SEBI Chairman Tuhin Kanta Pandey sent a formal letter to the IRDAI Chairman last Thursday, urging the insurance regulator to embed policy information into the Consolidated Account Statement (CAS).
The regulator’s push follows RBI’s recent directive to allow SEBI‑regulated depositories to include bank deposit data in CAS via the Account Aggregator (AA) framework, a step that could finally bring every major asset class under one digital roof.
CAS already aggregates demat, non‑demat, mutual fund, stock, and pension holdings, but insurance data has been omitted due to data‑sharing bottlenecks. The AA interoperability announcement by RBI is seen as a catalyst, because it would let investors access and share information across multiple AAs without being locked into a single provider.
While the immediate financial impact remains unquantified, analysts warn that a fully integrated CAS could unlock liquidity in the secondary bond market and improve price discovery, especially for securities linked to insurance‑backed assets.
SEBI is also revisiting its Listing Obligations and Disclosure Requirements framework and plans to streamline compliance for SMEs, which could indirectly influence the composition of future CAS users. The next milestone is the inclusion of insurance data, slated for the second half of 2026, contingent on customer consent and technical arrangements.