Good evening, ladies and gentlemen. A very warm welcome to all the respected shareholders and the panel members for the 36th annual general meeting of Computer Age Management Services Limited. We have the requisite quorum in place. I now hand over the proceedings to the Company Secretary, Mr. Manikandan Gopalakrishnan. Over to you, sir. Thank you.
Thank you. Dear shareholders, good evening. I am Manikandan Gopalakrishnan, the Company Secretary and Compliance Officer of the company. A very warm welcome to the 36th annual general meeting of Computer Age Management Services Limited. I would like to take you through the details pertaining to your participation at this meeting. All the members who have joined this meeting are by default on mute by the host to avoid any disruption or disturbance arising from the background noise, and to ensure smooth and seamless conduct of the meeting. Once we commence the question-and-answer session, the moderator will sequentially announce the names of the shareholders who have registered themselves with the company. We request the speaker shareholders to limit their speech to three minutes. Upon being called, the moderator will give appropriate access to the concerned shareholders to speak.
Before you commence speaking, please be mindful of the following: Use your headphones so that the narrative is clearly audible to all the shareholders. Remember to minimize the noise in the background. Ensure that you have a strong Wi-Fi connection, and the same is not connected to any other device. Ensure that no other background applications are running on the device that you are connecting from. Remember to switch on the video to ensure that you have adequate background lighting at your place. If you are unable to join through video for any reason, we request you to kindly participate through the audio means. If the speaker shareholder has a connectivity problem, we will call upon the next speakers to talk. Once the connectivity improves, the previous shareholder may be called upon to talk, but only when the entire list of registered shareholders have spoken.
During the meeting, any shareholder facing technical issues may kindly contact the helpline provided in the notice convening the meeting. There are four resolutions which have been placed before the approval of the shareholders. These include three ordinary businesses and one special business. Three of those resolutions are ordinary resolutions and one is a special resolution. The Companies Act, 2013 and SEBI regulations provide for electronic voting. Accordingly, the company has provided all the members with the facility to cast their votes through remote e-voting system administered by Link Intime. The registers as required under the Companies Act and the ESOP certificate as required under the SEBI regulations are open for inspection in the electronic mode. Should you wish to inspect, please reach out to me at the email address mentioned in the notice convening this meeting.
Facility to cast the votes is also available to those members who have not yet cast their votes through remote electronic voting system and are participating in this meeting. The voting system will be available during the meeting and for 15 minutes after the completion of the meeting. Thank you for your attention. Over to Mr. D.K. Mehrotra, Independent Director and Chairman of the company, to commence the proceedings of the meeting.
Thank you, Mr. Manikandan. Good evening, shareholders. On behalf of the Board, I extend a warm welcome to you for the 36th annual general meeting of the company. This is the fourth annual general meeting of the company being held after the IPO, which had been conducted on OAVM mode. I am Dinesh Kumar Mehrotra, independent director of the company, joining from my home at Mumbai. I am the Chairman of the Board and the Chairman of CSR Committee, and a member of Audit Committee, Nomination and Remuneration Committee, and Risk Management Committee. I'm informed by the Company Secretary that the requisite quorum is present, now I call the meeting to order. I request the directors who have joined the meeting to introduce themselves before we proceed further. I will call out their names, and I request the director to introduce themselves. Mr. Natarajan Srinivasan.
Good evening to all. I'm Natarajan Srinivasan, Member of the Board and the Chairman of the Audit Committee and Risk Management Committee. Thank you.
Mrs. Vijaya lakshmi Rajaram Iyer. You're on mute, madam. I think you're on mute.
I'm Mrs. Vijaya Rajaram Iyer, Independent Director of the company, joining from my daughter's residence at Dubai. I am the Chairperson of the Nomination and Remuneration Committee, and also Risk Management Committee. I am also a member of the Audit Committee, CSR Committee, and the IT Strategy Committee. Thank you.
Mr. Pravin Rao, Independent Director.
Good afternoon. I am Pravin Rao, an Additional Director of the company, joining from my residence in Bangalore. I'm a member of the Stakeholder Relationship Committee, Nomination Remuneration Committee, and Chairperson of IT Strategy Committee. Thank you.
Mr. Anuj Kumar, Managing Director.
Hi. Good evening, everyone. My name is Anuj Kumar. I'm the managing director of the company, and I'm joining this meeting from the corporate office of the company in Chennai. I am a member of three committees, the CSR committee, the IT strategy committee, and the stakeholders relationship committee. Thank you.
Mr. Seshar aman Ram Charan.
Good evening all. I'm Seshar aman Ram Charan. I'm the chief financial officer of the company, and I'm joining the meeting from our corporate offices in Chennai. Thank you.
Back to Mr. Manikandan.
Others participating in the meeting include Mr. Anand Abraham, representative of S.R. Batliboi & Associates LLP, chartered accountants and statutory auditors of the company, and Ms. Chandra, representative of B. Chandra, secretarial auditor of the company from their offices. Since physical attendance of the shareholders is dispensed with, the requirement appointing proxy is not applicable. The registers and other documents as required under the Companies Act and the rules thereof are open for inspection in electronic mode. Since the AGM being held through audio-visual means and the resolutions forming part of the notice convening this meeting have already been put to vote through the electronic voting, the practice of proposing and seconding the resolutions are not required and will not be followed at this meeting.
Shareholders who are members of the company as on the cutoff date, that is June 21st, 2024, have the right to participate in the voting pertaining to the resolutions mentioned in the notice. Shareholders who have not cast their votes earlier through remote e-voting can do so during the meeting through remote e-voting facility. Now I request Mr. DK Mehrotra to deliver the chairman's message. Over to you, sir.
