SEBI Master Circular for Depositories, issued on December 3, 2024, outlined the process for generating CAS for securities and assets in investors’ accounts. According to the guidelines, CAS was to be generated on a monthly basis, and Asset Management Companies (AMCs) and Mutual Fund Registrar and Transfer Agents (MF-RTAs) were required to share common PAN data with depositories within three days of the month-end. Depositories, in turn, had ten days to consolidate the information and dispatch the CAS.
Revised Timelines: Key Changes
Submission of Data by AMCs/MF-RTAs: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.
Half-Yearly CAS: In addition to monthly CAS, there is a provision for half-yearly CAS. AMCs and MF-RTAs are required to send the common PAN data to depositories by the 8th day of April and October each year. Depositories, in turn, must dispatch:
e-CAS by the 18th day of April and October.
Physical CAS by the 21st day of April and October.
Transactions and No Transactions in Accounts: One of the significant updates is the provision regarding investors’ accounts with no transactions. If there are no transactions in either mutual fund or demat accounts, the CAS will still be sent to investors on a half-yearly basis, with withholding details included. If any transaction has taken place, CAS will be generated monthly.
The circular shall be effective from May 14, 2025.
About the Author
