Consolidated Account Statement (CAS) from CDSL

Overview

The Consolidated Account Statement (CAS) is a periodic statement issued jointly by CDSL (Central Depository Services Limited) and NSDL (National Securities Depository Limited) that consolidates all securities holdings and transactions across every demat account linked to a single PAN. It is delivered by email to the investor’s registered address and represents the most comprehensive view of an investor’s demat portfolio – spanning all brokers, all segments, and in the case of demat-mode mutual fund units, all fund houses.

The CAS was introduced as a regulatory initiative by SEBI to give investors a single unified picture of their securities holdings rather than requiring them to collect separate statements from each depository participant (DP). For a Zerodha client who also holds shares through another broker and mutual fund units in demat form, the CAS is the only document that aggregates all of this on a single page.

Regulatory basis

• SEBI Circular CIR/MRD/DP/31/2014 – established the framework for consolidated account statements covering demat holdings from both depositories.
• SEBI Circular SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655 – mandated that CDSL and NSDL jointly issue one CAS per PAN per month, preventing duplication where an investor has demat accounts with both depositories.
• SEBI Master Circular for Depositories – specifies delivery timelines (by the 10th of the following month for months in which transactions occur; by the 10th of May annually as a year-end statement if no transactions occurred in the final quarter).
• AMFI Circular – extended the CAS framework to cover mutual fund units held in demat mode, making it a truly consolidated investment statement.

Under the SEBI framework, the CAS is automatically generated and emailed without the investor needing to request it. The investor’s email address is that registered with the DP (broker), and both depositories share PAN-linked data to produce a single joint statement.

Coverage: what the CAS includes

Demat holdings across all brokers

All equity shares, ETFs, REITs, InvITs, bonds, debentures, and government securities held in any demat account linked to the PAN are listed, regardless of which broker (DP) the account is held with. This makes the CAS the correct document to use when an investor needs to disclose total listed securities holdings (for Schedule AL in ITR-2 or ITR-3 or for a bank loan application).

Demat-mode mutual fund units

Mutual fund units held in demat form (as opposed to statement-of-account mode through registrar and transfer agents such as CAMS or KFintech) are included in the CAS. For units held in non-demat form, the investor must separately request the Annual Consolidated Statement from CAMS or KFintech.

Transactions during the statement period

The CAS includes a transaction section listing every debit and credit to the demat account during the month (or year, for annual statements): purchases (credits), sales (debits), bonus credits, dividend reinvestment, corporate action adjustments, pledge creation, and pledge release.

What the CAS does not include

• Cost basis. The CAS shows quantity and current ISIN identifiers but does not show the price paid for securities. For cost basis, the investor must consult the broker’s Holdings report or Tradebook.
• Cash / fund balances. The trading account cash balance is not part of the CAS, which covers only securities held in demat form.
• Non-demat mutual fund units. Units held in statement-of-account mode are excluded; these appear in the separate CAMS/KFintech consolidated statement.
• Brokerage, charges, or tax information. These are available from the Funds statement and Tax P&L statement.

Format of a CAS

A standard CAS is delivered as a password-protected PDF. The password is typically the PAN followed by the date of birth in DDMMYYYY format (e.g., AABCX1234A01011980), though the exact format may vary by depository.

The document is structured as follows:

1. Header – investor name, PAN, email, and statement period.
2. Summary table – aggregate market value of holdings by category (equity, MF demat, debt, etc.) as of the statement date.
3. DP-wise / broker-wise section – for each DP (each broker through which the investor holds securities), a sub-section listing:
   • DP ID and client ID.
   • Each ISIN held, with scrip name, quantity, ISIN, and face value.
   • Closing price as of the last business day of the statement period (or as of the most recent available date for thinly traded securities).
   • Market value.
4. Transaction details – chronological list of all debits and credits to each demat account during the statement period.
5. Mutual fund section (where applicable) – fund name, folio number (or demat reference), scheme name, number of units, NAV, and value.

