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Business segment offerings

Anchored in the core Mutual Fund RTA business

Mutual Funds is our core business, and we have established clear leadership in the segment with difficult to replicate systems, processes and technology infrastructure. We have a rich legacy in this segment having shaped the industry’s development and introducing unique services. Our MF clients trust us to manage a large part of their operations efficiently.

CAMS: Leader in India’s MF space

India’s largest

Registrar and Transfer Agent (RTA) of MFs with 68% market share in AAuM

Serving 10 of 15 largest MFs

We are a trusted partner to ten of the 15 largest (based on AAuM) MFs in India, including all the four largest funds

61%

Share in new SIP registrations

Key Business Highlights during 2022-23

April 5, 2022

Investment in Fintuple Technologies Private Limited. The Company made a strategic investment in Fintuple by way of a primary and secondary acquisition amounting to 51% of the diluted total paid-up share capital in the form of Equity Shares. Founded in 2018, Fintuple is a new-age start-up which has launched niche technology offerings in the areas of client digital on-boarding, eKYC, fund reports, and other support digital solutions for AIF and PMS. In a short span, Fintuple has added marquee AIF brands and Banks to its client roster and is set to expand its footprint as the gateway connecting the digitally savvy consumers to digitally enabled manufacturers and providers, via APIs.

April 26, 2022

Agreement with Zerodha for acting as the Registrar and Transfer Agent (RTA) services – The Company has been appointed by Zerodha Asset Management Private Limited (“Zerodha”) as their Registrar and Transfer Agent for their proposed Mutual Fund business.

April 28, 2022

CAMS FIS/CAMSfinserv wholly owned subsidiary of the company collaborated with Microsoft India to develop Account Aggregator marketplace in India.

CAMSfinserv is working with Microsoft India to develop a robust technology foundation for the Account Aggregator (AA) marketplace in India, to accelerate digital transformation in areas such as credit lending, investment advisory and personal finance management. CAMSfinserv and Microsoft will work jointly to empower the Account Aggregator ecosystem by developing the digital capabilities necessary for stakeholders to seamlessly collaborate with each other, and drive inclusive financial growth in India.

CAMSfinserv is one of the first licensees to launch the path-breaking Account Aggregator services envisioned for consent-based data aggregation and sharing. Running on the Microsoft Azure cloud platform, CAMSfinserv’s AA offering will assure users with stringent commitments on uptime and speed of delivery while benefiting from Microsoft’s industry-aligned solutions supplemented by its strong R&D and product engineering capabilities.

CAMSfinserv AA will adopt some of the most stringent standards of privacy, security and data delivery standards that are envisioned by the regulator by integrating Microsoft’s security suite with the core architecture.

November 8, 2022

The Company has on a voluntary basis constituted a Board committee for considering the ESG initiatives. This committee will monitor, evaluate, and provide guidance on the Company’s policies, procedures, and practices with respect to ESG matters and will also oversee the Company’s public disclosure on ESG matters including any sustainability reports.

November 21, 2022

Company won the “Cloud Innovator of the Year” award in the Large Company Segment at the NASSCOM Enterprise Cloud Adoption Awards 2022. NASSCOM is the premier trade body and Chamber of Commerce of the Tech Industry in India and comprises over 3,000-member Companies including both Indian and Multinational organisations that have a presence in India.

December 18, 2022

CAMS and IIT Madras launch Fintech Innovation Lab. The lab is part of the CAMS CSR initiative to focus on ushering innovation & unravelling unique possibilities in the Fintech space and aims to be a world-class hub for research and applied technologies in financial technology space.

The Fintech Innovation Lab at IIT-M will develop research-based decision support systems to financial market players using fintech. The lab will see development of hi-tech solutions addressing the needs of the BFSI sector and will help develop Innovative Fin Tech models to drive Financial Inclusion. The lab will establish an exclusive R&D Cell to focus upon research leading to patents and developing algorithms for the broader use by capital markets and BFSI sector.

Ms. Nirmala Sitharaman, Hon’ble Union Finance Minister, inaugurated the lab at the IIT-M CSR Summit themed “CSR towards Technologies for a better tomorrow” on December 18, 2022 in the presence of IIT Director, professors, students and leadership teams from over 40 corporate houses associated with IIT-M.

