Stock Report

CAMS launches Central Record Keeping Agency under National Pension System

Posted On : 2022-03-17 17:11:08( TIMEZONE : IST )

Computer Age Management Services Limited (CAMS), India's largest registrar and transfer agent of mutual funds (a SEBI regulated entity) announced the go live and launch of Central Record Keeping Agency (CRA) under the National Pension System (NPS). Mr. Supratim Bandyopadhyay Chairman, PFRDA and Mr. Anuj Kumar, Managing Director, CAMS were present at the launch announcement.

Sector regulator Pension Fund Regulatory and Development Authority (PFRDA) appointed CAMS as a CRA to broad-base the services to NPS subscribers and the ecosystem. CAMS NPS platform is designed to build subscriber confidence and convenience by leveraging new generation technologies and applications to elevate the service standards and experience of users.

NPS, a voluntary retirement scheme, designed and regulated by Pension Fund Regulatory and Development Authority (PFRDA) was launched on 1st January 2004 by the Central Government to help build a retirement corpus. Since then, NPS has emerged as a preferred investment option for employers, employees, and the selfemployed alike.

As one of the three CRAs, CAMS NPS platform will provide superior subscriber services leveraging robust technology and deep experience in serving customers for pension account opening, record keeping and maintenance services. This will include subscriber onboarding with multiple KYC options, maintenance and account keeping functions and infrastructure for record keeping including customer interaction systems and interfaces like web, mobile app, call centre, etc.

Launching the CAMS CRA platform, Mr. Supratim Bandyopadhyay Chairman, PFRDA, said, "I am delighted to be part of the launch of CAMS Central Record Keeping Agency under National Pension System and CAMS will start on-boarding customers to the eNPS program from today. A large number of our workforce is in the unorganized sector and needs retirement solutions. Having followed the pension segment for the last 7 to 8 years, I have seen awareness on the pension scheme and its utilities amongst Indians going up. We have witnessed a 45% increase in the onboarding of customers to NPS from the corporate and retail segment. The growth rate went up by almost three times in the last 4 years and if this trend continues, we can expect 1 million new customers getting onboarded this year."

"CRA plays a very important role for those in the NPS network. I feel it is the fulcrum of the entire ecosystem, as all the data passes through the CRA to different entities within the ecosystem. If the CRA does not function for a day, the entire ecosystem will come to halt. Due to this, we have kept high standards for entry parameters so that we are associated only with the absolute best. CAMS brings with them over 35 years of expertise as India's largest registrar, transfer agent of mutual funds, and has over 2/3rd market share, which truly highlights their capabilities. With CAMS coming in, we believe they will bring a lot of awareness and I am sure that they will ensure that the customer's journey will be a seamless process from onboarding to exit. I wish CAMS all the best and look forward to a fruitful association for years to come.", Further added, Mr. Bandyopadhyay.

Commenting on CAMS CRA launch, Mr. Anuj Kumar, Managing Director - CAMS, said "Launching the CRA platform is the beginning of a new chapter for CAMS in the Pension segment and we are excited about the opportunity. Our technology and deep experience as a financial infrastructure institution for the BFSI segment and Mutual Funds in particular will be the foundation for successfully implementing the CAMS CRA operations and bring differentiated subscriber experience. Consistent with a philosophy of ahead-of-market thinking, CAMS liaised with the regulator from the very beginning to seek their assent to host the entire CRA infrastructure on the cloud. The business has gone live completely on the cloud - this is an industry first and hasn't been done before by any participant, and vindicates our style of adopting progressive and future-ready technology frameworks."

CAMS CRA will offer services to NPS subscribers of all sectors such as common citizens, government sector and the unorganized sector. The platform will also extend services to the authority, NPS Trust and the entire NPS ecosystem intermediaries like PoPs, nodal offices, trustee banks, pension fund managers and annuity service providers.

Shares of Computer Age Management Services Limited was last trading in BSE at Rs. 2360.00 as compared to the previous close of Rs. 2378.50. The total number of shares traded during the day was 10807 in over 1620 trades.

The stock hit an intraday high of Rs. 2425.30 and intraday low of 2350.00. The net turnover during the day was Rs. 25735768.00.