Investors often use the terms CAS statement and Demat account statement interchangeably, but they are not exactly the same. Both can show investment holdings and transactions, yet they serve different purposes.
A Demat account statement generally provides details of securities held and transactions in a particular Demat account through its Depository Participant (DP). A Consolidated Account Statement (CAS) is designed to provide a broader, consolidated view of eligible investments across Demat accounts and other investment records covered by the CAS framework.
Understanding the difference is useful, especially if you have multiple Demat accounts, investments with different mutual fund companies, or accounts with both CDSL and NSDL.
What Is a Demat Account Statement?
A Demat account statement is a record of the securities and transactions in your individual Demat account.
The statement is provided through your Depository Participant (DP), such as a broker, bank or other registered intermediary providing Demat services.
It can contain details such as:
- Name of the account holder
- DP ID and Client ID
- Securities held
- ISIN
- Quantity
- Opening balance
- Credits
- Debits
- Closing balance
- Securities transfers
- Corporate actions
- Pledge-related entries
SEBI states that investors receive their Demat account or holding statement directly from the DP with whom they maintain the account.
Example
Suppose you have a Demat account with a broker and hold:
- 100 shares of Company A
- 50 shares of Company B
- 20 ETF units
Your Demat statement will show the securities recorded in that particular account.
If you have another Demat account with another DP, the first statement generally does not automatically become a complete statement of that second account.
What Is a CAS Statement?
CAS stands for Consolidated Account Statement.
It is designed to consolidate eligible investment information associated with an investor instead of showing information from only one Demat account or one investment provider.
For investors having securities in Demat accounts and eligible mutual fund investments, the depository-generated CAS can provide a consolidated view based on the applicable framework.
SEBI’s current CAS framework provides for consolidation based on PAN and, where there are multiple holders, the PAN of the first holder along with the holding pattern.
Example
Suppose you have:
Demat Account 1
- 100 shares of Company A
Demat Account 2
- 50 shares of Company B
Mutual Fund Investments
- ₹2 lakh across several mutual fund schemes
A CAS can bring the applicable information together in one consolidated statement.
This is particularly useful when you have investments spread across multiple accounts or institutions.
CAS vs Demat Account Statement: Key Difference
| Feature | Demat Account Statement | CAS |
| Full form | Demat Account Statement | Consolidated Account Statement |
| Main purpose | Shows activity in a particular Demat account | Consolidates eligible investment information |
| Usually provided by | Depository Participant | Depository under the CAS framework |
| Demat holdings | Yes | Yes, where covered |
| Multiple Demat accounts | Generally individual account-wise | Can consolidate across applicable Demat accounts |
| Mutual fund investments | Not necessarily all mutual funds | Can include eligible mutual fund holdings |
| CDSL + NSDL holdings | Normally account-specific | Can consolidate across depositories |
| Transaction details | Detailed account-level activity | Consolidated investment-level information |
| Best use | Checking a particular Demat account | Getting a broader view of investments |
The exact contents and presentation can vary according to the applicable regulatory framework and statement type.
Who Sends a Demat Account Statement?
Your Depository Participant sends or makes available the Demat account statement.
The DP is the investor-facing intermediary through which you access depository services.
For example, if your Demat account is maintained through a broker, the broker or its relevant DP arrangement may provide access to your statement.
The statement relates to the securities recorded in that particular Demat account.
CDSL also separately identifies “Statement of Holding” and “Statement of Transaction” as records used for investor account information.
Who Sends a CAS Statement?
CAS for investors with Demat accounts is generated and dispatched through the depository system under the applicable SEBI framework.
SEBI’s current material states that investors having mutual fund investments and securities in Demat accounts receive a single consolidated account statement from the depository.
This means CAS is not simply another copy of the statement generated by one individual broker.
What Does a Demat Account Statement Show?
A Demat statement is useful when you want detailed information about a particular account.
It can help you check:
- Current Holdings
You can see the securities recorded in that Demat account.
- Credits
Credits show securities added to the account, such as securities received after settlement or through certain corporate actions.
- Debits
Debits show securities removed from the account, such as after a sale or transfer.
- ISIN
The ISIN identifies the particular security.
- Pledge Information
Where applicable, the statement can show pledged or otherwise restricted securities.
- Transfers
You can identify securities transferred into or out of the account.
For detailed investigation of a particular securities transaction, the Demat statement is generally more useful than relying only on a consolidated statement.
What Does a CAS Statement Show?
CAS is intended to provide a consolidated picture rather than focusing only on one Demat account.