How to request a CAS

Automatic monthly delivery

The CAS is automatically emailed to the registered email address. Investors who do not receive it should verify that:

• The email address registered with the DP (broker) is current and active.
• The email was not filtered into spam/junk by the mail client (it is sent from noreply@cdslinda.com or similar depository addresses).

On-demand request via CDSL Easi

Investors with accounts on the CDSL platform (which includes Zerodha) can download the CAS on demand through the CDSL Easi portal:

1. Go to easi.cdslindia.com and register or log in.
2. Navigate to Statements > CAS.
3. Select the statement period (monthly or annual).
4. Download the PDF.

On-demand request via NSDL eServices

For accounts on the NSDL platform:

1. Go to eservices.nsdl.com.
2. Log in with your DP and client ID.
3. Navigate to Statements > Consolidated Account Statement.

SEBI SCORES portal

Investors may also request CAS delivery through SEBI’s SCORES (SEBI Complaints Redressal System) portal if they encounter issues obtaining the statement from the depositories directly.

PAN linkage and multi-depository handling

Each PAN may have demat accounts with multiple DPs, some on CDSL and some on NSDL. Under SEBI Circular SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655, if a PAN has accounts with both depositories, CDSL and NSDL coordinate to issue a single joint CAS (avoiding two separate statements that would show overlapping information). The issuing depository (lead depository for that PAN) is determined by the depository with which the investor has the higher number of transactions.

Use in tax filing

Schedule AL

Taxpayers with income exceeding Rs 50 lakh must disclose financial assets in Schedule AL of ITR-2 or ITR-3. The CAS provides the market value of all demat securities as of 31 March. For assets held in non-demat form, other statements must supplement the CAS.

Verification of capital gains

Before filing ITR, some chartered accountants cross-reference the CAS transaction data with the Tax P&L statement to confirm that all sales captured in the broker’s system are also reflected in the depository records, and that there are no mystery debits (unauthorised transfers) or credits.

AIS / 26AS reconciliation

The Annual Information Statement (AIS) on the income tax portal aggregates securities transactions reported by depositories and brokers. Discrepancies between the CAS and AIS usually indicate a timing difference (the AIS lags the depository by up to a quarter) or an unreported off-market transfer. Resolving these discrepancies before filing prevents automatic mismatches under Section 143(1)(a).

CAS versus other statement types

Common issues

Missing CAS for a transaction month. The CAS is triggered by any demat transaction in the month. If no transaction occurred and the investor did not opt in to receive the CAS during no-transaction months, the statement will not be generated (the annual CAS in May covers the no-transaction period). Investors can opt in to receive the statement every month regardless of transaction activity through the CDSL Easi portal.

Incorrect email delivery. If the email address registered with the DP was updated after account opening, the new address must be validated with the DP before CAS delivery switches. There can be a one-to-two-month lag.

Holdings quantity mismatch. A discrepancy between the CAS quantity and the broker’s Holdings report usually indicates a pending corporate action credit (bonus shares credited by the company registrar but not yet processed by the depository) or an off-market transfer in progress.

Retention

The CAS should be downloaded and retained annually (the May statement covering the full preceding financial year is the most useful for archive purposes). Retention guidance is the same as other financial records: six years from the end of the relevant assessment year.

Related reports

• Console Holdings report – broker-specific holdings with cost basis.
• Statement of Holdings (SOH) – depository-issued per-DP holdings statement.
• Statement of Transactions (SOT) – depository-issued per-DP transaction history.
• Annual Global Statement – broker’s annual summary including charges.

References

1. SEBI Circular CIR/MRD/DP/31/2014 – CAS framework for demat holdings.
2. SEBI Circular SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655 – Single joint CAS mandate.
3. CDSL, “Easi portal user guide” – cdslindia.com.
4. NSDL, “eServices user guide” – nsdl.co.in.
5. SEBI Master Circular for Depositories – sebi.gov.in.
6. Zerodha Support, “CAS and depository statements” – support.zerodha.com.