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God is great CAMS IS in a opinion it is the monopoly amongst mutual fund R & T. No one can change them avoid using problematic services.We must have a ombudsman for our industry. For these issues we cannot approach a legal authority except ombudsman. We must try for a ombudsman for many of these type issues done by both AMCs R & T and other responsible organisations

YOU are 100% right sir.

I have been urging CAMS to correct this anomaly.When CAMS is using our proprietary data and offering this transaction facility directly to our clients, then they have no right to change the investors exiting mandate without our consent. This is just like SUICIDE for CAMS.

Dear AMC Partners, I would like to put a humble request once again to check this matter and put your case. If this apps is approved by you then u should go and introspect the last six months transaction pattern, and see how many clients have been able to get through the process of choosing ARN and then entering EUIN ??? Compared to this, ''Direct" option was simpler and easy. Moreover, please survey with clients and ask them the difference between ''Direct'' and ''regular''...they know nothing !! SO I strongly urge you to ask CAMS to stop this apps with immediate effect till when the EUIN entry is eased out or a process is created for collection of EUIN confirmation in 30 days etc....I hope u will take the request seriously as we take our business seriously.

True sirish, If CAMS will not change or stop this apps in next 5 days then we will take legal route through our counsel. The very basic fact against opening the ''Direct '' option is given below : 1. Regulators do not allow clients to change Bank mandate online to avoid fraud 2. Regulators do not allow clients to change address online to avoid fraud 3. Regulators should not allow clients to change distributors code to avoid fraud Now CAMS is not able to interpret regulators properly in this case; they are not able to for see the possible fraud in case such options are open online eg : anyone who can hack the email of a large client can do the alterations; some big institutional clients e mail and passwords can be taken and broker codes can be changed by inducing the signatory in any manner......and lots more Moreover, CAMS is sending E mailer and login invitation to our clients on regular basis----in a way they are saying " Dear Investors, come and see the alternative options of investing; please try direct because you can not invest on your brokers code anyways due to EUIN not available with you !!!!!!!!!!!!!!!!......" .......

Cams and even sebi should understand that an advisor would have spent a lot of time , energy and money in educating a client about MF. Recently I spent almost spent 4 hrs and 3 visits educating and constructing a financial plan for a software engineer . without charging any fee.which he was also happy about. Started an sip 12 k. After 3 months because of such an app unknowingly the client changed to direct plan. What about all our honest efforts. If this continues how would one be motivated to stay in this business. Imagine to the same client I could have ginen a traditional insurance and could have made a chunk of money. But what wealth would have client made.

Dear CAMS Team Please see the attached screen shot to check the points of concern....I hope the screen shots here will help u pick the point raised by the fraternity.. http://youtu.be/NqZKcwsCmxs

gent or distribusdtor

Dear CAMS Please do not make incorrect clarifications. I have separately E mailed u the answer to this update. There is no change in the apps except that it shows the existing ARN once the client chooses regular against Direct ! I really think u r not able to understand the issue yet; I will post the video once again of ur so called updated apps today !! Just see that we are still at same place and the issue exists FYI

CAMS wishes to clarify that the new version of myCAMS was released in Oct. 2014 solving the problem of default selection of Direct, thanks to Mr. Kumar’s suggestion. The Youtube video, unfortunately, is that of the old version. This discussion has prompted us to alert users to update the latest version. In the case of folio with a ARN on record, the current version of the app automatically populates the ARN when the folio and regular plan is selected . Investor is not required to input ARN details. The confirmation screen displays the ARN on record as well. As with physical forms where the investor has the option to choose Regular plan or Direct plan, myCAMS app provides this choice as well. CAMS is committed to supporting MF distributors in their business growth and assures to deliver convenient, compliant services to investors and distributors.

This is just a tip of ice-berg. If one digs deep, many anomalies will be found.

Thank you friends for understanding the concern and endorsing the same. I have posted the screenshot of MYCAMS apps for their reference and claim that everything is sorted out - http://youtu.be/_1dkQmR_0tc Also please note the complaint ticket number Ticket#2014093010016536( Mr P Satish 044- 28435767 / 5796) issued by CAMS in september 2014 is not yet solved after so many reminders.

Good point raised . I fully agree with you Abhinesh we have to take this issue to Amc''s as early as possible.

useful

Good point,let us take up this matter with cams

CAMS seems to be doing everything else except the things it is supposed to do. Recently, one of my client''s monthly SIP started bouncing after two months. CAMS first gave the reasons as insufficient funds. When it is countered, it showed ''mismatch in sip amount''. When it was asked to clarify this point it couldn''t and then gave the reason that SIP amount had been filled in the ''SWEEP TO'' column instead of the ''SCHEME NAME'' column. When I asked CAMS to give me the scanned image of SIP Autodebit/ECS form, it told me that it didn''t have the scanned image as it had been deleted erroneously. Does anyone know what the hell is going on at CAMS? Are AMCs and CAMS officials listening?

