Statement of Holdings (SOH)

Overview

The Statement of Holdings (SOH) is a document issued by a depository – either CDSL (Central Depository Services Limited) or NSDL (National Securities Depository Limited) – through the client’s depository participant (DP, i.e., the stockbroker or bank acting as DP) that lists all securities currently credited to a specific demat account as of a given date. For clients of Zerodha, which acts as a DP with CDSL, the SOH is accessible through the CDSL Easi/Easiest portal and can also be requested through Zerodha Console.

The SOH is the depository’s official record of ownership. Unlike the broker’s Holdings report, which adds cost basis and unrealised P&L, the SOH contains only custodial data: ISIN, scrip name, balance quantity, and ISIN-level face value. It carries the authority of the depository and is admissible as definitive proof of ownership of securities.

Regulatory basis

The Statement of Holdings is governed by:

• Depositories Act, 1996, Section 15 – requires depositories to maintain records of beneficial ownership and provide statements to beneficial owners on request.
• SEBI (Depositories and Participants) Regulations, 2018, Regulation 73 – specifies that DPs must provide a statement of accounts to clients at stipulated intervals (and on request).
• SEBI Circular SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655 – mandates automatic delivery of the Consolidated Account Statement (CAS), which incorporates SOH data across all DPs. However, the DP-level SOH for a single demat account remains a separately requestable document.
• CDSL Operating Instructions / NSDL Operational Guidelines – specify the format and delivery standards for SOH issued by DPs to clients.

DPs are required to dispatch the SOH at least once every quarter (by the end of the month following the quarter end) without a specific request from the client. Clients may request an SOH at any time and for any date for which records are available.

Data fields in the Statement of Holdings

The SOH for a CDSL account typically contains:

For NSDL accounts, the fields are similar but may use different terminology (e.g., “free balance” vs “available quantity”).

Difference between SOH and CAS

The SOH and the Consolidated Account Statement are related but serve different purposes:

For a client who holds all securities through a single broker (e.g., only a Zerodha demat account), the SOH for that account and the CAS will show the same holdings. For multi-broker clients, the CAS is more comprehensive.

How to obtain the SOH

Through CDSL Easi / Easiest (for CDSL accounts)

1. Register at easi.cdslindia.com using the 16-digit demat account number (DP ID + Client ID) and linked mobile number.
2. Log in and navigate to Statements > Holdings.
3. Select the “As of” date and click Download or View.
4. The SOH can be downloaded as a PDF or Excel file.

The Easiest portal (easiest.cdslindia.com) also allows DIS (Delivery Instruction Slip) submissions online, but for statement purposes, Easi is the primary portal.

Through NSDL eServices (for NSDL accounts)

1. Register at eservices.nsdl.com using the DP ID, client ID, and PAN.
2. Navigate to Account Statement > Holdings.
3. Select the date and download.

Through the broker (Zerodha)

Zerodha Console provides a Holdings view that is functionally equivalent to the SOH for Zerodha’s demat accounts, enriched with cost basis. For a formal depository-issued SOH (for legal or institutional purposes), the CDSL Easi portal is the authoritative source.

Physical request to DP

Clients may also submit a written request to their DP branch for a physical SOH. DPs are required to fulfill this within a reasonable timeframe. However, electronic access through Easi is faster and available at any time.

Legal uses of the SOH

Proof of ownership

The SOH is the depository’s official attestation of ownership and is accepted by:

• Courts as evidence of ownership of listed securities.
• Banks and NBFCs for loan-against-shares applications (the lender verifies the free balance before creating a pledge).
• Company registrars when processing physical share lodgement or transmission claims.
• Revenue and tax authorities during wealth verification proceedings.

Transmission and succession

In the event of the death of the account holder, the SOH provides the legal heir with the depository’s certified record of what securities were held in the account at the time of death (or as of a specific reference date if the account is frozen pending transmission). This is essential for initiating the transmission process, which requires separate documentation (death certificate, succession certificate or notarised indemnity for amounts below the threshold).

Pledge confirmation

Before creating a pledge on securities (for margin or loan purposes), lenders often require the SOH to confirm the free (unencumbered) balance. After a pledge is created, the SOH will show the pledged quantity as a separate line, confirming the lien to the lender.

ESOP and lock-in monitoring

Shares received through Employee Stock Option Plans (ESOPs) are often subject to a lock-in period specified in the scheme. These appear in the SOH as “locked-in balance” with a lock-in reason code. Employees can use the SOH to verify when lock-in periods expire and confirm that shares have been credited correctly.

Retention

The SOH is a point-in-time statement; it does not become outdated unless holdings change, but it reflects the state of the account only as of the stated date. For inheritance, legal dispute, or tax purposes, the SOH for key dates (year-end, date of acquisition, date of sale) should be archived. The depository retains records indefinitely; clients should keep personal copies for six years from the relevant assessment year.

Relationship to other depository statements

The SOH is commonly accompanied or complemented by the Statement of Transactions (SOT), which lists the transactions that resulted in the current holdings. Together, the SOH and SOT provide a complete picture of the demat account’s current state and historical activity.

The Consolidated Account Statement (CAS) aggregates the SOH data from all accounts across both depositories under a single PAN, making it the recommended annual snapshot for most reconciliation purposes.

Related reports

• Statement of Transactions (SOT) – depository-issued transaction history for the demat account.
• Consolidated Account Statement (CAS) from CDSL – multi-broker, multi-depository aggregate.
• Console Holdings report – broker-enriched view with cost basis and P&L.
• Annual Global Statement – broker’s year-end summary including holdings snapshot.

References

1. Depositories Act, 1996, Section 15 – Beneficial ownership records.
2. SEBI (Depositories and Participants) Regulations, 2018, Regulation 73 – Periodic statement obligation.
3. SEBI Circular SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655 – CAS and SOH delivery framework.
4. CDSL Operating Instructions, Chapter on Client Statements – cdslindia.com.
5. NSDL Operational Guidelines for DPs – nsdl.co.in.
6. Zerodha Support, “How to get your demat statement” – support.zerodha.com.