Executive Summary:
This circular from the Securities and Exchange Board of India (SEBI) revises the timelines for Depositories to issue Consolidated Account Statements (CAS). It modifies the deadlines for AMCs/MFRTAs to provide data and for Depositories to dispatch CAS in both electronic and physical formats. The revised timelines aim to enhance compliance ease and take effect from May 14, 2025.
Key Points / Main Content:
* **Monthly CAS Issuance:**
* AMCs/MFRTAs must provide common PAN data to Depositories by the 5th day of each month.
* Depositories must dispatch monthly eCAS by the 12th day and physical CAS by the 15th day of each month.
* **Half-Yearly CAS Issuance:**
* AMCs/MFRTAs must provide common PAN data to Depositories by April 8th and October 8th each year.
* Depositories must dispatch half-yearly eCAS by April 18th and October 18th and physical CAS by April 21st and October 21st.
* **Master Circular Amendments:**
* Para 1.24.5 of the SEBI Master Circular is revised to reflect the new monthly CAS timelines.
* Para 1.24.12 is revised to specify timelines for half-yearly CAS dispatch and investor options for receiving CAS in physical form.
* **Effective Date:**
* The circular is effective from May 14, 2025.
* **Directives to Depositories:**
* Amend byelaws, rules, and regulations as necessary.
* Implement required system changes.
* Disseminate the circular's provisions on their website.
* Communicate implementation status to SEBI in the Monthly Development Report.
Impact Analysis:
**Depositories:**
* Impact: Changes to CAS issuance timelines and procedures require adjustments to internal systems and processes.
* Action Required: Amend relevant byelaws and rules, implement system changes, disseminate the circular, and report implementation status to SEBI.
**AMCs/MFRTAs:**
* Impact: Revised deadlines for providing PAN data to Depositories.
* Action Required: Adhere to the new deadlines for submitting PAN data to Depositories (5th of each month for monthly CAS, April 8th and October 8th for half-yearly CAS).
**Investors:**
* Impact: Changes to the timelines for receiving CAS in electronic or physical form.
* Action Required: No immediate action required, but investors should be aware of the new timelines and ensure their preferred delivery method is registered. They have the option to receive CAS in physical form if they do not wish to receive it via email.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): Regulatory body for the securities market in India, responsible for protecting investors' interests and regulating the securities market.
Depositories: Entities that hold securities in electronic form.
Asset Management Companies (AMCs): Financial institutions that invest pooled funds from clients.
Mutual Fund Registrar and Transfer Agents (MFRTAs): Entities responsible for maintaining investor records and processing transactions for mutual funds.
Consolidated Account Statement (CAS): A statement providing a consolidated view of an investor's holdings across different securities and mutual funds.
SEBI Master Circular for Depositories dated December 3, 2024: A comprehensive circular issued by SEBI providing guidelines and regulations for depositories.
Securities and Exchange Board of India Act, 1992: Law that established the Securities and Exchange Board of India (SEBI) and defines its powers and functions.
Depositories Act, 1996: Law that provides a legal framework for the establishment and regulation of depositories in India.
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
Page 1 of 3the 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;
Page 2 of 38.4 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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