CAMS

CAMS is India’s largest mutual fund Registrar & Transfer Agent (RTA). Provides investor record-keeping, transaction processing, and digital infrastructure to mutual funds and BFSI players. Market share 68% of mutual fund AUM serviced in India, making it the dominant player. Main clients include AMCs such as SBI, HDFC, ICICI etc. Business model Revenue mainly comes from: Fees based on AUM serviced Transaction processing Technology services to BFSI firms This makes CAMS an asset-light, high-margin platform business. Positives Monopoly / duopoly business Asset-light high margin Beneficiary of MF financialization in India Concerns Premium valuation Growth tied to market cycles