The lab will establish an exclusive R&D Cell to focus upon research leading to patents and developing algorithms for the broader use by Capital market players and the BFSI sector.

February 14, 2023

The Company has received the In-Principle authorisation dated February 14, 2023 from Reserve Bank of India to operate as a Payment Aggregator (“Authorization”) under the Payment and Settlement Systems Act, 2007. As a specialised payment aggregator to the BFSI segment, the Company has been offering personalised payment options under the brand name CAMSPay to meet different use cases for Mutual Fund investors and Insurance policyholders for over a decade. CAMSPay has been an integral payments partner supporting Mutual Fund investors, Insurance policyholders and Loan borrowers for over a decade in enabling them move from paper-based mandate process to offering digital payment solutions. The in-principle authorisation from RBI to operate as a Payment Aggregator will widen the scope and coverage of CAMSPay.

March 1, 2023

CAMS Wins LACP Vision Platinum Award for its Integrated Annual Report FY 2021-22 The report has been ranked 15th among top 100 reports worldwide and has been given the additional honours of “Top 100 Report Worldwide” and “Best Report Cover Worldwide”.

March 5, 2023

CAMS has entered into definitive agreements with the founders of Think Analytics India Private Limited (“TAIPL”) and with TAIPL to make a strategic investment in TAIPL by way of a secondary acquisition amounting to 55.42% of the total paid-up share capital subject to the conditions set out in the definitive agreements referred above (“Transaction”).

April 4, 2023

TAIPL has become a Subsidiary of the Company became a Subsidiary. Think Analytics Consultancy Services Private Limited and Think360 AI, Inc. subsidiaries of TAIPL will become step down subsidiaries of the Company.

CAMS delivers exceptional performance
Scale of delivery

27.3trillion*

CAMS serviced Asset under Management (AuM)

465.7million**

Transaction volume

35.4million*

SIP Book

324million**

SIP Transactions

25.7million*

Unique Investors Serviced

57.4million*

Live Investor Folio

112.8lakh million**

Investor Service Requests

151.8trillion**

Processed as pay-in/pay-out

*As on March 31, 2023 | **During FY 2022-23

Business segment offerings

Spreading out, eyeing neweropportunities

We have taken our three decades of technology excellence and domain expertise, to diversify beyond mutual funds. These strategic business areas offer high growth potential, supported by regulatory developments and evolving investor landscape driven by technology. At CAMS, we seek to build on our market leading positions across these businesses and unleash growth potential.

Alternative Investment Fund (AIF) Services & Portfolio Management Services (PMS)

We offer platform-based services to investors such as digital on-boarding, AML services, transaction processing, managing records, fund accounting and reporting, reconciliation and creation of MIS and reporting systems to alternative investment and other types of funds. We also offer intermediaries revenue and investor service management. To strengthen our competencies, we made strategic investment in Fintuple Technologies for a majority stake. A new-age start-up, Fintuple offers niche technology solutions for digital onboarding, eKYC, fund reports, and other support, and has marquee AIF brands and banks as its client. It is set to grow footprint as an API-enabled gateway connecting digitally savvy consumers, manufacturers and providers.

Our optimism in the business is driven by strong growth witnessed in the AIF and PMS space with number of SEBI registered funds rising from 649 in March 2020 to 1,044 in December 2022. Besides, the segment also offers potential for higher margins with customer willing to pay premium for better experiences.

Our market position

Market leader in domestic AIF and PMS space – Serving 130 + fund houses (with 380+ schemes) with AUM of ₹ 1.50 trillion

1st AIF service provider in GIFT City

Key developments FY23
  • Maintained high growth trajectory recording 6% growth in revenue to ₹ 97,183 lakh and AUM crossing ₹ 27.3 trillion
  • Fintuple Technologies acquired with marquee clients
  • Witnessed sustained growth momentum through the year which includes receiving the mandate from three new AMCs
  • Made inroads in the MNC space becoming service provider for leading international AIF and PMS funds
  • Digital on-boarding platform CAMS WealthServ witnessed significant traction with more than 60 enterprise sign-ups since launch
  • Signed up nine clients in newly operationalised GIFT City

Insurance Repository & Services (through subsidiary CAMS REP)

We offer policyholder platform through insurance repository to hold policies in dematerialised form. To the insurers, we offer a comprehensive service suite that enable policy servicing including support functions like renewal collection and benefit processing through digital as well as physical channels.

