CAMS has launched digiSIP to help investors start SIPs on its website in just 7 business days as against the current lead time of 30 days.
Good news for mutual fund investors, especially those looking for investing in mutual funds through the SIP route. For, in a first-of-its-kind initiative, Computer Age Management Services (CAMS) – a SEBI-regulated entity since 1993 to provide registrar & transfer agency services to mutual funds – has launched digiSIP to help investors start SIPs on its website in just 7 business days as against the current lead time of 30 days.
CAMS’ digiSIP is claimed to have been designed to bring a change to the conventional process and transform the way SIP is currently initiated, processed, confirmed and commenced. According to the company, digiSIP is a paperless process using prefilled forms and click-based entry, and aims to bring ease, speed and convenience to both investors and distributors. The application provides seamless setting up of payment with e-mandate with e-sign facility. DigiSIP is designed for both the existing and new investors, and will help distributors leverage the digital edge and avoid handling large volumes of paper forms.
According to the company, distributors can now set up new SIPs in just 4 steps with OTP-based confirmations from investors. The existing investors in any of CAMS-serviced funds can use the pre-filled date and complete the SIP set up in a few clicks. New customers, on the other hand, can start an SIP after completing Aadhaar-based eKYC.
It may be noted that for making investments in mutual funds, the preference for the SIP route has gained significant momentum in the last couple of years, leading to CAMS processing over 7 lakh new SIPs each month across MFs.