CAMS

What it is: CAMS is India’s largest Registrar & Transfer Agent (RTA) for mutual funds. It runs the back-office infrastructure that keeps SIPs, folios, and MF transactions working smoothly. Founded: 1988 HQ: Chennai What CAMS Does Investor records: Folios, units, statements Transactions: SIPs, purchases, redemptions, switches KYC & compliance: e-KYC, onboarding, reporting Digital platforms: MF Central (with NSDL) Beyond MF: Insurance repository, AIF, PMS, account aggregator How CAMS Makes Money Fees from AMCs (linked to AUM & transactions) Recurring, annuity-like revenues High operating leverage as volumes scale Why Investors Care Direct beneficiary of India’s mutual fund penetration Asset-light, high-margin business Predictable cash flows Strengths Market leadership and scale Strong margins & ROE Long-term AMC relationships Risks AUM slowdown in weak markets Fee pressure from AMCs Regulatory changes