Thank you, Mr. Manikandan. Since the notice, directors report, and other documents have been circulated to the shareholders as part of the annual report, I take them as read. The details of the agenda items placed before the shareholders for approval is contained in the notice of the meeting, which is also available on the website of the company. Given that there are no qualifications, observations, adverse remarks or comments by the statutory auditors in their reports on the financial statements for the financial year ended March thirty-first, 2024, on matters which have any adverse effects on the functioning of the company, with your permission, I now take the auditor report is taken as read. A detailed chairman message have been circulated as part of the annual report, which you would have pursued. As you would have noticed that this is our fourth AGM after the company has gone public.
The company has grown its performance levels and continued to make significant progress in operational excellence and customer satisfaction. The company has successfully retained its dominant market share and continues to be the country's largest mutual fund RTA, with a market share of about 68%. It has also successfully geared up its people, processes, and systems to meet the increased requirements of the MF industry due to the growing volumes and complexity. I am happy to address you at a time when the mutual fund industry ended FY 2024 year on all-time high in investor account and assets under management. The industry's total AUM have grown six times over the past 10 years and doubled over the last two years to reach the INR 50 lakh crore mark for the first time.
CAMS is well-positioned to meet the increased requirements of the MF industry due to the growing volumes and complexity by making significant investments in enhancing its operational capabilities, cybersecurity posture, and cutting-edge technological innovations. CAMS continues to remain as a market leader in the RTA industry. Apart from retaining the market share at 68%, it ended FY 2024 winning all the new AMC mandates with Angel One, Torus Oro, and Unifi Capital. CAMS platforms and properties have played a significant role in catalyzing growth of the Indian mutual fund industry. Its investment in technology, infrastructure, and digital capabilities have also transformed the experience of the MF investor then and in between using these platforms. The experience and customer satisfaction has been retained, and the recent investor satisfaction survey, 97.60% of the participants gave a very satisfied and satisfied rating.
The performance of non-mutual fund business has shown very significant improvement in the year, with many of the businesses verticals starting to grow post the investment phase. CAMSPay received its final authorization to operate as a payment aggregator from RBI in March 2024, and is well placed to further grow its business in existing and new categories of business, including UPI, auto pay, and cards. On behalf of the board of CAMS, I would like to thank MF investor, distributors, and all the customers who avail our services for making us the industry leader. My heartfelt gratitude to all the employees of CAMS Group for their resilience and hard work, which has enabled the company to retain its leadership position.
I would also like to thank our shareholders who have reposed their faith in us and the directors on the board for their support and active participation in the governance of the company. Mr. Deepak Chandra & Associates, practicing company secretaries, have been appointed as the scrutinizer to scrutinize the votes cast at this meeting and the remote e-voting. I am authorizing the Company Secretary to file the voting results within two trading days of the conclusion of this meeting with BSE and NSE. The results will also be uploaded on the website of the company and that of the RTA. I'd like to invite Mr. Anuj Kumar, our Managing Director, to deliver his message for the shareholders, make a presentation on the business highlights, and for taking the meeting forward. Mr. Anuj Kumar.
Thank you very much, Mr. Mehrotra. Good evening, everyone. I would now like to make a brief presentation on the operational and financial aspects of the performance of the company. You will be able to see this presentation on your screen. Are we loading the presentation? Okay, I will begin. You should be able to see the first chart on your screen. The charts are numbered. In terms of overview, you are aware of the company and its past. You know that we were founded in 1988, been in business for about the last 36 years and continue to expand our business as service providers, initially to mutual funds and then growing to AIFs, PMSs, insurance companies, and then, a broad spectrum of payment services are being provided to mutual funds, non-banking finance companies, and insurance companies.
Our recent forays in the last three years have been in the area of account aggregator and being a CRA for the National Pension System. You see the board of directors, one new induction there over last year, which is Mr. Pravin Rao, who's joined as additional director. We will be expanding the board further in the coming weeks and months, just in order to backfill some of the vacancies that have arisen recently. Move to the next. I had spoken earlier about the leadership team. You will see a very strong world-class leadership team. You see some brief profiles and bios there. This includes, of course, the CFO and myself, and then the chief operating officer of the company, Syed Hassan. Apart from that, you see business leaders who lead individual verticals or subsidiary businesses.
Vasanth for payments, Vivek Bengani for insurance, Kaushik Narayan, who is the founder of Fintuple, Amit Das and Suryadip, who are co-founders of Think360. Aneesh runs the CAMS KRA business, Girish runs AIF. You have all the CXOs in terms of the CHRO, the chief platform officer, the chief risk officer, and others. This leadership team, although a number of these people have been in the company for a long time, has been built largely over the last five years, the key 10 to 12 members. It is the thrust and momentum provided by this leadership team which continues to propel our business to become bigger and stronger. Move to the next. From being a regulated and accredited intermediary, you know that we have all the four financial services regulators regulating us. A couple in multiple instances.
For both the RTA and the KRA business, we have the oversight of SEBI, while for the account aggregator and the payments business, we have the oversight provided by RBI. In addition to that, we are regulated for the NPS business by PFRDA and for the insurance repository business by IRDAI. Move to the next. Overall, from an employee and profile of employee's perspective, just above 7,000 employees in the company. Very happy to share with you the diversity ratio, which is in excess of 30%. You know that that's an important workforce metric that most companies like to track. Also, there is significant investment happening in training, upskilling, and learning effort of individual employees. You see a large count of over 86,000 hours which have been spent in that direction. Also, we continue to scale up and make more sophisticated our overall CSR effort.
