India’s capital markets regulator aims to create a consolidated statement of all financial assets held by an individual, with the assistance of other financial regulators.
“Can we think of having a consolidated statement for the entire financial market ecosystem—with all financial assets reflected in one place? Isn’t it desirable?” Securities and Exchange Board of India (Sebi) chair Tuhin Kanta Pandey said at the Economic Times BFSI Annual Converge Summit 2025. “We intend to take this idea forward with other financial sector regulators in the inter-regulatory forum.”
Currently, investors in the securities market can access a consolidated statement of holdings across products, including equities, debt instruments and mutual funds, through the depositories.
Pandey said bringing all financial assets into one statement could be an “empowerment tool” for millions of households and investors.
The regulator is also considering a proposal to provide intermediaries access to supplementary account opening form (AOF) information through know-your-customer registration agencies (KRAs). This would help avoid repetitive submissions by investors and enable intermediaries to receive cleaner, consistent and verified data flowing through the system. The change is aimed at simplifying investor onboarding and reducing duplication across market entities.
An AOF is the set of documents and details an investor must submit when opening an account with any market intermediary, such as a broker, mutual fund house, or alternative investment funds (AIFs). As of now, even after an investor completes KYC through a KRA, most intermediaries still request additional documents or details.
Pandey said Sebi has strengthened governance frameworks for listed companies, enhanced the accountability of compliance officers and expanded risk-management oversight to the top 2,000 listed firms. He added that the regulator is reviewing major regulations, including those on mutual funds, stockbrokers and listing obligations, to simplify them and update them for emerging market requirements.
Mint had reported that some of these revamped regulations are set to be discussed in the Sebi board meeting next week.
Pointing to deepening capital markets, the Sebi chief noted that demat accounts have crossed 210 million and the unique investor count has risen to around 136 million, up from about four crore in FY19. Equity and debt issuances reached ₹14.3 trillion in FY25, while India’s market capitalization has risen from 81% of GDP in FY15 to around 134% today. Mutual fund assets have grown from 9% of GDP in FY15 to about 23% now, with increasing participation from beyond the top 30 cities.
The regulator plans to broaden its efforts for investor education.
“We will expand outreach efforts through a multi-media, multi-lingual and multi-agency approach,” said Pandey. “We are also partnering with the ministry of panchayati raj to reach out to block-level and panchayat-level institutions.”