Depending on the applicable CAS framework and the investor’s holdings, it can contain information relating to:
- Demat holdings
- Demat transactions
- Holdings across applicable Demat accounts
- Eligible mutual fund investments
- Transactions in applicable mutual fund folios
- Other investment information covered by the CAS framework
SEBI’s current material states that CAS is generated monthly when there is a transaction in any of the relevant Demat accounts or specified mutual fund folios, while a holding-only CAS is sent on a half-yearly basis when there are no such transactions, subject to the applicable rules.
Can CAS Combine CDSL and NSDL Accounts?
Yes, the CAS framework can consolidate applicable Demat holdings across CDSL and NSDL.
For example, suppose you have:
CDSL Demat account
- 100 shares
NSDL Demat account
- 200 shares
Instead of checking only one account, the applicable CAS can provide a consolidated view.
The consolidation is based on the prescribed identification framework, including PAN and the holding pattern where there are multiple holders.
This is one of the biggest advantages of CAS for investors with multiple Demat accounts.
Can CAS Include Mutual Funds?
Yes, eligible mutual fund investments can be included in CAS under the applicable framework.
This is an important difference from a normal Demat statement.
A Demat statement primarily concerns the securities recorded in that particular Demat account.
CAS, on the other hand, can bring together applicable mutual fund investments along with securities held in Demat accounts.
Therefore, an investor with shares, ETFs and mutual funds may find CAS more convenient for getting an overall investment view.
CAS vs Demat Statement: Example
Consider an investor named Rahul.
Rahul has:
| Investment | Where It Is Held |
| 100 shares of Company A | CDSL Demat Account |
| 50 shares of Company B | NSDL Demat Account |
| ₹1 lakh in Mutual Fund X | Mutual Fund |
| ₹75,000 in Mutual Fund Y | Mutual Fund |
Rahul’s CDSL Demat Statement
It may show:
- 100 shares of Company A
- Related transactions in that account
Rahul’s NSDL Demat Statement
It may show:
- 50 shares of Company B
- Related transactions in that account
Rahul’s CAS
The applicable CAS can consolidate the relevant information into one statement.
This makes CAS useful for getting a broader picture without opening each individual account separately.
Which Statement Shows More Detailed Transactions?
For account-specific transaction checking, the Demat statement is generally more useful.
For example, if you want to find out:
“When exactly were these 100 shares debited from my Demat account?”
You should check the detailed transaction statement for that Demat account.
A CAS is designed primarily for consolidation and may present information in a broader format.
Therefore:
Detailed account investigation → Demat statement
Consolidated investment view → CAS
Which Statement Should You Use to Check Your Share Balance?
If you want to verify the exact quantity of shares in a particular Demat account, check the Demat holding statement.
For example:
| Company | Quantity |
| Company A | 100 |
| Company B | 50 |
| Company C | 25 |
The Demat statement can help you verify the account-level quantity and relevant transaction history.
CAS can also provide holding information, but its main purpose is consolidation.
Which Statement Is Better If You Have Multiple Demat Accounts?
CAS can be more convenient if you have multiple Demat accounts.
For example, you may have:
- One account for long-term investments
- One account for active trading
- One account with a bank
- Another account with a different broker
Checking each Demat statement separately can take time.
A consolidated statement can make it easier to see applicable holdings and transactions together.
However, you should still retain access to each individual Demat statement for detailed verification.
CAS vs Demat Statement for Unauthorised Transactions
Both can help you identify unusual activity, but they serve different purposes.
If you notice an unexplained transaction in CAS, you should identify the relevant Demat account and then check the detailed statement for that account.
For example:
CAS shows an unexplained debit
↓
Identify the relevant security/account
↓
Check the individual Demat transaction statement
↓
Contact the concerned DP if necessary
SEBI has advised investors to review account statements and report unauthorised debits or credits to the relevant DP/depository.
How Often Is CAS Issued?
The frequency depends on whether there were transactions during the relevant period and the applicable regulatory requirements.
Under the current framework, where there is a transaction in a relevant Demat account or specified mutual fund folio, CAS is generated monthly. Where there are no such transactions, a holding-based CAS is issued on a half-yearly basis, subject to the applicable rules.
SEBI also revised the timelines for CAS issuance in February 2025, so investors should rely on the current regulatory framework rather than older articles describing previous dispatch dates.
How Often Do You Get a Demat Account Statement?
The Demat statement is provided by the DP according to the applicable regulatory requirements and the statement arrangement for the account.
SEBI’s investor guidance states that the Demat account statement is provided directly by the DP.