You can see the consolidated spend in the year and the number of CSR beneficiaries which have come about as the effort of the company across its various projects and various domains in the CSR arena continues to deepen. Move to the next. From a customer satisfaction and customer endorsement perspective, you know that we are a B2B company, which is the way we sell, but we service B2B2C. Every year we put up a survey on our website which surveys all the mutual fund and capital markets investors who seek services from us, either on the website or in offices or in any other way. Their satisfaction levels, very happy to report to you and share with you that over 97.55% have reported they are either satisfied or very satisfied with the services of the company.
Both the number of respondents and our overall score has continued to scale in the last few years and is a strong vindication of the efforts that the teams are making in order to drive satisfaction amongst the overall customer franchise and to continue driving better and better, more superior service levels. From an ESG perspective, you know that this is increasingly becoming a key focus area for the management team and for companies in general. From our perspective, you would see that our overall ESG score has scaled up from just under 69 to about 73. Across various areas, the score is better than it was in the recent years, especially in the area of social initiatives and governance.
On environment, you know that we are not a manufacturing company with large deployment of either manufacturing plants or effluents or a carbon footprint, et cetera, but we are continuing to make efforts to up the score on the environmental front also. We expect that next year you will see a further increase in all the three metrics which comprise the ESG initiatives. Move forward. From a thought leadership perspective, again, very pleased to share with you that across our various verticals, various business lines, the different industries that we service, we continue to be acknowledged as absolute thought leaders in all the work we do. We don't just execute to the charters of our contracts with clients, but look at very broad industry movements, trends, initiatives, customer preferences, and those kind of things.
So whether it is our study done for the mutual fund group for the millennial investors, or it is about the women power, the preference of women to be investors in capital markets and in mutual funds. It is about the overall profile of investors and their behavior amongst alternative funds, and most recently, the behavior of the insured class people who buy commercial insurance, in terms of their expectations, preferences of consumption and satisfaction levels with the insurance industry. I think I'm very pleased to report that our momentum and thought leadership across these arenas continues to scale and become more and more sophisticated.
From a public recognition and awards perspective, you can see on the chart in front of you that across each of the areas, whether the business is CAMSPay and CAMSRep, which is, you see the TATVA Award, or you see The Economic Times Dataquest Awards for 2023. You see a function on the Foundation Day of SEBI when the CAMS team was felicitated for the excellent work they've done supporting key and core projects of the regulator. Also very pleased to share with you that our latest entrant in the group, Think360, has been awarded and recognized in multiple forums. It has been recognized in the top data science service providers forum and also in one of the top AI, fintech startups in the country. From a financial numbers overview perspective, you have seen the numbers quarter on quarter. I will just summarize this quickly.
We crossed INR 1,000 crores of revenues, reported about INR 1,136 crores overall revenue, about INR 470 crores of profit before tax, INR 350 crores of profit after tax, exceeded INR 500 crores of overall operating EBITDA number, and our return on net worth was over 41%. Also very pleased that for every INR 10 share, INR 46 and a half dividend has been declared for the financial year. Of course, the final one has to be approved by shareholders. This adds up to 465% dividend for the entire financial year. From a business overview perspective, I will spend perhaps a minute on each of the key business areas, just to give you a glimpse of the year gone by and the most recent initiative and stuff that has been happening in those consumer markets by each of the subsidiaries or businesses. As you know, the key business, of course, is MFRTA.
In terms of alternative services, payments, insurance led by insurance repository, KYC led by KRA services, account aggregator, and advanced analytics of Think. Those are the key business lines. We will also talk about NPS CRA and digital transformation initiatives by Fintuple as we move along. Our various industry-first solutions, and again, very pleased and very proud to speak to you about these. As you see, these are independent, led by thought and led by design, platforms meant for the consumption of both our B2B consumers, which is businesses, but also both the franchise of insurance companies, which is the insured franchise, and then investors in mutual funds. Products like Bima Central, which is a unified servicing platform for the insurance sector. A brand new initiative and first to industry. CAMS WealthServ, you've heard about this from us last year.
This is the initiative to digitize completely the traffic of applications coming into our AIF and PMS business. Deep tracing effort in insurance companies, which is to trace people who had paid insurance and then their families or next of kin are eligible for a claim and haven't claimed their monies. This is an initiative for that, and we continue to be the leaders in this space, working now closely with our joint collaboration with IIT Madras to sharpen the practices of tracing claimants who have not come forward to claim their monies. UPI AutoPay, which is now becoming, as you've seen across, and some of you may be users of one of the most efficient means of paying any automatic payment, especially in the context of SIPs in the mutual fund world.
Account aggregator, which does various things, but in most recent times is being used for account verification and validation means. Instant KYC, and I'll show you a bit of this on our CAMS KRA chart, where we make an investor who's never dealt with the Indian capital markets ready to make investments in a short time period of 10 minutes after sourcing all his information and putting it through the stringent scrutiny as approved by the current regulatory statutes. Multiple other things, including our MF platform, the digital platform, myCAMS, which is one of the leading portals for consumers in the mutual fund industry. Digital yield marketing, for which we've been the leaders and we were the first ones to hit the market back in 2017, 2018 for mutual funds, hoping to be the first ones also in the world of insurance.
