CAS -- NSDL and CDSL versions for mutual funds

India’s two depositories – the National Securities Depository Limited (NSDL) and the Central Depository Services (India) Limited (CDSL) – each issue a version of the Consolidated Account Statement (CAS) that covers mutual fund units held in demat form alongside listed equity shares, bonds, government securities, and other securities held in the same demat account. The depository CAS supplements, but does not replace, the RTA-generated CAS issued by CAMS and KFintech, because the RTA CAS remains the authoritative source for physical folio-based mutual fund holdings.

Why two CAS formats exist

Most mutual fund units in India were historically held in physical folio form (not demat form). An investor opened a folio with each AMC and the RTA maintained the unit register. The CAS issued by CAMS or KFintech covered all folio-based units.

From approximately 2012 onwards, SEBI permitted mutual fund units to be held in demat form, meaning a demat account with NSDL or CDSL could hold mutual fund units as ISIN-level securities, just like equity shares. Investors who opted for demat holding have their mutual fund units reflected in the depository system, not just in the RTA folio register.

To ensure investors with demat-held units receive a unified portfolio view, SEBI mandated (through circular SEBI/HO/IMD/DF2/CIR/P/2021/024 dated 4 March 2021) that both depositories issue a CAS covering demat-held mutual fund units alongside other demat securities.

NSDL CAS

NSDL generates its CAS through the eservices.nsdl.com portal. The NSDL CAS covers:

• Equity shares, debentures, bonds, and government securities held in NSDL demat accounts
• Mutual fund units held in NSDL demat form (shown at ISIN level, with current NAV and market value)
• Pledge and lien details on demat securities
• Transaction history for the selected period

For mutual fund units, the NSDL CAS shows the ISIN, units held, current NAV (sourced from the AMFI NAV file), and current market value. It does not show the purchase date or purchase NAV of each lot, as the depository records units at ISIN level without lot-level cost tracking. For cost and gain computation, investors must refer to the RTA statement or the ITR-ready capital gains statement.

Accessing the NSDL CAS

• Online: Log in to eservices.nsdl.com, select “CAS Download”, authenticate with DP ID or PAN and OTP.
• E-mail: NSDL sends monthly CAS by e-mail to the registered e-mail on the BO account.
• PDF password: PAN in uppercase combined with date of birth in DDMMYYYY format (NSDL’s standard convention).

CDSL CAS

CDSL generates its CAS through the mycdsl.co.in or cdsl.com investor portal. The CDSL CAS (sometimes referred to as the eCAS) covers:

• All securities held in CDSL demat accounts
• Mutual fund units held in CDSL demat form
• Pledge and lock-in details

CDSL’s CAS also includes a summary of dividend and IDCW received on demat-held securities. The transaction section shows buy, sell, and transfer transactions during the selected period.

Accessing the CDSL CAS

• Online: Log in to mycdsl.co.in with USER ID (BO ID) and password, then navigate to “CDSL CAS” under “Reports”.
• E-mail: CDSL sends the CAS monthly to the registered e-mail.
• PDF password: PAN in uppercase followed by date of birth in DDMMYYYY format.

Depository CAS vs RTA CAS

Investors who hold some units in folio form and others in demat form must refer to both types of CAS to obtain a complete portfolio picture. The MFCentral combined CAS aims to close this gap by integrating RTA folio data with demat data, though the integration is still maturing as of 2026.

Use cases for the depository CAS

• Unified net-worth statement: Investors and financial advisers use the NSDL or CDSL CAS to view all demat assets (equity + mutual funds + bonds) on one page.
• Loan against securities: Lenders accepting a pledge of demat mutual fund units will request the CDSL or NSDL CAS as proof of holding.
• Estate documentation: The depository CAS is used in estate administration to enumerate all demat assets of a deceased investor.
• KYC update verification: The CAS confirms that demat-linked PAN and contact details are correctly registered with the depository.

Limitations

The depository CAS is a portfolio snapshot, not a tax computation document. Because depository systems do not track purchase lots and cost of acquisition at the unit level, the NSDL or CDSL CAS cannot be used to compute capital gains for ITR filing. For tax purposes, investors must rely on the RTA-generated capital gains statement or the AIS.