I fully agree with this. I think we should take this up with the AMC''s and protect our interests. If the AMC''s fail to support and rectify this anomoly, may be we should think and explore the possibility of approaching the "REGULATOR". Full credit to Mr. Abhinesh and our support to you

I fully agree as being the distributor all of us may not remember our EUIN then how a client can know our ARN & EUIN. Once the folio is already running what is the necessity to ask ARN & EUIN. No doubt it is anti distributor.

I fully agree as being the distributor all of us may not remember our EUIN then how a client can know our ARN & EUIN. Once the folio is already running what is the necessity to ask ARN & EUIN. No doubt it is anti distributor.

CAMS sending emails to our clients, CAMS giving transact option including direct investment. Why doesn''t CAMS stick to its job and stop interfering in our business. Mr Abhinesh, your analogy to CAMS selling our client data to Flipkart etc is absolutely correct. Thats exactly how it looks. They are the record keepers. Instead they decide to use data from someone else''s record and started to sell on their own. This should be stopped. I salute you Mr. Abhinesh.

This is only a tip of ice berg to emerge. No industry has this descrimination. I dont know the very logic of Direct or through Broker. For individuals providing/asking EUIN is having no sanctity. Even EUIN Remediation form is just challan and it has no declaration. It is another waste of paper

All online facilities are coming in a way to transform from existing plans to direct plans. I doubt even the Mutual Fund Utility is coming with such an aim. That is why they are also now offering it for the distributors and then providing passwords etc for the investors. When customers are unable to remember even their own PAN number, how can they remember the ARN number or several such numbers of a distributor. This is the reason for the increase in AUM of direct plans. In my opinion distributor can be changed only manually i.e with an effort of the investor. When the customer make additional purchase in an existing folio, it should automatically capture the ARN eetc of the existing distributor. Then only we can refer this online facility to clients. So till this level is reached, the best idea is to not introduce any online facility to the clients. Or go for the online plat form of the national distributors where direct plans are not available. Or do the fund management for clients in direct equities and get commission only if the customer gains a percentage above bank FD rate.

the day i saw the app..i mailed and megesed on whatsapp to all my IFA friends ...DONOT introduce this to ur client...please...

Friends, CAMS has given clarification and have claimed that there is no such error...i request u all to see this You tube video http://youtu.be/_1dkQmR_0tc ....this video is made yesterday....I hope now CAMS will realise the mistake

YES YOU ARE RIGHT . I DECIDED TO AVOID THIS APPLICATION IMMIDITELY.

YES , U R RIGHT MR ABHINESH AND I SUPPORT U R ISSUE ......

MORAL: SERVER YOUR CUSTOMERS : DONT ALLOW OTHERS TO POKE THEIR NOSE: TECHONOLOGY IS FOR OUR CONVINIENCE: ITS ALWAYS A SLAVE DONT MAKE IT A MASTER; IF YOU ALLOW IT IT WILL BECOME A MONSTER AND EAT YOU ME AND THE INDUSTRY. CAN YOU SAY AMCs DONT KNOW THIS?

Yes u r right Mr. Abhinesh and i support ur issue ...

Congratulations Abhinesh Kumar for raising very Imp Issue. Its a very big concen for all of us.

This is anti distributor we all have to write to cams to stop it or change in this app. ARN-97967

In fact, this is the situation in many AMCs data bank too. I asked this question to the concerned AMCs but they said that this is SEBI mandate. If Reliance can do it, then why not others. I only provide my key to the clients to make sure that they don''t have to choose. If they go through CAMS, we can''t control it. It should not be this way. We all should jointly approach the AMCs.

I agree and suggest that 1. The default option should be the Distributor 2. The last distributor used data should be populated in the field 3. Ideally these should not be allowed to change Regards Salil

Yes We all have to aware about what the mess is serving by a registrar its a very big concen for all of us.

Firstly Congratulations Abhinesh Kumar for raising Valid & Imp Issue. Also Read CAMS''s response. It is not satisfactory. Until and Unless Investor does not writes, All sort of Website/Applications etc. should bear ''LAST TRANSACTED BROKER'' which should not be allowed to be changed in Application. If investor wishes, he could first do the necessary thing by WRITING TO AMC/CAMS. Only if Investor''s Last Broker is "Direct" then he may be given option to change. This should be a FAIR POLICY towards Distributors. CAMS - PLEASE CHANGE YOUR POLICY

YES I Do Agree with you Sir . It should be correct without any delay.