As I move forward, many other sophisticated deployments of technology, the India Stack and similar innovations, just to make sure that we have the most ironclad practices in the various segments of the financial services market where we operate. From a digital-first initiative, I spoke about digital onboarding, a lot on real-time analytics and real-time dashboards. I spoke about the 10-minute eKYC specific to the capital markets, which enables people to become investment ready in a short timeframe. I spoke about loan against mutual funds. Algorithmically matching everywhere where we allow names of investors to be different from the names on the bank or names on the tax records. Sophisticated algorithms are needed to match names and whether they resemble the recorded name in the tax records or not. That is something which is proprietary technology.
Across various segments of payments, enabling the website chatbots, stringent means of account validation to avoid fraud, providing APIs of all color, creed, and nature to our partners, including our principals, which are the mutual funds, deployment of artificial intelligence and machine learning in our various processes, anti-money laundering checks. There is just a slew of initiatives that the company has unleashed in the markets from a digital-first perspective across our various markets, the mutual funds as a primary market, all the other financial services markets we operate in. From a mutual funds perspective, if you've been coming to either coverage that we do with the media or in an earnings call you would have seen, we continue to maintain 68% + market share in the Indian mutual fund industry. Total assets under service crossed INR 37.3 trillion or lakh crore rupees.
This is at the end of the last financial year. 10 of the top 15 asset managers are customers of CAMS. Our transaction volume scaled significantly, almost 30% last year. This should be INR 600 billion or INR 60 crore. That's the transaction volume for the year. From a pure monies handle perspective, this number is INR 160 lakh crore. On a busy day, we would transact about INR one lakh crore money coming in or going out. Even at those levels of scale, the sophistication and our internal practices make sure that we have zero to little financial risk in managing such humongous amounts of monies. Of course, the monies always go into the accounts of the mutual funds, the accountability of accounting it right, and making the payments and settlements work is entirely ours.
From a clientele perspective, again, very proud to show you these 19 names, which are our mutual fund clients. Several of these are new wins. You'll see the names of Zerodha and Helios, both of them are live MF clients. Both contracts were signed in FY 2022. Other than that, Chirag spoke about Angel One, Unifi, and Torus Oro, which are won contracts but haven't gone into operations yet, should hopefully be in operation within this year. You'll see in summary that some of the largest, most marquee, especially the bank-owned asset managers, are all clients of CAMS. From a preference shown by new-to-the-market, young, more digital asset managers, five of the seven new-to-market MFRTA mandates have all been won by CAMS.
Specifically within this, I would like to highlight that in the last financial year, FY 2024, all the three mandates that came to the market, you see the blur of new over there, Angel, Unifi, and Torus Oro. We were fortunate to get all of them. That's just great, fantastic vindication of the faith that the broader markets have in the capability of our company. From a transaction metric perspective, I spoke a little earlier, but you will see just significant, I would say once in a lifetime kind of growth that we've seen over last year. You will see that every comparison is with the FY 2023, which was last year. If you just see that we registered just short of three crore new SIPs, almost 70% up over the last year. Equity net sales, about INR 1.7 lakh crore of monies coming in net from equity sales.
About 69%- 70% growth over last year. Just short of 2.4 crore new folios, 2.37 crore, about 80% up over last year. From a unique investor count, again, significant growth, not the same order, though. 25% up numbers. So our unique investor count at the end of March 2024 is 3.2 crore. For the alternatives industry, again, a full stack servicing portfolio with over about 50% share of covered assets in the Indian market. Significant traction during the year and winning new clients, including eight in GIFT cities, 27 overall. Continue to push the envelope on digital, which remains one of the core focus areas of the team in propelling the initiatives in the marketplace. Expanded this offering to make it a comprehensive digital platform. Over 130 at the end of the year sign-ups, which are using both AIFs and PMSs, industrially onboarding their clients.
We also launched the first industry analytics platform on the AIF side, which is called CAMS WealthTrak, which continues to get traction. Again, would certainly like to talk a little about Fintuple, which is an acquisition and a majority investment we made two years back. The unified platform for banks. Banks which operate at custodies. This is now operational for one large bank from a domestic custody perspective, and they're expanding to bring in both FPIs and FDIs as part of the extension of this platform for the capital markets businesses and banks. From a mutual fund payments perspective, a very strong year for CAMSPay. Grew revenue over 20%. Very pleased to share with you that we received the formal approval from the regulator, Reserve Bank of India, to act as a payment aggregator.
You know that this activity has recently become licensed, and it's a stringent set of tests that you have to go through to be approved for license. Very pleased to share with you that LIC, the insurance behemoth, has onboarded CAMSPay as an exclusive partner, and I've spoken about this in the earnings calls to execute customer account authentication. You know that account verification and authentication has always been a mandatory practice, whether you're taking money from individuals or you're paying them back. LIC has a place of pride in our client roster, so they have selected CAMSPay. Overall in the mutual fund ecosystem, CAMSPay has launched its first daily SIP. You know that most of you have done SIPs. They operate on a monthly basis. Over 90% of the SIPs in the country are monthly.
A daily SIP meant not for the salaried individuals or people who earn wages almost every day, whether it's an auto rickshaw driver or somebody who's working on daily wages or fees. Just provides them the flexibility they need, but creates significant intensity of payments work, including reconciliation. A great initiative from CAMSPay and we see volumes continue to scale. You see significant statistics of the business. Again, across markets and across business metrics, I think a very satisfying year for CAMSPay. An extremely strong year for CAMS CRA. I need not repeat any other statistic except to lead you to the first bullet. 90% + year-over-year revenue growth, absolutely unprecedented in any business for us in the last 20 years.
