Computer Age Management Services (CAMS), India’s premier Registrar and Transfer Agent for Mutual Funds launched PAN based e Mandate that can be set-up electronically using eSign facility. This facility launched in www.camsonline.com as well as on the mobile app. myCAMS will soon be available in Mutual Fund houses website and distributors’ websites and portals as well.
Setting up the CAMS e Mandate will be a completely paperless process. The only requirement is Aadhaar link in the bank account where the mandate has to be registered.
Investors can set up the CAMS e Mandate and use it whenever they initiate a new SIP. As the e Mandate is registered at a PAN level, it allows for setting up any number of Systematic Investment Plans (SIPs) across all funds serviced by CAMS. Filling up separate mandate forms every time a SIP is started / renewed will now be a practice of the past.
Speaking on the launch of CAMS e Mandate, Anuj Kumar , Deputy CEO, CAMS explained “The conventional method to set up SIPs with a mandate involved laborious practices like filling out forms, cheque copy, submission to Bank via Mutual Funds / Registrar, registration process at the bank and eventually starting the SIP only after 30 days. Investors had to repeat the process for every new SIP. CAMS e Mandate will aim at transforming the way mandates are registered with a complete digital process and foster faster commencement of SIPs. Registration at PAN level makes the CAMS e Mandate uniquely versatile”.
CAMS e Mandate will be free from restrictions like date, number of transactions et al as it will be set up for ‘As and when presented’ option. The maximum mandate amount of Rs.1, 00,000 will be applied for each transaction. Lump-sum purchase can also be conveniently done using CAMS e Mandate.
Distributors’ sales process is significantly simplified as CAMS e Mandate will eliminate paper work and process times associated with separate mandate registration.
CAMS is a SEBI regulated entity since 1993 to provide Registrar & Transfer Agency services to Mutual Funds. Headquartered in Chennai, CAMS is co-owned by three shareholders – NSESIC, NSE Strategic Investment Corporation Limited, a subsidiary of National Stock Exchange, HDFC Group (a financial services conglomerate) and Acsys (the founding promoter). Besides Mutual Funds, CAMS Group provides technology enabled services to Alternative Investment Funds, Banks, NBFCs and Insurance Companies and KYC services.