The segment is witnessing strong momentum with insurance policyholders proactively opting to dematerialise policies and undertake KYC, in response to IRDAI’s regulatory proposal. This highlights the intent of consumer in terms of aligning behaviour to take advantage of convenient regime. Also, with the mandate of KYC now finally in effect for general insurers, there is further scope to bring non-life on to insurance repository platform.

Our market position

40% market share (by policies) in insurance repository business, with more than 5.2 million policies held.

4.2+ million e-Insurance accounts.

₹800 Crore Assisted Insurance companies to identify the policy holders in respect of unclaimed benefit amount.

Key developments FY23
  • Registered strong volumes in FY23 with 14.25 lakh e-Policy issuances and 11 lakh e-Insurance account opening.
  • Launched key digital products and services including:
    • E-KYC for instant verification via digital modes during both on-boarding and benefit payments
    • Insta EIA for real-time creation of e-Insurance account
    • Digital Loan Assessment Platform for digitising the entire loan policy assessment process, and thus bridge the gap between financiers, insurance companies and policyholders
  • Ramped up deep contract tracing services with PolicyGenie and assisted insurance players in processing accounts which have more than ₹ 8,500 million unclaimed benefits on the maturity validation services.
  • Making progress to improve offerings to both insurers and policyholders.

Account Aggregator Services (through subsidiary CFISPL)

The Company provides account aggregator (AA) services to banks, NBFCs and investment advisors amongst others, through CAMSfinserv, which has developed a robust aggregator platform. It acts as a single platform for consent-based financial asset data aggregation and sharing, and gives a unified view of all assets. It further facilitates in sharing specific financial information of user in an encrypted manner. Running on Microsoft Azure cloud platform, it ensures uptime and speed of delivery, and benefits from Microsoft’s industry-aligned solutions and R&D capabilities. It further integrates Microsoft’s security suite, adhering to the regulator’s stringent privacy, security, and data delivery standards.

Account aggregation is expected to witness significant growth given the huge data volumes across diverse industries like banking, insurance, pension and MF who have agreed for integration journey. Besides, there will also be scope for associated services like analytics and personal finance management. Our unique value proposition of coupling own digital solutions along with core AA offering has been well-received in the market, contributing to sign-ups with several marque clients.

We have also collaborated with Microsoft India to develop a robust technology foundation for the AA marketplace in India for accelerating digital transformation in credit lending, investment advisory, and personal finance management. It will enable stakeholders to seamlessly collaborate and drive inclusive financial growth.

Our market position

Market leading position with 60+ significant FIU / FIP closures

Pioneered and became 1st to use AA data to validate customer bank accounts to eliminate risks and ease onboarding

1st to go live on the AA platform with pension data as a FIP

FIU – Financial Information User; FIP – Financial Information Provider;
TSP – Technology Solution Provider

Key developments FY23
  • Won 60 + FIU /FIP mandates
  • CAMSfinserv android app well-received crossing 15,000 downloads to become the most downloaded AA app
  • Undertook several targeted customer engagement events ‘Reimagine Wealth Management’ across Mumbai, Delhi and Bengaluru to showcase various use cases, their potential and build deal pipelines
  • 18 banks and one life insurance company live as FIP
  • Assisting go-to-market of high-volume, cash flow-based lending use cases using GST data which have become popular

We started the business in FY22, with the launch of industry first CRA platform on cloud in March 2022 to simplify customer journeys for eNPS. The platform and API stack has also been extended for point of presence (POP), to allow retail traffic on their website to use our platform for registrations. We further offer innovative features like using eKYC data to onboard pension customers and UPI-based bank account verification which are driving differentiation.

