CAMS

4 Below is a clean, side-by-side overview of CAMS and CDSL — both are capital-market infrastructure plays (stable, high-margin, asset-light). 🧾 CAMS — Overview What is CAMS? Computer Age Management Services Ltd (CAMS) is India’s largest Registrar & Transfer Agent (RTA) for mutual funds. It runs the back-office plumbing of the MF industry. Core Activities Mutual Fund RTA services AIF & PMS servicing KYC Registration Agency (KRA) Insurance repository & fintech services Business Model Revenue linked to Mutual Fund AUM Mostly annuity + recurring income Asset-light, tech-driven High operating leverage Strengths Market leader (~70% MF AUM serviced) Strong entry barriers & sticky clients Direct beneficiary of SIP & MF penetration High ROE, strong free cash flow Risks MF fee regulation Market downturn impacting AUM AMC consolidation One-liner: CAMS = Mutual fund industry’s backbone