Banking & Capital Markets Systems · Chapter 8 of 13
Fund management and the registrar duopoly
CAMS and KFin — a structurally Indian category that international guides miss entirely.
A registrar and transfer agent maintains the investor record for a mutual fund: who owns what units, purchases and redemptions, distributor commissions, statements, tax reporting. In most markets this sits inside custodian banks or the asset manager. India concentrated it into two firms.
| CAMS | KFin Technologies | |
|---|---|---|
| Share | ~68% of AUM serviced | 31–33.5%, depending on whether the metric is AUM, average AUM, or equity-only average AUM |
| AMCs served | ~21–26 | ~25 of roughly 47 |
| FY25 | Revenue ₹1,424.48 cr, profit ₹470.13 cr (+33% YoY) | — |
| Why it is sourceable | Both are listed companies filing quarterly — which makes this the best-evidenced section in the whole book | Same |
What the duopoly means for the job. Two firms touch the records of very nearly every retail mutual-fund investor in India. That puts an RTA role closer to national market infrastructure than to one asset manager's back office — the availability and correctness requirements are systemic, and a bad day is a national news story rather than a client complaint.
Registrar work and fund accounting are different jobs, and postings blur them.
The RTA maintains the investor record. Fund accounting maintains the fund's books — net asset value, valuation, expense accrual, the accounting NAV that gets published.
No India-specific source could be found for the fund-accounting layer at all — not TCS BaNCS, not Temenos Multifonds, not SS&C at any named Indian asset manager. Given how well-evidenced the RTA duopoly is, that gap is striking, and worth naming rather than papering over.
On distribution rails: MF Utilities is an industry-owned transaction aggregator. BSE StAR MF is widely described as the dominant order-routing rail behind consumer platforms — but no published 2025-26 volume figure could be found, and the only comparison data for NSE's rival NMF II platform dates to FY17. Do not quote a current BSE-versus-NSE share; there isn't one you can defend.
Check yourself