Mutual Fund NAV Lag: Why App Values Differ from CAS

You might have noticed that the mutual fund value displayed on your investment platform doesn’t always match what you see in your Consolidated Account Statement (CAS). This common difference, often called “NAV lag,” doesn’t mean something is wrong with your holdings.

Instead, it usually happens because different platforms use Net Asset Value (NAV) data from varying dates to calculate your investment value, even if your number of units is exactly the same.

Understanding Your Consolidated Account Statement (CAS)

Your CAS is a single, detailed document that tracks all your financial transactions across mutual funds and any securities held in demat accounts. It’s linked directly to your Permanent Account Number (PAN).

According to the Association of Mutual Funds in India (AMFI), you’ll receive a monthly CAS if you’ve had a financial transaction in any mutual fund folio that month. This includes activities like purchases, redemptions, or Systematic Investment Plans (SIPs).

• Your CAS is typically issued by depositories like NSDL or CDSL.
• It covers both mutual fund and demat account details if you have a common PAN across registrars and depositories.
• It includes all mutual fund folios where a financial transaction occurred in the month.

How Investment Platforms Calculate Your Fund Value

Mutual fund platforms, such as Zerodha, often base their displayed mutual fund values on the NAV from T-2 days. This is because Asset Management Companies (AMCs) declare the NAV for most mutual funds after the trading day ends.

This declaration usually happens around 11 PM on T-day, and the NAV data is then sent to AMFI. AMFI updates its records by midnight or sometimes as late as 3-4 AM on the following day, which is T+1 day.

• Equity schemes’ NAVs are generally available by 9 PM on T-day.
• Liquid schemes’ NAVs are typically out by 11 PM.
• For international schemes, a “Bhav copy” with daily trading data is generated by 3 PM on T+1 day.

Platforms like Zerodha use this information to calculate your profit and loss, ensuring that by T+2 day, the value you see accurately reflects the mutual fund’s value as of T-day. This process aims to give you the most precise and current representation of your holdings.

So, if you see a difference in reported values between your CAS and an investment platform, remember it’s often due to this timing difference in NAV data. Always check the NAV date each platform uses before you draw any conclusions about your actual mutual fund holdings.