This was enabled through a very smart, I would say, a single line product innovation, which is to kind of break out of the trend of making people ready for investment on T+1, which used to be the seller's credential earlier. If you made them ready on the next day, you were a good provider. We broke the myth and said we're going to adopt advanced technology, including almost instant liveliness check, instant face recognition, and face matching, in addition to everything else, including name match, father's name, and everything else which has to be done. This created significant traction in the market to drive and propel our adoption, not just amongst mutual funds, but also other capital markets players, including brokerages and including other companies like depository participants. We've continued to bolster that, continued to onboard newer customers.
Almost tripled our volumes in the KYC arena from INR 1 lakh a month, which used to be there about 18 months back to an average of about INR 3 lakh of new KYCs every month. Of course, now raring to go and touch the mark of 2 crore KYC records within the year. I think it should be possible within the year. Next, please. From our insurance and policyholder perspective, again, very happy to share with you the broad statistics around insurance, which has gathered momentum. Still not consistent with the size and scale of the market. This, like you heard us say, can significantly grow in all dimensions, but very happy to share with you that we now hold over 60 lakh e-Insurance accounts.
Most of them have a built-in collaboration with insurance companies or individual investors and insurance policyholders come and open them for ease of holding the records. I'm sure some of you also hold us with insurance, and most significant is the building traction in e-policy issuance or policy conversions, about 72 lakh of those. Insurance KYC, which became a requirement about a year and a half back for the industry. Very happy to share with you that CAMS has now gone live with Oriental Insurance . This service is powered by Think360.ai's Kwik.ID. A fantastic just artifact of collaboration between the various segments of the group. Think360.ai's Kwik.ID now making penetration in the fast-growing insurance industry for KYC with the help of group company CAMSRep.
CAMSRep has launched Bima Central, which is a comprehensive servicing platform built on top of the insurance accounts where you can get a variety of servicing formats. Do try this if you haven't done that. You just have to download the app and open up your insurance account. If you don't have one, if you have an insurance account, you can just start adding your policies to that. Very, very convenient app. We're expecting that while the first insurer is integrated and a few others are waiting in the queue, we expect to have several insurance integrated by the time we come back to you next year. Then to start influencing the lives in a very positive way of the community of insurance consumers in the country. Of course, again, very happy to share with you the 40% market share rate in this business for CAMSRep.
There is some of the material on Bima Central. Like I said, it will be a good idea for those who haven't experienced it to go and try this. Move to the next. Think360. Like we said, one of the core products which has been very successful in the market is the video KYC. We have multiple large, some of the largest PSU banks and PSU banks in the country who are consumers, but I think the affirmation or confirmation from State Bank of India for consumption of video KYC product, Kwik.ID, is just a great testament to the offerings. We also won, like I said, mandates for doing KYC for the insurance sector, both for Oriental Insurance and SBI General. These are recent wins, happened in the last three to four months, will scale over the coming months.
Think360, the analytics and transformation initiative project with Moneycontrol, which is Network18, continue to provide and deploy their product, their marquee product, Algo360 for several brokers, wealth management companies, and leading financial services firms. It's a satisfying year for Think360, of course, expecting a significant build-out of momentum in the current year. Account aggregator, I'm sure while this is a new concept, all of you have heard about this a little. We have scaled ourselves. Again, very happy to report of the strong consistent work that the teams have done to scale up from, what I would say, was a low single-digit market share score to a more respectable early teen score of 13% + in the ecosystem.
For one of the use cases, which is the F&O account opening use case, we are the preferred account aggregator partner with the right technology and algorithms, to help verify or continue providing verification or periodic verification services for F&O account opening and the annual verification that this needs. We continue to build momentum and signed almost close to 100+ deals for account aggregator and TSP services. You can see that we are now servicing almost over 100 FIUs. What this collectively does is, this then powers the entire flow and momentum of data pools and all the analytics offerings that we sell in the market that we create and sell. It just creates momentum for those, we are expecting this business to scale this year and to scale multiple times between this year and next year. Very positive on this, a brand new innovation.
You can see content and material around this on our website and various other media interactions that we made in the recent months. From an NPS CRA perspective, you know we were the first ones to set up our NPS CRA actors on the cloud, continue to increase new POPs for the POP retail volume. Grew subscribers during the year, significant growth over last year. Of course, it continues to remain a relatively small business for us, expecting it to scale in the years to come. I thought, concluding the presentation now, but it's a good idea just to conclude this with some trends that will be easy for you to consume. Just to assess while you all have been shareholders for some time or a long time, I think just for you to assess the direction of where we could be heading.
I just got a couple of quick charts. We are characterized by stable revenue growth. You know that our businesses, a lot of them are annuity-based. Growth are reasonably predictable. Of course, a lot of it is joined at the hip with the trends in the capital markets. The last few years have been very good for that market. Therefore, the revenue growth is predictable. There is also, I think from a cost perspective, a large component of fixed cost. Margins are, I would say, equally predictable. Also sustain them at some expansion levels of about a percentage of expansion in the last few years and hoping that as the revenue scales 14%, 15%, that kind of expansion margins should be possible, both through automation and consistent productivity improvements across the board.
From a broad market metrics perspective, I'm sure all of you are aware of this, have been watching it. Our assets, which is again, a core foundational metric which drives everything, including revenue and profits and market share. Our assets have grown a CAGR of 16% in the last five years, and you can see more than double from just short of INR 16 trillion or INR 16 lakh crore to over INR 33 lakh crore. The MF/AUM revenue, this is linked in a telescopic way to our overall assets, grew just short of 12%. Overall company revenue has grown 10.4%. This, of course, includes that one year, one and a half years of COVID, that there wasn't significant movement in the revenue of the company.
