SEBI Writes to IRDAI to Integrate Insurance Policies into Consolidated Account Statements — October 15, 2026

In a bid to create a unified view of an individual's financial wealth, the Securities and Exchange Board of India (SEBI) has written to the chairman of the Insurance Regulatory and Development Authority of India (IRDAI) to include insurance policies within the Consolidated Account Statement (CAS).

The announcement was made by SEBI Chairman Tuhin Kanta Pandey while speaking on the sidelines of the SAMVAAD India Open Finance Summit organised by Sahamati in Mumbai. The move aims to broaden the scope of CAS by incorporating information across banking, capital markets, and insurance under the open finance Account Aggregator (AA) framework.

Building a Unified Financial Ledger

At present, an investor's CAS issued by depositories primarily reflects securities holdings, including listed equities, mutual fund units, exchange-traded funds (ETFs), corporate bonds, and government securities. The Reserve Bank of India (RBI) recently took steps to facilitate depositories—National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL)—to fetch and include savings and term deposit information in CAS on a consent basis.

Bringing IRDAI onto the same digital highway represents the next major pillar of inter-regulatory collaboration. A SEBI working group is currently formalising the structural improvements, and a consultation paper detailing the revised framework will be released shortly for public feedback.

Key components targeted for inclusion in the upgraded CAS:

• Equities, sovereign gold bonds, and exchange-traded instruments held in demat accounts.
• Mutual fund investments and National Pension System (NPS) portfolios.
• Savings accounts, recurring deposits, and fixed deposits across scheduled banks.
• Life, health, and general insurance policy records held with IRDAI-registered insurers.

Leveraging the Account Aggregator Architecture

The expansion relies on India’s consent-driven Account Aggregator framework, an RBI-regulated network of non-banking financial entities acting as secure data conduits. Under this architecture, aggregators transfer encrypted financial information directly between regulated financial information providers and financial information users, strictly with user consent.

By establishing technical interoperability between capital market depositories and insurance repositories, individuals will be spared the need to log into multiple portals or maintain disjointed physical policy schedules. Furthermore, legal heirs and nominees will have clearer visibility over an investor's overall asset base, curbing the accumulation of unclaimed balances and orphaned policies in the insurance and mutual fund ecosystems.

Rapid Growth in Retail Market Participation

The push for a single-window financial view comes amid exponential growth in domestic market participation. According to the market regulator, India’s unique investor base has expanded fourfold to reach 150 million. Within this, unique mutual fund investors stand at 6.6 crore.

Assuming a compound annual growth rate (CAGR) of 13% to 15%, SEBI projects the country's unique mutual fund investor pool could expand to 24–26 crore over the next ten years. With retail portfolios becoming increasingly multi-asset in nature, consolidating banking, capital market, and insurance records under a standardized digital statement is positioned as a critical infrastructure upgrade for India's evolving financial ecosystem.

Tags: SEBI IRDAI Reserve Bank of India NSDL CDSL Wealth Management