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 Notification No. 35/2021 Central Board Of Direct Taxes

Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions
May, 03rd 2021

 

Government of India
Ministry of Finance
Central Board of Direct Taxes
Directorate of Income Tax (Systems)

Notification No. 3 of 2021

New Delhi, 30th April, 2021

Format, Procedure and Guidelines for submission of Statement of Financial Transactions
(SFT) for Depository Transactions

Section 285BA of the Income Tax Act, 1961 and Rule 114E requires specified reporting persons
to furnish statement of financial transaction (SFT).

2. For the purposes of pre-filling the return of income, CBDT has issued Notification No.
16/2021 dated 12.03.2021 to include reporting of information relating to Capital gains on
transfer of listed securities or units of Mutual Funds. The new sub rule 5A of rule 114E specifies
that the information shall be furnished in such form, at such frequency, and in such manner,
as may be specified by the Director General of Income Tax (Systems), with the approval of the
Board.

3. The guidelines for preparation and submission of Statement of Financial Transactions
(SFT) information are enclosed in Annexure A and Annexure B respectively. The format of
control statement to be submitted by the Designated Director is given in Annexure C. The
data structure and validation rules are enclosed in Annexure D and Annexure E respectively.
Notification No. 3 of 2018 dated 05.04.2018 may be referred for the procedure for
registration.

4. All Depositories as defined in clause (e) of sub-section (1) of section 2 of
the Depositories Act, 1996(22 of 1996) are required to prepare the data file in prescribed
format from their internal system. Reporting entities are required to submit the data files
using SFTP Server using the login credentials (To be communicated separately).

5. A separate control statement (refer annexure C) is required to be signed, verified and
furnished by the Designated Director.

6. The statement of financial transactions relating to Financial Year 2020-21 shall be
furnished on or before the 31st May 2021. Thereafter, the statement of financial transactions
relating to the quarter ending 30th June, 31st September, 31st December and 31st March shall
be furnished on or before 25th of July, October, January and April respectively.

7. The reporting entities are also required to provide information reported to Income
Tax Department, to the account holder which will enable taxpayers to reconcile the
information displayed in the Annual Information Statement (AIS) (Form 26AS).

1
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

8. In case, the reporting person/entity comes to know or discovers any inaccuracy in the
information provided in the statement or the defects have been communicated to the
reporting person/entity, it is required to remove the defects by submitting a
correction/deletion statement.
9. The reporting person/entity is required to document and implement appropriate
information security policies and procedures with clearly defined roles and responsibilities to
ensure security of submitted information and related information/documents. The reporting
person/entity is also required to document and implement appropriate archival and retrieval
policies and procedures with clearly defined roles and responsibilities to ensure that
submitted information and related information/documents are available promptly to the
competent authorities.
10. This issues with the approval of CBDT. This Notification shall come into effect from
the date of issue.

Copy to:
1. PPS to the Chairman and Members, CBDT, North Block, New Delhi.
2. All Pr. Chief Commissioners/ Pr. Director Generals of Income Tax and all Chief

Commissioners/ Director Generals of Income Tax — with a request to circulate amongst
all officers in their regions/ charges.
3. JS (TPL)-I &2/ Media coordination and Official spokesperson of CBDT
4. DIT (IT)/ DIT (Audit)/ DIT (Vig.)/ ADG (System) 1, 2, 3, 4, / CIT (CPC) Bangalore, CIT (CPC-
TDS) Ghaziabad.
5. ADG (PR, PP&OL) with a request for advertisement campaign for the Notification.
6. TPL and ITA Divisions of CBDT.
7. The Institute of Chartered Accountants of India, IP Estate, New Delhi.
8. Web Manager, "incometaxindia.gov.in" for hosting on the website.
9. Database cell for uploading on www.irsofficersonline.gov.in and in DGIT (S) Corner.
10. ITBA publisher for uploading on [TBA portal.

,

2
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

Annexure A

Guidelines for Preparation of Statement of Financial Transactions (SFT)

The guidelines for preparation of Statement of Financial Transactions (SFT) for Depository
transactions are as under:

1. The Depository transaction summary file will be used for pre-filling the
gain/income/loss from securities transactions. The Depository Transaction
Summary is required to be prepared for user-initiated debit transactions in the
demat account. For Off Market debits, information need not be provided if
transferor and transferee are same person.