I think what I'm very glad to share is the growth in operating EBITDA, which has continued to expand, which is great vindication of the efficiency with which the operations are run and the significant amount of cost control despite a humongous number of initiatives focused on consumer, technology, automation, and new products having been on for the last 20 years. I think the icing on the cake is the growth in profit after tax, which has grown over 21% in the last five years. That's really been our focus in terms of how we run the company. Of course, we are hungry for revenue and market share. The two acquisitions that you've seen are great vindication of the fact that we continue to look for opportunities outside the base.
Like I said, we are stable, we are focused on shareholder and investor value, and we will continue to abide by that trend. What is it that we would like to do over the coming year and a slightly longer period? One, we want to continue being the absolute gold standards in everything we deliver, to both our end consumers, which is a B2B2C consumer or our enterprise clients, which is our B2B clients. We want to be extremely strong, and that's seen as our secret sauce as our kind of core capability, both in the area of cybersecurity, integrity of data, anti-fraud practices, regulatory controls. We just want to continue to be completely compliant and to be best in class in the marketplace. Similarly, from a regulatory compliance and risk control perspective, we want to be the best.
We continue to build leadership in the company to build a depth of expertise. This is both SME-ship in various business areas, but also in the areas of risk, technology, data, cloud, regulatory compliance, and so many areas, we expect to continue being the market leaders. As we do this, we will continue to augment our MF revenue, like I've said, with the focus on market share and focus on overall scale. We will pursue various adjacent opportunities. Like you know, the adjacent opportunities continue to be payments, where we sell a significant amount to the mutual fund industry, to our KRA segment. Account Aggregator has some deployment in the mutual fund industry. Alternative services, again, in the capital markets, so we will continue expanding there. We want to be extremely future-ready through building out a brand-new platform.
We've recently initiated contracting with global leaders in this area. You will be seeing some element of official releases from our side. On digital, we continue to believe that that is the way of the future. Very happy to share with you that in our core business, in mutual funds, we built out almost 90% of our traffic, payments, KYC, everything that comes to us is digital. We built a significant number of properties of our own, and we continue to assess the marketplace and scaling their digital initiatives through our entire API architecture. We will continue to scale capability in this area and make sure that we are the best in breed and the best in class in the area of digital initiatives and digital transformation. This is really what you would expect from us.
I appreciate all the support that all of you have given us over the years to the company by being loyal and committed shareholders. I hope that this presentation has given you some flavor of what we've done in the company in the last one year and what our focus areas will be during the coming years. Thank you very much for being here. I will conclude the presentation now.
Yes, sir.
As I close the presentation, I will invite shareholders who registered. Some of you registered officially for the Q&A session. I would like you to speak. The moderator for this program will announce your name. Kindly state your questions. You heard Manikandan speak about if your connection is bad and if he can't hear you, then we'll skip to the next and then come back to you. I'll hand over now to the moderator to begin the Q&A session.
Thank you, sir. We will now begin with the question and answer session. We have the first question from Ms. Lekha Shah. Lekha, ma'am, you may ask your question, please.
Hello, am I audible, ma'am?
Yes, you are.
Thank you, sir. Respected chairman, board of directors, and my fellow investors, good evening to all of you. Myself, Lekha Shah from Mumbai. First of all, I'm very much thankful to our company secretary, Manikandan Ji, for sending the AGM notice well in time, which is full of knowledge, fact, and figures in place. I'm very grateful to our company secretary, Manikandan . Thank you, sir, for explaining as well about the company. Congratulations for excellent work, sir. Sir, I pray to God that he always shower his blessing upon you. Sir, I would like to ask three questions. My first question is, what is the total number of employees? My second question is, how many women employees are working in our company? I strongly and wholeheartedly support all the resolutions for today's meeting.
Since Link Intime, [Non-English content ]. Thank you so much, sir.
Thank you.
Thank you, ma'am. Our next speaker, Ms. H.S. Patel, is currently not present in the panel. We have the next question from Mr. Santosh Kumar Saraf. Mr. Santosh, you may speak now.
Respected chairman and board member, and my fellow shareholder. My name is Santosh Kumar Saraf. I'm speaking from Kolkata. Hope all you are safe and good health, sir. I thanks to management and all our 7,000 employees for their great work done for company and give a nice dividend of INR 46.50 per share in the year, during the year interim and final, sir. Sir, the company is very old compared to RTA. Do very good work, sir. I am also a distributor of the mutual funds, sir. My ARN is 1,502, sir. I've earlier registered. Sir, I've two suggestion to you, sir. If you like, then accept it, otherwise not. First, sir, there is so many non-KYC clients. Every time mutual fund told us, "Send the application on WBR56." I sent so many times application, but never get a proper reply, sir.
I advise you, why not you give non-compliance KYC client name when you send the brokerage? If with brokerage send the name of the non-compliant client, the broker can be easily identified who are still non-KYC, sir. I think it is better to ask every time for separate mutual fund WBR56, sir. Next, sir, you know very well in the COVID time and before COVID, there is so many checks of distributor sent, brokerage checks are sent to brokers. In the COVID time and before COVID time, they reduced some reasons. They return or not encash. Sir, why not you send them reminder? Because their hard money in suspense. They not know what money I've not received. In COVID time, I have so many cases, I personally, that I've not received the check due to COVID, sir.