Our market position

9.17% market share with 24.8k eNPS registrations

#2 in new eNPS sales during FY23 Achieved high subscriber satisfaction level

Above 90% CSAT (customer satisfaction) survey score for industry-defining registration journey that delivers satisfactory and intuitive experience

Key developments FY23
  • Witnessing subscriber addition through eNPS as well as through six POP retail linkages that went live
  • 9.7 lakh visitors on CAMS NPS website
  • More than 3k subscribers registered under PoP

KYC Registration Agency (through our subsidiary, CISPL)

This business is a licensed KYC Registration Agency (KRA) for capital markets, providing services for verifying and maintaining KYC records of investors for use by financial institutions.

Key developments FY23
  • Number of KYC registrations crossed the landmark figure of 10 million

Electronic Payment Collection

CAMSPay is an integral payments partner offering personalised digital payment solutions for MF investors, insurance policyholders and loan borrowers for over a decade. We manage mandated transactions, including registering of mandates, initiation of collections, reconciliation and the related reporting services for MFs, Insurance Companies and NBFCs. Our diverse payment solutions include UPI, UPI AutoPay, net banking, eSign Mandate and InstaNACH. The business is witnessing momentum supported by rapid strides made in the UPI (essentially P2P led). We are though focussed on UPI Autopay to ride this wave instead of UPI which is on zero-commission model.

Key developments FY23
  • Successfully crossed 1.5 million mandate registrations and processed a staggering ₹ 50 billion worth of transactions (NACH & Digital Transactions)
  • Received in-principle authorisation from RBI to operate as a Payment Aggregator which will widen our scope and coverage
  • Fortified product offerings with various launches including:
  • Recurring Payment Solutions that ensure seamless payment collections
    • Insta SIP that accelerates the investment journey of the customers by allowing them to make their one-time investment and the following SIP in a single transaction, all in one flow
    • Pioneers in launching UPI AutoPay for major clients in BFSI sector with the highest success rate
    • Initiated converting iSIPs to Insta eNACH to address the challenges of account validation (TPV), delays in updating the Net Asset Value (NAV) and higher costs
    • CAMSPay Business App, a comprehensive suite of solutions to provide a smooth digital experience and manage the mandate lifecycle
    • Hybrid mandate journey to improve the success rate and registering the customers via link for all recorded declines
    • CAMSPay’s very own meticulously crafted inhouse built ‘One Dashboard’ for real-time reports and insights
  • Digital Payment Solutions for easier payment collections
    • A comprehensive platform that accepts cards, Net Banking and UPI with QR, Intent & Collect variants
    • Supports 150+ payment methods for higher success rate
    • Complying with RBI guidelines related to bank account validation and direct settlement
    • Enhanced solution offering across BFSI with Pay-by-link
  • Authentication services to fasten up the onboarding process and identifying
    the integrity of the customer, thereby preventing frauds.

Software Solutions (through subsidiary SSPL)

The development centre for CAMS and clients technology requirements bringing deep domain specialisation in FS segment.

Key developments FY23
  • Expanded into multi-specialisation areas under BFSI domain to provide technology solutions including NPS, Recon platform, PMS for HNI clients, AA and loan against MF
  • Created a TSP solution for the ease of the FIU customers in the AA platform

Fintuple Technologies Private Limited Fintuple Digital Transformation Focus
Successful Engagements
  • Successfully implemented fully Digital DEMAT account opening solution for a major Private Sector Bank. Also, implemented a fully Digital KYC solution for the bank for both Mutual Fund and Custody departments within the bank
  • Currently, in the midst of digitalisation of Custody+ services for another private sector bank. This is being built as a multi-year, multi-phase large-scale digital transformation that will subsequently bring the services capabilities of the bank under a unified umbrella digital solution
IP build-outs
  • Have enabled full-scale offerings for Digital Custody solutions that can be taken up and re-configured for any custodian in the marketplace. Currently, IP is 25% more than what competitors provide and will offer more than twice the capabilities within the end of this fiscal
  • Ready with offering of a custom digital platform for wealth institutions, esp. in alternatives. Currently, there is no peer/competition in the marketplace & the plan is to aggregate this with other capital market assets
  • eServices of the company as products are being used by the clients of CAMS also in addition to its own clients. These include for capabilities such as eSign, eStamp, and eKYC

Annual Report 2022-23