Chennai-based Computer Age Management Services (CAMS), a registrar and transfer agent for mutual funds, launched a paperless PAN-based E-Mandate facility that allows investors to start any number of Systematic Investment Plans (SIPs) across fund categories serviced by the registration agency.
This facility is available at www.camsonline.com and at myCAMS, the agency’s mobile application. This service is expected to be extended to websites of mutual fund houses, distributors and portals.
As CAMS E-Mandate is registered with PAN or permanent account number, investors will be allowed to initiate any number of SIPS across funds serviced by the agency. There will be no requirement of filling up aseparate mandate form every time an investor initiates or renews a SIP.
“CAMS E-Mandate will aim at transforming the way mandates are registered with a complete digital process and will foster faster commencement of SIPs. Registration at PAN level makes the CAMS E-Mandate uniquely versatile,” said Anuj Kumar, Deputy CEO of CAMS, at the launch.
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According to Kumar, the conventional process of setting up a SIP with mandate was laborious, which involved filling out forms, submission of papers to the bank through a mutual fund or registrar and registration at the bank, after which SIPs could be started after 30 days. ‘‘Investors had to repeat the process for every new SIP,” he said.
The E-Mandate can now be set up electronically using the eSign facility. The only requirement is an Aadhaar link with the bank account, where the mandate has to be registered.
CAMS E-Mandate will be free from restrictions like putting down details of date and number of transactions. The option of lump sum purchase is also available with this facility. The maximum mandate amount applicable for each transaction is Rs l lakh.
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CAMS is co-owned by three shareholders – NSESIC (NSE Strategic Investment Corp Ltd), HDFC Group and Acsys Investment Pvt Ltd.