I fully agree to the point raised.it should be rectified without further delay.

I fully agree to the point raised.it should be rectified without further delay.

Thanks for putting up this issue with Cams.Now onwards I will not let my clients to know about Mycams.

This facility by CAMS is introduced with hidden agenda. I request CAMS to make charges in the apps and gain the Trust of the IFA community.

This should be addressed. Thankyou for bringing to our notice.

1. CAMS or any registrar should not be allowed to do such business. Registrars are just record keepers and service providers to their principals. They should not be allowed to take up the activities of conducting business. This should be legally challenged. 2. This is a clandestine move to abolish distributors from the industry. 3. AMCs should have been the first ones to object but it seems that they are silent. 4. What is the response of so many IFA associations. I think there must be an association of SMALL IFAs which can understand their plight. 5. I fully agree with the views expressed by the originator of the discussion and his supporters.

I think that, CAMS are destroying distributors , I request cams people, please save distributors life.

YES YOU ARE right thats why now i stop it

very nice

“CAMS wishes to clarify that myCAMS app is designed to facilitate investing into Mutual Funds by investors who are managed by distributors as well as direct investors. The app automatically populates the ARN on record when the investor chooses the folio ( which has an ARN on record ) and regular plan. CAMS deeply respects distributors’ relationship with investors and has built this feature specifically to support MF distributors. This feature ensures the distributor on record receives the credit for the transaction. Additionally, in the event of a folio not having an ARN, the app provides for submitting the transaction with a new ARN. The app provides the same options as with offline mode i.e. the investor has the choice to purchase through existing ARN, new ARN or go Direct.”

Aptly drafted and correctly pointed out. It is high time that AMCs must engage with CAMS and sort out this anamoly. It is really said when R & T like CAMS with the use of Application does not want to appreciate the efforts put in by IFAs. Let''s escalate this to AMFI body, SEBI and take this to media as well. CAMS have no right to idnulge this sort of ''unfair practices''.

plz give me camps portal for my party

CONTENTS OF ABOVE IS ABSOLUTELY CORRECT. CAMS IS INDIRECTLY TRY TO REMOVE DISTRIBUTOR"S EXISTENANCE FROM AMC. I SURPRISE, NO AMC , WHICH IS REGISTRAR OF CAMS, HAVE TAKEN NO INTEREST TILL DATE, AS SO MANY INTELLIGENT PERSONS ARE THERE TO UNDERSTAND THAT NO INVESTOR WILL REMEMBER OR PUT ARN AS WELL AS EUIN NUMBER OF HIS/HER DISTRIBUTOR WHILE TRANSACTING ONLINE. INVESTOR HAS NO TIME TO ASK THESE TYPE OF DISTRIBUTO"S NUMBER AND SO THAT HE TRANSACTS THROUGH DISTRIBUTOR, BUT UNFORTUNATELY REGISTRAR LIKE, CAMS, CREATES GRIEVANCES AMONGS INVESTORS AND DISTRIBUTORS. CAMS DOES NOT UNDERSTAND THAT IF HE IS GOING TO EDUCATE INVESTOR , HE MUST HAVE TAKE FAITH OF A DISTRIBUTOR, OTHERWISE, IF DISTRIBUTOR"S EXISTENCE IS IN DANGER, NOBODY WILL GUIDE OR EVEN FAVOUR OF SUCH A TYPE OF "MYCAMS" PROGRAMME. I FEEL, TO JOIN ALL DISTRIBUTORS , WE SHOULD HAVE GIVE NOTICE TO EACH AMC REGARDING THIS AS ALL AMCs ARE VERY WELL UNDERSTAND THAT NO INVETSOR WILL PUT ARN or EUIN NUMBER OF DISTRIBUOT IN ANT TRANSACTION AND STILL THEY ARE SILENT. WHAT DOES THIS MEAN? IS THERE ANY INTEREST OF AMC TO RE,OVE DISTRIBUTOR ? OF NOT, AMC HAVE TO TAKE STEP.

How cams expects that the clients know their distributor"s code. At the most they may be knowing distributor"s name. When they have kept all fields in tact without editing facility this field also be kept like that. If not they can at the most give an option to client to change the distributor for his own reasons for present investment if some other distributor helped him now. This move definitely is anti distributor as writer has rightly felt and needs to be done away forthwith.