I think if any commission due of the distributor, you must send a reminder because their hard money. Now Modi Ji tried to identify those people in PPF account, those not claimed and give their money, because you have no right to hold up their money, sir. Because in the mutual fund, if they not claim, they come to liquid account, sir. In the case of broker, they never know what is my due, sir. Next, sir, also I advise you can create a folio in which you can take the consent of the distributor or schemes to transfer their commission in that scheme, sir. They can withdraw easily. Like Reliance, they have a liquid account on the consent of distributor. They transfer their brokerage in that account and time to time when brokerage due, they can be withdraw from that account, sir.
Next, sir, one minute. Next, sir, your balance sheet not mention the email ID and phone number of the registered office and corporate office. Certainly mention email ID number and phone number, sir. Next, sir, CAMS is very well known and very good RTA. I think it's one of the best RTA in mutual fund industry, sir. Why now you start the business to do work as a RTA for listed company, sir? There is so many good RTAs. At present, two or three RTAs are good: Karvy, Link Intime, and something, other two or three. After Sharepro, There is no other good RTA, so you can be try that because you have very good knowledge to do RTA work, sir. Sir, next, what your step taken for cybersecurity of data of mutual fund clients, sir?
What your step to install solar panel on your own building? Where your building own solar panel to save energy cost, sir. Sir, now your government want one KYC for financial business. What your step in this regard, sir? My English is weak, sir, because I always speak in Hindi. Please excuse me for my any mistake. I try to speak English because your people maximum from the South India. This is my try, sir. Sir, I support my sister from Mumbai who speak earlier for VC meeting, sir. I think VC meeting very good, people can attend from various. Many peoples are foreign, several are so many are various cities, please continue with this. Sir, nothing I want to say because you are very good.
Sir, I think for listed company RTA, we can get also a good RTA for future, sir. Thank you for giving me time. Only consider, sir, for my age is 76, sir. I'm mutual fund distributor, I not know where my commission is still not encashed. Please, sir, it is better give a reminder letter to all distributors because in the folio, when we not claim, the money will transfer in the liquid account. In our case, there is no option. Thank you, sir, for giving me time. Wish you a financial year. Wish you and all directors and all 7,000 employees and dear family, the financial year 2024, a good, healthy, prosperity, and safety year, sir. Thank you. Also thanks to our link provider, Mr. Link Intime. Very good service. I hope we'll continue with this Link Intime, sir. Thank you, sir.
Thank you, sir. We have the next question from Mr. Kaushik Shahukar. Mr. Kaushik, you may ask your question, please.
Yes, sir. Am I audible?
Yes, sir.
Thank you, sir. Respected sir and distinguished guests, good afternoon to all. It is an honor to stand before this esteemed organization gathering today. I extend my heartfelt gratitude to the board for granting me this opportunity to be part of this important event. Today, I raise some key questions that are essential in understanding our position in our ever-evolving competitive landscape. How does CAMS maintain its competitive edge in such a dynamic environment? What innovative product has CAMS introduced or plans to introduce in this increasingly competitive world? Can we trust in the resilience of CAMS' business model? How can the company ensure that shareholders' value remain intact? What is the opportunity, or what is the company business compared to previous year when the number of Demat account is in rise and is all-time high? Did we get any benefit due to such increase?
Does CAMS help us to get our passport or to renew our passport services? Before I conclude, I want to express my sincere gratitude to the attached secretary team for connecting with me and granting me the opportunity to be part of such a memorable event. Additionally, I request the support of company in associating with me in the area of certification audit, including Form 15CB. I believe CSR is helping the needy at crucial times when they have approached the company for help. I am confident that CAMS carries the vision and commitment to support those in need. I am sure management might be busy with other important work and have missed my earlier request, I urge our company to take some time and provide me with opportunity to work with our company so I can live with dignity.
Finally, I propose utilizing the substantial savings from the virtual mode of this meeting for the benefit of shareholders. This could involve arranging a small picnic for shareholders, seekers, or distributing tokens or appreciation such as sweets or small gift to our esteemed speaker shareholders during festivals. Furthermore, I would greatly appreciate your assistance in facilitating an introduction with your auditor for potential engagement in professional endeavors. Given our professional affiliation, I am confident that such a collaboration would prove mutually beneficial for both parties involved. Thank you for your attention, sir.
Thank you, sir. We have the next question from Mr. Dharav Jamadar. Mr. Dharav, you may ask your question, please.
Good evening, ladies and gentlemen. My name is Dr. Dharav Jamadar and I am from Surat. First of all, I would like to congratulate each and every stakeholder of my company on performing tremendously well in this particular fiscal year. Sir, some of my questions which I would like you to address are, first of all, looking at the inflow amount in SIP and lump sum, in particularly in the mutual fund business, what and how do you think that this landscape will get influenced by changing paradigm because of artificial intelligence, fintech, machine learning, et cetera? Second, we have been market leader with maximum amount of market share.
With respect to AMCs, new entrants coming in and existing leaders consolidating and increasing their market share, what outlook do you have for us for this particular fiscal year and the years to come, as we are serving the top three AMCs in the industry? Third, what new opportunities and avenues are we going to explore in this particular fiscal year, and what possible headwinds we might face in the mutual fund business? Fourth, with reference to CAMS FinServ and CAMS CRA, who are our competitor and what are the headwinds and tailwinds that we might face in this segment in this fiscal year? Last, with heavy investments done in recent times in our non-mutual fund businesses, there's a huge growth runway over there.
Do you think that mutual fund business, which is right now in India, a quite certain business, we are going to some uncertain businesses, though there might be huge opportunities of growth. We are leading ourselves prone to volatility in top line as well as bottom line by investing more in that business. What are your views on the risks and rewards opportunities that lies ahead in this particular process itself? Thank you, sir, for providing this opportunity.