2. In case of a minor, details of legal or natural guardian (PAN, Name etc.) may be
provided.

3. The Estimated Sale Consideration for the debit transaction should be determined
on the best possible available price of the asset with the depository (e.g. end of
day price). The taxpayer will be able to modify the sales consideration before filing
the return.

4. The securities should be classified into specified security class for determining the
type of asset (short term/long term) and applicable rate.

5. The period of holding (difference between date of sale and date of acquisition of
any share/security in the demat account) should be used to classify the asset as
short term or long-term asset. First in First out (FIFO) method should be used for
identification of corresponding credit in demat account and computation of
period of holding. Any capital asset held by the taxpayer for a period of more than
minimum period of holding will be treated as long-term capital asset and
remaining assets will be classified as short-term asset. The specified minimum
period of holding for different asset class is as under:

Security Security Class Description Minimum
Class Code Period of
Holding
LES Listed Equity Share 12 months
12 months
LPS Listed Preference Share 12 months
12 months
LDB Listed Debenture 12 months
12 months
ZCB Zero Coupon Bond 12 months
36 months
CIB Listed Capital Indexed Bond 36 months
12 months
EMF Unit of Equity Oriented Mutual Fund

UTI Unit of UTI

UBT Unit of Business Trust

OTU Other Units

OTH Other Listed Securities (Other than a unit)

3
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

6. For every debit transaction, the corresponding credit transaction should be
identified using First in First Out (FIFO) method. The estimated cost of acquisition
for the credit should be determined on the best possible available price with the
depository. The cost of acquisition can be estimated as per the closing rate on the
date (T-2) of transaction for market purchase. The estimated cost of acquisition is
to be taken as NIL for OFF Market purchase, IPO or Corporate Action or for any
transaction through other than Exchange. The taxpayer will be able to modify the
cost of acquisition before filing the return.

7. In relation to a long-term capital asset, being an equity share in a company or a
unit of an equity-oriented fund acquired before the 1st day of February, 2018,
adjusted cost of acquisition shall be higher of (i) the cost of acquisition of such
asset; and (ii) lower of (A) the fair market value of such asset as on 31st January,
2018; and (B) the full value of consideration received or accruing as a result of the
transfer of the capital asset. In a case where the capital asset is listed on any
recognized stock exchange as on the 31st day of January, 2018, "fair market value"
means the highest price of the capital asset quoted on such exchange on the said
date. If there is no trading in such asset on such exchange on the 31st day of
January, 2018, the highest price of such asset on such exchange on a date
immediately preceding the 31st day of January, 2018 when such asset was traded
on such exchange shall be the fair market value. In case the cost of acquisition of
asset acquired before the 1st day of February, 2018 is not easily available, the
adjusted cost of acquisition may be taken as lower of (A) the fair market value of
such asset; and (B) the full value of consideration.

8. The Cost Inflation Index should be used to determine estimated indexed cost of
acquisition wherever applicable.

9. The details of demat account holders and summary values for the demat account
for the reporting period should be reported in Depository Account Summary
(DEP_ACC_SUMM.TXT).

10. The details of off-market transactions recorded by the depository during the year
should be reported in Depository Off-Market Transactions (DEP_OFF_TRN.TXT).

4
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

Annexure B
Guidelines for Submission of Statement of Financial Transactions (SFT)

1. Reporting entities are required to prepare the data file in prescribed format from
their internal system. Reporting entities are required to submit the data files using
SFTP Server using the login credentials (To be communicated separately). A
separate control statement (refer Annexure C) is required to be signed, verified
and furnished by the Designated Director.

2. Any file which does not meet the validation requirements will be rejected.
3. In case Reporting Entity needs to modify uploaded data, Correction Statement is

required to be filed. In the Correction Statement, only those records should be
uploaded in which correction is required. In case Reporting Entity needs to delete
uploaded data, Deletion request is required to be filed.

