CIRCULAR
SEBI/HO/MRD/PoD1/CIR/P/2025/16 February 14, 2025
The Depositories
Asset Management Companies
Mutual Fund RTAs
Dear Sir / Madam,
Subject: Revised timelines for issuance of Consolidated Account Statement (CAS)
by Depositories
1. Para 1.24 of Chapter 1 of SEBI Master Circular for Depositories dated December 3,
2024 (“Master Circular”) prescribes the modalities for issuance of ‘Consolidated
Account Statement (CAS) for all securities assets’.
2. In terms of the requirements specified under Para 1.24.5 of the Master Circular, CAS
is required to be generated on a monthly basis. The AMCs /MF-RTAs are required to
provide the data with respect to the common PANs to the depositories within three
days from the month end, pursuant to which, the depositories are required to
consolidate and dispatch the CAS within ten days from the month end.
3. Pursuant to representations received from Depositories and Mutual Fund - Registrar
and Transfer Agents (MF-RTAs) and to enhance ease of compliance with the
timelines, it has been decided to rationalize the timelines for issuance of CAS.
Accordingly, based on discussions held with MF-RTAs and Depositories, it has been
decided that AMCs/ MF-RTAs shall send the monthly common PAN data to
Depositories on or before the fifth (5th) day from the month end. The Depositories, in
turn, shall consolidate and dispatch the monthly CAS to investors that have opted for
delivery via electronic mode (e-CAS) by the twelfth (12th) day from the month end and
to investors that have opted for delivery via physical mode by the fifteenth (15th) day
from the month end.
4. Further, in respect of half yearly CAS, it has been decided that the AMCs/MF-RTAs
shall provide the data with respect to the common PANs to the depositories on or
before eighth (8th) day of April and October every year. The depositories shall then
consolidate and dispatch the CAS to investors that have opted for e-CAS on or before
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the eighteenth (18th) day of April and October and to investors that have opted for
delivery via physical mode by the twenty first (21st) day of April and October.
5. In view of the above, Para 1.24.5 of the Master Circular stands revised as under:
The CAS shall be generated on a monthly basis. The AMCs /MF-RTAs shall provide
the data with respect to the common PANs to the depositories within five (5) days from
the month end. The depositories shall then consolidate and dispatch the CAS to
investors that have opted for delivery via electronic mode, within twelve (12) days from
the month end and to investors that have opted for delivery via physical mode, within
fifteen (15) days from the month end.
6. Further, Para 1.24.12 of the Master Circular stands revised as under:
If there is any transaction in any of the demat accounts of the investor or in any of his
mutual fund folios, then CAS shall be sent to that investor through email on monthly
basis. In case there is no transaction in any of the mutual fund and demat accounts
then CAS with holding details shall be sent to the investors by email on half yearly
basis. In respect of half-yearly CAS, the AMCs/MF-RTAs shall provide the data with
respect to the common PANs to the depositories on or before eighth(8th) day of April
and October every year. The depositories shall then consolidate and dispatch the CAS
to investors that have opted for delivery via electronic mode, on or before the
eighteenth (18th) day of April and October and to investors that have opted for delivery
via physical mode, on or before the twenty-first (21st) day of April and October.
However, where an investor does not wish to receive CAS through email, option shall
be given to the investor to receive the CAS in physical form at the address registered
with the Depositories and the AMCs/MF-RTAs.
7. The circular shall be effective from May 14, 2025.
8. The Depositories are directed to:
8.1 make amendments to the relevant bye-laws, rules and regulations for the
implementation of the above decision, as may be applicable/necessary;
8.2 to carry out system changes, if any, to implement the above;
8.3 disseminate the provisions of this circular on their website;
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8.4 communicate to SEBI, the status of implementation of the provisions of this
circular in their Monthly Development Report.
9. This circular is issued in exercise of powers conferred under Section 11 (1) of the
Securities and Exchange Board of India Act, 1992 read with read with Section 26(3)
of the Depositories Act,1996 and Regulation 97 of SEBI (Depositories and
Participants) Regulations, 2018, to protect the interests of investors in securities and
to promote the development of, and to regulate the securities market.
10. The circular is issued with approval of the competent authority.
11. The circular is available on SEBI website at www.sebi.gov.in under the category
“Legal” “Circulars”.
Yours faithfully,
Neetika Rajpal
Deputy General Manager
Market Regulation Department
Email: neetikar@sebi.gov.in
Phone number:022-26449628
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