Computer Age Management Services (CAMS) is a pivotal player in India’s mutual fund sector, controlling 68% of assets under management (AUM) amidst a duopoly with KFin Technology. CAMS generates 87% of its revenue from mutual funds, primarily through asset-based fees linked to AUM. Despite this dominance, yields have declined, influenced by client concentration and the rise of passive funds. CAMS is diversifying into KYC services, digital payments, and insurance repositories, targeting a 20% revenue share from non-mutual fund operations. While CAMS faces short-term revenue pressures, significant growth potential exists in the expanding mutual fund market and digital finance.