5
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

Annexure C

Control Statement for Depository Transactions

Number of Records Values
A.1 Reporting Entity Name
A.2 ITDREIN
A.3 Registration Number
A.4 Statement Type
A.5 Statement Number
A.6 Original Statement Id
A.7 Reason for Correction
A.8 Statement Date
A.9 Reporting Period Start Date
A.10 Reporting Period End Date
Number of Records
B.1 Depository Batch File (DEP_BATCH.TXT)
B.2 Depository Account Summary (DEP_ACC_SUMM.TXT)
B.3 Depository Transaction Summary (DEP_TRN_SUMM.TXT)
B.4 Depository Off-Market Transaction (DEP_OFF_TRN.TXT)
Sum of Key Values in Rs. (Refer Depository Account Summary)
C.1 Opening Value
C.2 Market Credits
C.3 Market Debits
C.4 Off-Market Credits
C.5 Off-Market Debits
C.6 IPO Credits
C.7 Corporate Action Credits
C.8 Corporate Action Debits
C.9 Dematerialized Credits
C.10 Rematerialized Debits
C.11 Pledge Invocation Credits
C.12 Pledge Invocation Debits
C.13 Closing Value

I, declare that to the best of my knowledge and belief, the information given in the data files
is correct and complete and is in accordance with the provisions of the Income-tax Act, 1961.

Name

Designation

6
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

Annexure D

Data Structure

The information is required to be uploaded in data file. The data file should be in ASCII format
with one report per line. All fields in each file should be delimited with the delimiter “|”. The
first record in the file should contain header text.

D.1. Depository Batch File (DEP_BATCH.TXT)

This file contains details of reporting entity, principal officer and files uploaded by the
reporting entity

#. Field Name Mandatory Format Remarks

1. Reporting Entity Y VARCHAR (150) Reporting Entity Name

Name

2. ITDREIN Y VARCHAR (20) Registration number

allotted by ITD

3. Registration Number N VARCHAR (150) SEBI Registration

number

4. Statement Type Y VARCHAR (2) NB - New Statement

containing new

information

DB - Deletion Statement

CB - Correction

Statement containing

corrections for

previously submitted

information

5. Statement Number Y VARCHAR (20) Internal reference

number for reporting

entity

6. Original Statement Id Y DECIMAL (18,0) Statement ID of the

original Statement

which is being replaced

deleted or referred in

the current Statement.

In case the Statement is

new and unrelated to

any previous Statement,

mention ‘0’ here.

7. Reason for Correction Y VARCHAR (1) Reason for revision to be

stated when the original

Statement is corrected.

(Refer Permissible

values)

7
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

#. Field Name Mandatory Format Remarks

8. Statement Date Y DATE Statement Date DD-

MM-YYYY

9. Reporting Period Y DATE First day of the reporting

Start Date period DD-MM-YYYY

10. Reporting Period End Y DATE Last day of the reporting

Date period DD-MM-YYYY

11. Principal Officer Y VARCHAR (150)

Name

12. Principal Officer Y VARCHAR (150)

Designation

13. Principal Officer Y VARCHAR (500)

Address

14. Principal Officer Y VARCHAR (15)

Mobile

15. Principal Officer Y VARCHAR (50)

Email

D.2. Depository Account Summary (DEP_ACC_SUMM.TXT)
This file contains details of demat account holders and summary values for the demat
account for the reporting period.

#. Field Name Mandatory Format Remarks
1. Sequence Number Y DECIMAL (18,0) Running sequence number
2. Financial Year Y VARCHAR (4) for each line in the file.
3. Reporting Period Y DATE FY in which sale transaction
4. DP ID Y VARCHAR (8) was recorded-YYYY
5. Client ID Y VARCHAR (8) Last day of the reporting
6. DP Name Y VARCHAR (100) period DD-MM-YYYY
7. Client PAN Y VARCHAR (10) First part of Demat Account
Number
8. Client Name Y VARCHAR (250) Second part of Demat
Account Number
Depository Participant's
Name
First Holder’s PAN. Mention
PANNOTAVBL if no PAN is
available.
First Holder’s name

8
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

#. Field Name Mandatory Format Remarks
9. Client Type Y VARCHAR (1)
R - Resident
VARCHAR (1)
N- Non-resident
VARCHAR(250)
VARCHAR(10) F - FII

VARCHAR (12) Z – Not Classified
DATE
10. Client Status Y VARCHAR (500) M – Minor
VARCHAR (40)
VARCHAR (2) O - Other
DECIMAL (6,0)
VARCHAR (15) X- Not Classified

11. Guardian Name N Mandatory if Client Status is

‘Minor’

12. Guardian PAN N Mandatory if Client Status is

‘Minor’. Mention

PANNOTAVBL if no PAN is

available.

