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# CML vs CMR: What a Client Master List Actually Is
If you have opened a demat account and then tried to use it anywhere outside your broker's own app, you have probably been asked for a "CMR copy" — or a "CML", or a "client master list", or a "DP master". The terms get used interchangeably, the acronyms are never expanded, and the broker's own app often calls it something different again.
This article clears that up.
The short answer
CML = Client Master List. CMR = Client Master Report.
They are the same document. The difference is naming convention, not substance. NSDL-side participants historically leaned on "Client Master List"; CDSL-side participants tend to say "Client Master Report". Brokers mix the two freely — Angel One's support pages say CMR while its users search for "CML copy", and ICICI Direct's own screens have carried both.
If a platform asks for a CMR and your broker's app only offers a "Client Master List", download it. It is the file they want.
What is actually in the PDF
A client master document is one page, generated by your **depository participant** (your broker, acting on behalf of CDSL or NSDL). It states:
- Your name, exactly as registered
- Your PAN
- DP ID — identifies the depository participant
- BO ID** — your beneficiary owner account number (the DP ID and BO ID together form the 16-digit demat number)
- Holding pattern — sole holder, or joint holders in order
- Address on record
- Usually bank details, nominee, and account status
Two properties make it useful as a verification document: it is digitally signed by the DP, and it reflects the depository's own records rather than anything you typed in.
Why the naming is inconsistent
India has two depositories, CDSL and NSDL, and roughly a thousand depository participants between them. There is no mandated customer-facing name for this statement, so each DP built its own screens with its own label. The result is a long tail of synonyms for one file:
| What you might see | Where | |---|---| | Client Master Report / CMR | Zerodha, Groww, Dhan, Kotak Neo | | Client Master List / CML | ICICI Direct, several bank DPs | | Client Master Copy | Paytm Money, informal use | | DP Master / Master Report | Regional and family-office DPs | | CMR Report New | Motilal Oswal's DP-Class portal |
All of these produce a file with the same fields. Search your broker's app or help-centre for "client master" and take whatever comes back.
CDSL and NSDL versions differ cosmetically
The layout differs between depositories — an NSDL client master is typically a denser, more tabular document; a CDSL one is more spaced out. Neither is "better" and both are accepted anywhere a CMR is requested.
What matters is knowing which one you are on, because a few brokers run both. Kotak issues most retail accounts through NSDL but some Neo-opened accounts land on CDSL. SBI Securities issues most retail accounts on CDSL (DP ID beginning 12044700) while bank-DP accounts sit on NSDL. Motilal Oswal, Sharekhan and IIFL all run both.
You do not need to guess: the issued CMR states the depository on its face. A quick tell is the BO ID format — CDSL accounts use a 16-digit number, NSDL accounts are written as IN followed by 14 characters.
What a CMR is *not*
The single most common mistake is uploading the wrong document. A CMR is not:
- A holding statement — that lists your securities and quantities, and changes with every trade
- A contract note — that is a record of one day's transactions
- A ledger or funds statement — that is money movement, not identity
- A screenshot of your app's profile page — no digital signature, so it proves nothing
If the file you are about to upload lists share names and quantities, it is the wrong file.
Getting yours
Every broker has a different path, and about a third of them do not expose a self-serve button at all — you have to email support from your registered email address. We keep verified, broker-by-broker steps here:
How to download your CMR copy — all brokers
Broker-specific walkthroughs: Angel One · ICICI Direct · SBI Securities · Motilal Oswal · Zerodha, Groww and HDFC Securities
*Published by the Polemarch editorial team. Educational only — not investment advice.*