I support the writer''s observation. In one hand regulator is trying to currtail our income by imposing several rules like direct code and now thinking of waiving upfront and now this RTAs making such Apps which again affects distributor''s income. I don''t know why these organistions are after MF distributors. They r not making these sort of things for insurance agents. Who gets hefty commission. We the distributors of small town faces more diffucyltues in selling MF products, people don''t understand about MF. First with great effort convince them to invest in MF. Once they understand the benefit of MF they switch their investments into Direct Code. So many distributors decided to switch their profession. The regulator should think seriously on the matter else their MF will be the product for the Urban people not for all indians.. Thanks.

This is to be rectified immediatly and I request all the MF amc people look in to the mateer and do needful in this regard.

It is very serious issue and shamful act by CAMS and AMC"s who directed registrar to act like that. Cams peoples are working on instructions of AMC for which they had paid. We should unite and donot do business of that AMC which is not distributor friendly and cutting the roots of big trees which they (distributors) had planted 10/15 years.

I for one never recommend use of such apps to clients. It is better to have signed common trx forms of investors with us so that we can do redemption and switches on their request without going back to them. Only in case of Additional or fresh purchase we have to go to them for chq/ form. Cams may listen to us for the time being and capture broker code from folio, but what it prevent them form going back to current model where the default broker will be direct. All amc''s are using us to garner investors for them and once we have helped them to create a huge investor base, AMFI will stop all commissions (upfront and trail), please read Mr Sinor''s interwiew in cafe mutual of today 14.1.15. Once a huge number of investor are put online and on platforms by us they will do it. Then there will be no need for us. It will take time no doubt, but that is the road map eventually. It will be only fee base advisor versus direct. Please bear that in mind. As far as possible do not promote use of technology to investors. It is not in our interest in long run

AMC will take serious this matter.

Intention of CAMS is very much clear and this is done with consent of AMC''s..I understand this much earlier and now prefer to sale non CAMS product...lets be united and pressurize by not selling CAMS product..otherwise we shall lose the clients gradually...i noticed that my several folios are now in MULTIPLE BROKER STATUS and this happened even with those investor not using MY CAMS app. When enquire CAMS by mail, they simply says that particular folio has Multiple Broker..and no other information provided as how this happened.

What the IFA associations are doing about this? Are they not supposed to fight for the welfare of IFAs

Dear Abhinesh, Your point is absolutely correct. People managing CAMs must understand this is simply against basic business & service ethics. They need to re look to their attitude & culture seriously. Investor confidence is already all time low comparing to roaring market. Biggest job of all the players i.e. AMC, RTs, Distrbutors etc must find better ways to boost it similar to period before 2008. I will put that in this way, we all are different parts of MF service body (just like human body) doing our designated roles, if any part eats or damages other part than please let me know how one can live or lead quality life, you can imagine.

I am fully agree with the views of Mr Abhinesh, we all must strongly protest for the same. Pl fire few mails to CAMS regarding the same.

ARN holders should collectively and frequently request CAMS to update the apps

Dear Abhinesh, You have rightly pointed out the valid point. Not only this, CAMS are not distributors friendly at many other points. If we hope that CAMS will eliminate this feature, we shall be nothing but wasting our time and energy because they have cleverly and delibeately included this cheating feature. So, we all the IFAs should unitedlyapproach SEBI and AMCs for reressal. At times they, the CAMS, behave like a FINANCIAL TERRORISTs.

Only direct folio can be used for direct porpose and folio opened by a distributor can not be used for direct investment because a distributor know how difficult a new person come to invest in mf worst time like 2008 stock market condition.

When so many distributors agree to this fact that the CAMS is not doing its job right......then I don''t understand why CAMS is not taken to task? Does Mutual Funds even bother about the distributors / IFAs or do they have any control on CAMS? Is CAMS a service provider? or MFs provide service to CAMS. Many a times we hear this that CAMS doesn''t allow this.......this is at CAMS end........Is it time that the important constituents of the MF industry raise their voice and get heard? or MF just ignore these important participants?

Its a valid discussion. Socald association should look in to this matter n talk with AMC,S & CAMS higher authorities.