13. Client Aadhaar N First Holder’s Aadhaar

14. Client DOB N First Holder’s DOB/DOI in DD-

MM-YYYY

15. Client Address Y First Holder’s Address

16. Client City N First Holder’s Address-city

17. Client State code N First Holder’s Address- State

(Refer Permissible Values)

18. Client Pincode N First Holder’s Address-

Pincode

19. Client Mobile N First Holder’s Mobile Number

Number

20. Client E-mail ID N VARCHAR (100) First Holder’s E-mail ID
VARCHAR (1) Whether joint holding exists
21. Joint holding Y VARCHAR (10) (Y/N)
Mandatory if Joint holding
22. Second Holder PAN N VARCHAR (250) exists. Mention NOPANAVBL
DATE if no PAN is available
23. Second Holder N VARCHAR (10) Mandatory if Joint holding
exists
Name VARCHAR (250) Second Holder’s DOB/DOI in
DATE DD-MM-YYYY
24. Second Holder DOB N Mandatory if Joint holding
exists. Mention NOPANAVBL
25. Third Holder PAN N if no PAN is available
Mandatory if Joint holding
26. Third Holder Name N exists
27. Third Holder DOB N Third Holder’s DOB/DOI in
DD-MM-YYYY

9
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

#. Field Name Mandatory Format Remarks
28. Opening Value Value of Holding as on first
Y DECIMAL (18,2) day of reporting period
Sum of Market Purchases
29. Market Credits Y DECIMAL (18,2) during reporting period
Sum of Market Sales during
30. Market Debits Y DECIMAL (18,2) reporting period
Sum of Off-market purchases
31. Off-Market Credits Y DECIMAL (18,2) during reporting period
Sum of Off-market Sales
32. Off-Market Debits Y DECIMAL (18,2) during reporting period
Sum of value credited on
33. IPO Credits Y DECIMAL (18,2) account of IPO during
reporting period
34. Corporate Action Y DECIMAL (18,2) Sum of value credited on
Credits DECIMAL (18,2) account of Corporate Actions
DECIMAL (18,2) during reporting period
35. Corporate Action Y DECIMAL (18,2) Sum of value debited on
Debits DECIMAL (18,2) account of Corporate Actions
DECIMAL (18,2) during reporting period
36. Dematerialized Y DECIMAL (18,2) Sum of value dematerialized
(Credit) during reporting
Credits period
Sum of value rematerialized
37. Rematerialized Y (Debit) during reporting
period
Debits Sum of value credited on
account of Pledge Invocation
38. Pledge Invocation Y during reporting period
Credits Sum of value debited on
account of Pledge Invocation
39. Pledge Invocation Y during reporting period
Debits Total Value of Holding as on
the last day of reporting
40. Closing Value Y period

Note: Refer Guidelines for preparation of SFT for more details

10
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

D.3. Depository Transaction Summary (DEP_TRN_SUMM.TXT)

This file shall contain details of security level transaction summary in respect of
sales/debits during the reporting period.

