the possibility, but the proposal is not yet an operational facility.

The proposed addition would help investors view their bank deposits alongside their securities-market investments, reducing the need to consult multiple statements to understand their holdings.

How the Account Aggregator framework fits in

The Account Aggregator framework enables the secure, consent-based sharing of financial information between regulated financial institutions.

Pandey said the framework could make financial information more accessible and useful, helping investors better understand their financial position and make informed decisions.

He also welcomed the RBI’s announcement on interoperability among Account Aggregators, which is intended to make sharing financial information across the ecosystem more seamless.

What it means for investors

If the proposed additions are implemented, CAS could provide a more comprehensive picture of an individual's financial holdings, spanning mutual funds, shares, debt securities, bank deposits, pension savings and insurance information.

This could help investors assess their overall financial position, review asset allocation and plan for long-term goals such as retirement.