History of demat holding for mutual funds

Mutual fund units were traditionally held only in folio form. The option to hold mutual fund units in demat form was introduced by SEBI through circular MRD/DoP/Dep/Cir-29/2008 dated 26 December 2008. The circular allowed investors to hold units equivalent to whole numbers (since demat accounts handle whole units, and fractional units from SIP FIFO allotments are handled differently). Most legacy investors continue to hold units in folio form; demat holding has been adopted primarily by investors who want a single demat account to view all their financial assets.

Fractional units in demat vs folio

A significant complication of demat mutual fund holding is that demat accounts can only hold whole-number units, whereas SIP allotments regularly result in fractional units (e.g., 23.456 units). Fractional units arising from SIP purchases or IDCW reinvestments are held in the folio system at the RTA, even for investors who have opted for demat holding. The depository CAS therefore may show a slightly lower unit count than the RTA CAS for the same scheme, because fractional units are not reflected in the demat account.

NSDL CAS – additional detail

NSDL’s CAS is formally called the “Consolidated Holding Statement with Value” (CHS). It covers:

• All NSDL DP (Depository Participant) accounts of the investor linked to the same PAN
• Multiple demat accounts under the same PAN are shown separately, each with their holdings
• The CHS summary page aggregates total portfolio value across all accounts

NSDL sends the CHS by e-mail every month to the registered e-mail on the BO account. Investors who have not registered an e-mail address with their DP receive the CHS by post.

CHS password format

For NSDL CAS, the PDF password convention is: first eight characters of PAN (the alphabetic portion in uppercase) followed by date of birth in DDMMYYYY format. For example, a PAN of ABCDE1234F with date of birth 15 June 1985 would use the password ABCDE123415061985. Investors should verify the exact convention with their DP, as minor variations exist.

CDSL CAS – additional detail

CDSL’s CAS is called the “CDSL Consolidated Account Statement” (CDSL CAS) and is accessible from the mycdsl.co.in platform. Features:

• The CDSL CAS covers all CDSL BO accounts of the investor.
• Mutual fund units held in CDSL demat form are shown at ISIN level.
• The statement shows opening balance, credits (purchases), debits (redemptions), and closing balance for each ISIN.
• For mutual fund ISINs, the current NAV (sourced from the AMFI NAV file) and current market value are shown.

CDSL also offers an SMS-based notification service. When units are credited or debited in the CDSL demat account, an SMS is sent to the registered mobile number.

CDSL eDIS for mutual fund redemptions

For demat-held mutual fund units, redemptions require the investor to authorise a delivery instruction through CDSL’s eDIS (Electronic Delivery Instruction Slip) mechanism. This is an additional step compared to folio-based redemptions, where the investor simply requests a redemption through the AMC or platform. The CDSL CAS shows the status of any pending eDIS authorisations alongside the unit holdings.

Practical guidance for investors with mixed folio and demat holdings

Many investors have a mix: older mutual fund investments in folio form (pre-2012) and newer investments in demat form (post-2012 or placed through a demat-integrated platform such as a stockbroker). For such investors:

1. Download the RTA CAS from MFCentral – this covers all folio-based holdings.
2. Download the NSDL or CDSL CAS from the respective depository portal – this covers demat-held units.
3. Combine the two documents for a complete mutual fund portfolio picture.
4. For capital gains, rely only on the RTA’s capital gains statement, not the depository CAS, as the depository does not maintain lot-level cost data.

See also

• Consolidated Account Statement (CAS)
• CAMS mutual fund statement
• KFintech mutual fund statement
• ITR-ready capital gains statement
• Mutual fund

References

1. SEBI circular SEBI/HO/IMD/DF2/CIR/P/2021/024, 4 March 2021 – Demat integration in CAS.
2. NSDL eservices investor documentation, eservices.nsdl.com (accessed May 2026).
3. CDSL investor services documentation, mycdsl.co.in (accessed May 2026).