# Field Name Mand Format Remarks
1. Sequence Number atory
2. Financial Year Y DECIMAL (18,0) Running sequence number for each
3. Reporting Period VARCHAR (4) line in the file.
4. DP ID Y DATE FY in which sale transaction was
5. Client ID VARCHAR (8) recorded-YYYY
6. Client PAN Y VARCHAR (8) Last day of the reporting period DD-
7. Client Name VARCHAR (10) MM-YYYY
8. Security Class Code Y VARCHAR (250) First part of Demat Account Number
9. Security Code Y VARCHAR (3) Second part of Demat Account
10. Security Name VARCHAR (12) Number
11. Debit Date Y VARCHAR (200) PAN Validation will be done during
12. Debit Type DATE data loading
Y VARCHAR (1) First Holder’s name
13. Credit Type Y Refer Permissible values
Y VARCHAR (1) Unique security code (e.g. ISIN)
14. Asset Type Y Name of security
Y VARCHAR (1) Date of Debit
15. Units Y Refer Guidelines
16. Unit Sale price DECIMAL (18,3) M – Market
17. Sale Consideration Y DECIMAL (18,2) O – Off Market
18. COA DECIMAL (18,2) Refer Guidelines
19. Unit FMV Y DECIMAL (18,2) M – Market
20. Total FMV DECIMAL (18,2) O – Off Market
Y DECIMAL (18,2) Refer Guidelines
S – Short Term
Y L – Long Term
Y Units sold or transferred. Refer
Guidelines.
Y Estimated Sale price per unit.
Estimated Sale Consideration. Refer
Y Guidelines
Estimated Cost of acquisition without
Y indexation. Refer Guidelines.
FMV per unit as on 31.01.2018. Refer
Guidelines
Total FMV as on 31.01.2018. Refer
Guidelines

11
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

# Field Name Mand Format Remarks

atory

21. Adjusted FMV N DECIMAL (18,2) If the long term capital asset was

acquired before 01.02.2018, Lower of

Sale Consideration and Total FMV.

Refer Guidelines

22. Adjusted COA N DECIMAL (18,2) Cost of acquisition without indexation

(higher of COA and Adjusted FMV)

23. Indexed COA N DECIMAL (18,2) Wherever applicable

Note: Refer Guidelines for preparation of SFT for more details

D.4. Depository Off-Market Transaction (DEP_OFF_TRN.TXT)

This file shall contain details of off-market transactions recorded for a person/client by

the depository during the year.

# Field Name Mandato Format Remarks
ry

1. Sequence Number Y DECIMAL (18,0) Running sequence number for
each line in the file.

2. Financial Year Y VARCHAR (4)

3. Reporting Period Y DATE Last day of the reporting period

4. Transfer Date Y DATE Date format- DD-MM-YYYY

5. Transferor DP ID Y VARCHAR (8)

6. Transferor Client ID Y VARCHAR (8)

7. Transferor DP Name Y VARCHAR (100) Depository Participant's Name

8. Transferor PAN Y VARCHAR (10) Mention PANNOTAVBL if no
PAN is available.

9. Transferor Name Y VARCHAR (250) First Holder’s name

10. Transferee DP ID Y VARCHAR (8)

11. Transferee Client ID Y VARCHAR (8)

12. Transferee DP Name Y VARCHAR (100)

13. Transferee PAN Y VARCHAR (10)

14. Transferee Name Y VARCHAR (250)

15. Security Class Code VARCHAR (3) Refer Permissible values

16. Security Code Y VARCHAR (12) Unique Security Code (e.g. ISIN)

17. Security Name Y VARCHAR (200) Name of Security

18. Quantity transferred Y DECIMAL (18,3)

19. Reported N DECIMAL (18,2) Consideration reported during
transfer
Consideration
DECIMAL (18,2) Per Unit End of day price
20. EOD Price per unit Y

21. EOD Value Y DECIMAL (18,2) Estimated Transaction Value

(End of day price)