This is the major problem while introducing Online to the client. Avoid AMCs which are promoting Dirct Business in the existing folios which are given by Distrubutors

Dear Sirs, I agree with you all. just to understand how the app works i did a transaction on my folio with my DADs ARN, I was prompted for direct or distributor, even if i select the distributor option i had to fill in the EUIN. The fact is most investors dont know our ARN code, Let alone the EUIN no. this app i believe is quite unfair for distributors. What i dont understand is in case of Individual IFAs who dont have additional EUIN registered to the ARN why does the app ask for EUIN. it should be collated automatically. Further more CAMS being an RTA should not be allowed to give TRANSACTION option to clients/ invetsor form the app. I believe since most AMC have there own app or online transaction option this type of transaction from the app should be prohibited. I dont understand why all the AMC and AMFI are mum on this kind of injustice to distributors. i beleive we all distributors should protes againt the same

Thanks Abhinesh ji, I am agree with you that the Direct option should hide from the App. and Last transact ARN should be default option.

First and foremost is Cams a R&T or a Distributor? Why should they give these facilities at all? These only facilitate the clients to move towards Direct. Why should Cams provide the asset allocation for the client for whom we have sourced the business. What is our job then? We take all the pain to make the investor understand what a mutual fund is and what are the advantages of longterm investment but with one single stroke Cams/MF''s use such facilities to make them start invest directly. How can the industry grow with these kind of notching. When Cams or the MF''s launch such things alongwith the online facility it is mandatory for them to have both direct and the broker code due to Sebi''s mandate. Mostly the clients opt for direct with or without knowing the repercussions. Not only the client has to put the broker code but also the Euin no. will the client be aware of these at any point of time? We need to put a stop to these I feel.

Hello Abhinesh Kumar, you are absolutely right, CAMS has to be correct this on SOS basis. Cams is sending mails to all my clients to use this app and i am also advise them to use. CAMS has to change deafault option as existing broker code. Thanks for info.

Thank you for raising this issue. You have rightly pointed out that MYCAMS is not distributor freindly. You have raised the valid 5 points and it must be answered by AMCs and CAMS. I hope that AMCs will look into and will prevail upon CAMS to rectify the anomally.

Thanks Abhinesh.Although i have not seen that app and has not recommended to any of my customer and i am not going to even tell any body about this App. R&T agent can be forced to correct these anomolies only if we force the AMC to get these corrected because they are not paid by us. We need to force the AMC at highest level to correct this

Sir, Absolutely right.......... You have highlighted a very good issue. Hatss off to you.

Last month I raised same query to CAMS person, but answer was the app is fair for investor which is incorrect andface is its completely anti-distributer and anti investor also over long term, since once he goes direct for even one treanbsactions by mistake, we stop getting data inputs. It should have existing broker/EUIN button. I dont understand who is behind all this, but each and every step is against distributors whether its technology upgrade or commission rejig.. There is no proper representation of distributors in AMFI and SEBI as well, so unless few of these issues are collectively and strongly raised ,we will be out of business soon..

A very serious issue raises you. All the distributors need to oppose such provisions zs this one. It makes distributors a ''use and throw'' kind of thing. A distributor takes great efforts until he convinces and converts a client to invest in MF. Cams has no dight to allow such investors throw away their distributors after having been utilized.

Dear ARN Holders, We shouldn''t be promoting any apps to our clients.

Abhishek I am totally agree with you and because of this only not promoting this app to my clients.

Atleast Cams does some kind of dedicated services to the extent of 10% but the services of another RTA Karvy is still worst...not bothered All are in the same boat until and unless you know somebody on the topline,its very difficult to get things done..typically sarkari styleeeee

I am agree with your view . If mycams apps are doing such anti distributer work . We should avoid mycams apps and write to AMFI and cams.

good comment. Hope CAMS looks into it and changes, though the chances are low in my opinion. Pray that I am proved wrong.

Along with AFMI, SEBI, and no body knows how many official and unofficial regulators are behind killing IFA community. On one hand they want new money and industry to grow, other hand they are all cutting down the roots and pillars of industry. CAMS should understand and act upon this. Till the time they are so stubborn and lethargic, we IFA community should stand together and stop promoting this app to investors.

Have already spoken to a senior person in CAMS he said that they are mandated by SEBI to give a direct option. Since they are not an AMC but a R%T they cannot tag it to the existing distributor, let the client go Direct if he wants. The same is going to happen with MF Utility

Its true. Not only this case, infuture, we have to keep an eye on such breaches.
AMCs have their own IT Staff and they are developing the Apps/ Portals for the convience for their own.
On the contras to this, we IFAs should develop our own App and get it approve from competent authority.

I agree. This is a serious issue, and should be rectified immediately.

vital observation Mr. Kumar it would nice if this can be taken care.

IF ITS TRUE ITS NEEDS URGENT RECTIFICATION ...

Ita a serious conspiracy between AMC & R&T for providing this type of ACT..................Where they do not think of Distributors at all.............