Computer Age Management Services (CAMS) has introduced a new facility called PAN based e mandate through which your client set up SIP online by using eSign facility.
The e-mandate facility will help MF distributors to reduce the SIP registration cycle to just two to three days, as compared to two to three weeks earlier. Currently, MF distributors register paper based mandates for their investors, which is time consuming as it involves obtaining signature of an investor on the form and submission of physical form at service centre for processing.
In a press release, Anuj Kumar, Deputy CEO, CAMS said, “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.”
You can use this facility on CAMS website and mobile app myCAMS. The company plans to avail this facility on the websites of AMCs and distributors in future.
Here are the key features of e mandate facility
- This is a completely paperless process. The only requirement is Aadhaar link in the bank account where the mandate has to be registered.
- This will be free from restrictions like date and number of transactions as it will be set up for ‘As and when presented’ option.
- Currently, maximum limit for e-mandate is Rs.1 lakh
- e-mandate can be registered for the banks enabled by NPCI
- Your clients can also do lump-sum purchase through this facility.