22. Reason code Y VARCHAR (3) Reason Code. Refer permissible

values

23. Reason Y VARCHAR (500) Reason

Note: Refer Guidelines for preparation of SFT for more details

12
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

Permissible Values - Statement Type

# Code Description

1. NB New Batch (Statement) containing new information

2. DB Deletion Batch (Statement)

3. CB Correction Batch (Statement) containing corrections for
previously submitted information

Permissible Values - Reason for Correction

# Code Description

1. A Acknowledgement of original Statement had many errors
which are being resolved

2. B Errors in original Statement are being corrected suo-motu

3. C The correction report is on account of additional information
being submitted

4. N Not applicable as this is a new statement/test data/ there is
5. Z no data to report
Other reason

Permissible Values – Security Class Code

# Security Class Code Description

1. LES Listed Equity Share

2. LPS Listed Preference Share

3. LDB Listed Debenture

4. ZCB Zero Coupon Bond

5. CIB Listed Capital Indexed Bond

6. EMF Unit of Equity Oriented Mutual Fund

7. UTI Unit of UTI

8. UBT Unit of Business Trust

9. OTU Other Units

10. OTH Other Listed Securities (Other than a unit)

13
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

Permissible Values – Transaction Reason

# Reason Reason Description

Code

1. ACL Account Closure

2. BEN Trust to Beneficiaries/on HUF dissolution to Karta & Coparceners

3. CDR Certificate of Deposit Redemption

4. DRC Conversion of Depository Receipt (DR) to underlying securities and

vice versa

5. CPI Commercial Paper Issuance

6. DRW Dissolution/Restructuring/Winding up of Partnership Firm/Trust

7. DUE Meeting Legitimate Dues of Stock Broker

8. ERR Erroneous Transfer pertaining to Client Securities

9. ESP ESOP/Transfer to employee

10. FAM Transfer between specified family members

11. FPM Transfers from PMS account

12. GFT Gift/Donation

13. MGR Margin returned by stock broker / PCM

14. MGT Margin to stock broker / PCM

15. MIN Transfer between Minor Account and Guardian Account

16. MRG Merger/ Demerger of corporate entity

17. OFS Off-market Sale

18. ONS On-market Sale (Transfer towards Pay-in)

19. OOA Open Offer for Acquisition

20. OOB Open Offer/Buy-back

21. ORD Implementation of Govt./Regulatory Direction/Orders

22. OWN Transfer to own account

23. PAY Payout - On payments for unpaid securities

24. PRT Transfer between Partner and Firm, Director and Company

25. RED Redemption of Mutual Fund Units

26. REF Refund of securities by IEPF Authority

27. TPM Transfers to PMS account

28. TRP Transposition - Between joint account of same holders

29. OTH Other

30. ZZZ Not Specified

14
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

Permissible Values - State code Code
AN
# State/Union Territories AP
1. Andaman and Nicobar AR
2. Andhra Pradesh AS
3. Arunachal Pradesh BR
4. Assam CH
5. Bihar DN
6. Chandigarh DD
7. Dadra and Nagar Haveli DL
8. Daman and Diu GA
9. Delhi GJ
10. Goa HR
11. Gujarat HP
12. Haryana JK
13. Himachal Pradesh KA
14. Jammu and Kashmir KL
15. Karnataka LD
16. Kerala MP
17. Lakshadweep MH
18. Madhya Pradesh MN
19. Maharashtra ML
20. Manipur MZ
21. Meghalaya NL
22. Mizoram OR
23. Nagaland PY
24. Orissa PN
25. Pondicherry RJ
26. Punjab SK
27. Rajasthan TN
28. Sikkim TS
29. Tamil Nadu TR
30. Telangana UP
31. Tripura WB
32. Uttar Pradesh LA
33. West Bengal CG
34. Ladakh UK
35. Chhattisgarh JH
36. Uttarakhand
37. Jharkhand

15
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

Table - Capital Gain Index Chart

Financial Year Cost Inflation Index (CII)

2001-02 (Base year) 100

2002-03 105

2003-04 109

2004-05 113

2005-06 117

2006-07 122

2007-08 129

2008-09 137

2009-10 148

2010-11 167

2011-12 184

2012-13 200

2013-14 220

2014-15 240

2015-16 254

2016-17 264

2017-18 272

2018-19 280

2019-20 289

2020-21 301

16
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

Annexure E

Validation Rules

The errors have been classified in following categories:

Errors Schema level errors which need to be resolved by user for successful
generation of XML report.

Defects The reporting entity needs to correct and submit the reports again in the
corrected statement.

Exceptions The exceptions should be reviewed by the reporting person/entities and if
any information is available, the reporting entity may provide the
information. If any defect is noticed, the reporting entity needs to rectify
the defect by submitting a correction statement.

The validation rules are as under: Error Type File
S. No. Error Message Rejection
Y
1. Control Statement Values Mismatch Error Y

2. Sequence Number in Submitted file is not Error N

running sequence number N
N
3. Account Summary Data not provided for Defect N
N
reported transaction

4. Mandatory Field is blank Defect

5. Invalid PAN reported Exception

6. Excessive Value Reported Exception

7. Mismatch identified after matching data with Exception

other submitted data

17

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