The exact method may vary. Investors may be able to access statements electronically through their DP or receive them through the applicable communication channel.
Is CAS the Same as a Portfolio Statement?
No.
A CAS is a consolidated statement of eligible investment holdings and transactions.
A portfolio statement provided by a broker or investment platform may be designed to show additional information such as:
- Current market value
- Average purchase price
- Unrealised profit/loss
- Realised profit/loss
- Asset allocation
- Portfolio returns
Therefore, a portfolio statement can be more useful for analysing investment performance, while CAS is useful for consolidated record-keeping.
Does CAS Replace the Demat Statement?
No.
CAS and the Demat statement have different purposes.
You should not treat CAS as a complete replacement for your individual Demat statement.
Keep checking your individual Demat account statement when you need to:
- Verify a particular transaction
- Check a security debit
- Check a security credit
- Confirm a transfer
- Verify pledged securities
- Investigate an account discrepancy
- Check detailed account-level records
CAS is better suited to getting a consolidated view.
Can You Have Both CAS and Demat Statements?
Yes.
There is no contradiction in receiving or accessing both.
For example:
Demat statement
→ Detailed information about your particular Demat account
CAS
→ Consolidated information across applicable investments/accounts
They complement each other rather than serving exactly the same purpose.
CAS vs Demat Account Statement: Which One Should You Check?
| Your Requirement | More Useful Statement |
| Check shares in one Demat account | Demat statement |
| Check detailed Demat transactions | Demat statement |
| Check a particular debit or credit | Demat statement |
| Check pledge-related entries | Demat statement |
| See investments across multiple Demat accounts | CAS |
| See applicable mutual fund investments together | CAS |
| Get a consolidated investment record | CAS |
| Investigate an unexplained Demat transaction | Demat statement |
| Review overall investment records | CAS |
The choice therefore depends on what you are trying to verify.
Important Things to Check in Both Statements
Whether you are reviewing CAS or an individual Demat statement, pay attention to:
- Name of the first holder
- PAN
- Account details
- Security name
- ISIN
- Quantity
- Credits
- Debits
- Transaction dates
- Closing holdings
- Corporate actions
- Transfers
- Pledge-related information
If something looks unfamiliar, do not ignore it.
Common Misunderstandings
“CAS and Demat statements are exactly the same.”
They are not. A Demat statement is account-specific, while CAS is designed for consolidation.
“CAS only contains mutual funds.”
Not necessarily. CAS for investors with Demat accounts can consolidate applicable securities and mutual fund information under the applicable framework.
“My broker’s statement is always my CAS.”
No. A broker’s account or portfolio statement and a depository-generated CAS can serve different purposes.
“If CAS looks correct, I don’t need my Demat statement.”
It is still useful to retain and review the individual Demat statement, especially for detailed transaction verification.
“CAS shows my bank balance too.”
CAS is not a bank account statement. It concerns investments covered by the applicable CAS framework.
Frequently Asked Questions
What is the main difference between CAS and a Demat account statement?
A Demat statement generally covers one particular Demat account, while CAS is designed to consolidate eligible investment information across applicable Demat accounts and other covered investments.
Is CAS issued by a broker?
CAS for Demat investors is generated and dispatched through the depository framework. It is different from a normal account statement provided by your broker or DP.
Can CAS show both CDSL and NSDL holdings?
Yes, the applicable CAS framework can consolidate holdings across both depositories.
Does CAS include mutual funds?
Eligible mutual fund holdings and transactions can be included under the applicable CAS framework.
Which statement should I use to check an individual share transaction?
Use the detailed Demat account transaction statement for the relevant account.
Is CAS useful if I have only one Demat account?
Yes. It can still provide a consolidated investment record and may include eligible mutual fund information.
Can I have multiple Demat statements but one CAS?
Yes. An investor with multiple Demat accounts can receive individual account statements for those accounts while also receiving a consolidated statement under the CAS framework.
Is CAS the same as a portfolio report?
No. A portfolio report may contain investment-performance information such as market value and profit/loss, whereas CAS is primarily a consolidated account statement.
Conclusion
The easiest way to remember the difference is:
Demat Account Statement = detailed record of one Demat account
CAS = consolidated view of eligible investments across applicable accounts and investment records
If you want to check exact share credits, debits, transfers or holdings in a particular Demat account, use the individual Demat statement.
If you want to see a broader consolidated view of your investments, particularly when you have multiple Demat accounts or eligible mutual fund investments, CAS can be more convenient.
For proper record-keeping, investors should understand both statements and retain their individual Demat records even when they regularly receive CAS.
