Official digitally signed and stamped profile certificate issued by NSDL or CDSL Depository Participants detailing 16-digit Demat Account number, BO ID, linked bank details, and nominee registration
If you are transferring shares between different brokers (e.g., from Zerodha to Groww or Angel One) via CDSL Easiest or DIS slip, the receiving broker will strictly reject the transfer unless you attach a verified CMR copy bearing the DP's official seal.
💡 The Client Master Report (CMR), also referred to as the Client Master List (CML), is the master identity certificate of your demat account. Maintained by central depositories (NSDL or CDSL), it acts like the 'birth certificate' of your demat account, verifying your 16-digit Demat ID, Beneficiary Owner (BO) ID, DP ID, linked bank account (IFSC & MICR), signature specimen, and registered nominee details.
Distinct documents issued by Indian capital market depositories.
| Document | Issuing Entity | Primary Content | Main Purpose |
|---|---|---|---|
| Client Master Report (CMR / CML) | Stockbroker / Depository Participant | 16-digit Demat ID, DP ID, linked bank, nominee, KYC status | Off-market share transfers, unlisted shares, opening second demat |
| Demat Holding Statement | Stockbroker (Console / Portfolio) | Quantity of shares, ISIN numbers, purchase average, market value | Portfolio tracking, net worth computation, loan against shares |
| Consolidated Account Statement (CAS) | NSDL / CDSL / CAMS / KFintech | Consolidated monthly view of all stocks, mutual funds, bonds across India | Annual tax filing, overall wealth audit |
Instant PDF download on modern broker apps (Zerodha, Groww, Upstox, Angel One); 2 to 4 working days for courier delivery of physically stamped and signed hard copy.
Digital download: 100% Free; Physical printed copy with wet-ink DP stamp: Free or ₹20 to ₹100 + courier charges depending on the broker.
Any individual, NRI, HUF, partnership firm, or corporate entity possessing an active Demat (Beneficiary Owner - BO) account with any SEBI-registered Depository Participant (DP).
Stock market investors and traders in India needing to transfer shares off-market between demat accounts; buyers of unlisted/pre-IPO shares; individuals linking demat accounts to international brokers or alternative investment funds (AIFs); and legal heirs claiming shares after the demise of an account holder.
Sign in to your broker's web platform or mobile application (e.g., Zerodha Console, Groww Profile, Upstox Account, or Angel One Settings).
Go to 'Account' → 'Profile' → 'Documents' or search for 'Demat / CMR'.
Choose the 'Client Master Report' or 'CML' document option. Most brokers provide a digitally signed PDF bearing the depository participant's digital corporate seal.
If your transaction requires a physical wet-ink stamp (such as for physical Delivery Instruction Slips - DIS or unlisted share purchases), raise a ticket on the broker's helpdesk requesting a physical signed hard copy dispatched by Speed Post.
Open the downloaded PDF and confirm that your Name, PAN, Demat Account ID (16 digits), Bank Account Number, IFSC code, and Nominee details are completely accurate.
If your linked bank account or nominee information on the CMR is outdated, follow these steps to generate an amended CMR:
Log in to your broker's profile settings and navigate to 'Bank Details' or 'Nominee Details' → 'Modify'.
For bank change, upload a personalized cancelled cheque showing your name, account number, and IFSC code. For nominee update, enter nominee Aadhaar/PAN details.
Authenticate the modification request using Aadhaar e-Sign on the NSDL / CDSL e-Sign gateway.
Within 24 to 48 hours, the depository updates its master records, and a fresh CMR with updated bank details can be downloaded.
The CMR contains the exact 16-digit account identifier format used across the Indian securities market:
If your account is with Central Depository Services Limited (CDSL), your Demat Account Number is a 16-digit purely numeric code (e.g., 1208160012345678). The first 8 digits are the DP ID, and the last 8 digits are your Client ID.
If your account is with National Securities Depository Limited (NSDL), your Demat Account Number begins with 'IN' followed by 14 digits (e.g., IN30012310123456). The 'IN300123' is the DP ID, and the following 8 digits are the Client ID.
Standard solutions when banks or brokers raise issues regarding CMR documentation.
| Issue | Probable Reason | Recommended Remedy |
|---|---|---|
| Broker rejects CMR copy uploaded for share transfer | Presence of valid digital signature or physical stamp | Ensure the PDF contains a valid cryptographically signed certificate from the broker (green tick) or request a physically stamped hard copy. |
| Bank details printed on CMR show old closed account | Has primary bank account been changed in demat profile? | Do not execute share sales or IPO applications until you submit an online bank modification with a cancelled cheque of your new active bank. |
| Name on CMR differs slightly from Aadhaar or PAN | Check single-letter typos or initials expanded in demat record | Submit a Name Correction Request to your stockbroker along with a supporting Gazette notification or matching PAN card copy. |
| Cannot locate CMR download link on broker app | Broker app interface differences | On Zerodha: Console → Account → Documents → Select 'Client Master Report'. On Groww: Profile → Reports → 'Demat (CML)'. On Upstox: Profile → 'Documents'. |
There is no difference in content. CMR (Client Master Report) and CML (Client Master List) are interchangeable terms used across the Indian stock market. CDSL participants commonly call it a CML, while NSDL participants frequently refer to it as a CMR.
When purchasing unlisted equity shares, the seller executes an off-market transfer from their demat account to yours using your specific depository details. To ensure the shares are routed to the correct account without typographical errors, the escrow agent or seller's broker mandatorily demands a digitally stamped CMR.
Yes. Following SEBI circulars on electronic documentation, digitally signed CMR PDFs issued by brokers (with a verifiable PKCS#7 digital signature) are legally valid across all Indian depositories. A wet-ink physical stamp is only required if the recipient broker's compliance team explicitly mandates physical verification.
Look at the top section of the CMR: If your account is with CDSL, your 16-digit number is listed as 'Beneficiary Owner ID' or 'BO ID'. If with NSDL, it is listed as 'DP ID' (e.g., IN300123) followed by your 8-digit 'Client ID'.
Yes. Each stockbroker provides a distinct demat account with its own unique DP ID and Client ID. If you have accounts with both Zerodha and Groww, you will have two distinct CMR documents with completely different account numbers.
Statutory regulations governing demat account creation, beneficiary records, and client master administration.
Checked on November 4, 2026
View Reference Document ↗Operating guidelines detailing the verification, stamping, and transmission of Client Master Lists for off-market transfers.
Checked on November 4, 2026
View Reference Document ↗Free Instant e-PAN with Aadhaar, new PAN in Form 93, reprint for ₹50, and what PAN 2.0 changes
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Market-linked, voluntary retirement savings scheme for Indian citizens
Regulated by the Securities and Exchange Board of India (SEBI) under SEBI (Depositories and Participants) Regulations, 2018. Available through your registered Depository Participant (stockbroker) linked to NSDL or CDSL.
SEBI Depository Regulations Portal →