Thank you, sir. We have the next question from Mr. Ankur Chanda. Ankur, sir, you may ask your question, please.
I am audible?
Yes, sir.
Okay. Good afternoon to everyone. Sir, I just want to say that our corporate governance is too good. Sir, there is no discussion. Okay, sir, the work we are doing, with this we can also become the registrar of companies, sir. Why don't we pay a little attention to that side, so that our business will grow further, the company's registrar will grow, sir.
[Non-English content]
Thank you, sir. Our last question is from Mr. Jasmeet Singh. Mr. Jasmeet, you may ask your question, please.
Thank you, moderator. To confirm me, my bandwidth is low. Probably, I am unable to switch on my camera. I would like to speak out my note here. Thank you, chairman and ED Anuj Ji for giving detailed presentation. I'm very glad to see the impressive growth on all fronts, on all our verticals. The leadership position which we have achieved is really heartening, and I am foreseeing a very bright year-on-year growth in the coming years. While the digital initiatives are very much appreciated, I, being a mutual fund distributor, would like to bring to your knowledge few points, and I seek your support to get them addressed on a very urgent basis.
I have been trying to interact with the Delhi office, and these are points which are paining me a lot, servicing my clients, which I am sure you would not like to face such kind of situations. My first point is that the UI which you have given to the distributors is very painful at this moment. It requires a lot of verification processes. It should be just user ID and password. There are a lot of questions and answers which we need to give. The passwords also get changed after a few months. I don't know why. It is not having any revenue implication to anyone. It should be a seamless and simple login solution. What if I give you a request that please don't change my simple password for, say, next 10 years. Will you allow me? That's one thing.
The second thing is which is more paining me. The statement of accounts of my clients, I'm unable to get right away. It always says that please wait for 5 - 10 minutes. I was able to download from the system right away a few years back, but now I think the load has increased, and therefore, the amount of bandwidth which should be there is not there. How the company is planning to-- because you see the volumes will only grow from here on also. How the company is trying to mitigate the volumes. It should be seamless, this thing. The moment we should be clicking download, it should be able to download the statement right away. Why we need to wait? Secondly, we are unable to download the statement since inception.
A investor who is having a application on his mobile or, say, on his laptop, he is able to download his statement of account since inception. A distributor, he has to give the starting year or the starting month up to till such time he wants to download the statement. Why I should be speaking on this AGM about these points? I am not getting a support from your Delhi office. I need this support. I need these small things to happen. The UI which you have given to the customer, he is able to see the returns on his investments. The distributor are not able to see the returns on the investment of the investor. Why? It should be enabled. Ironically, all these three, four points which I have spoken, our main, another RTA, KFintech, they are providing all these things.
At just at a moment of a click, we are able to log in. There are no OTPs, there are nothing, no question and answers. We are able to download the statements right away. We are able to see the investor returns right away. It should be there with CAMS also. CAMS being the leader, it should provide the services in a way where the distributor should also feel very happy. That thrilling experience should be there from CAMS. If it is there from KFintech, it should be from CAMS also. Very important thing. While I conclude my note, while you will address all our questions, we should be able to interact with you. In case some of our points are not addressed by you, we should be able to speak. Please do not disable our interactive audio at that time.
With this note, I thank you and appreciate your patient listening. I hope you will feel the pain and get these points addressed on an urgent basis. I would like to hear an assurance from you now. Thank you.
Thank you, Mr. Jasmeet. This is all from the speaker section. We shall rejoin shortly after a break to answer the queries or the questions raised. Thank you.
[Presentation]
[Presentation]
[Presentation]
[Presentation]
[Presentation]
[Break]
[Presentation]
Hi, good evening, everyone. I sincerely appreciate your patience in being there while we just prepared to compile answers to all the questions. What I'll do is I'll begin answering questions in the same serial order in which they were asked, hopefully everything will get answered. If you believe there's anything which is missing, please feel free to reach out to us separately, and we'll be happy to engage with you. I'll begin now. The first set of questions came from Ms. Lekha Shah, and in terms of total employees in the company, we showed that number in my presentation, that is 7,056, so just in excess of 7,000. Out of this, there's a healthy number of 31%. 31% of 7,000, that is women employees. Following Ms. Lekha Shah was Mr. Santosh Kumar Saraf. He had a variety of questions.
Some, I believe, pertained to his investment in CAMS, some others pertained to the area of work of he being a distributor. I'll try to answer all of these to the best extent possible. The first question which came was that for non-KYC cases, which means where the investor has not done the KYC and you are a distributor, you are not able to see exactly who has not done this. We send you a link. When we are sending you brokerage details, we send you a link. If you click on the link, you should be able to see all your investors whose KYC is not done, because to that extent, your brokerage is impaired. We are computing it, but we are not paying it to you. You can see the details there.
Other than that, there is also a mail back report called WBR, if I'm not wrong, WBR56. We can start using this too. In case you're consuming all this only in the physical format, there is no link available. Obviously, there's no physical link. I will encourage you to talk to our team, or we will get someone from our team to speak to you so that you can start getting the link. It's a relatively easy problem to solve, has been solved for your community broadly. Your second question was that during the COVID period, a number of brokerage checks were sent out instead of electronic remittance checks were sent out. If they did not reach you as a recipient, then those checks have aged. We haven't told you to do any remediation effort for them. This is a good point.
We will talk to the mutual funds and see how best we can remind our distributor partners to get reminders from us so that you can claim the money. Like you said, it's hard-earned money, it should be claimable. We will organize to have reminders sent to you. Why don't we have corporate RTA business? This is a question which was asked by several of the shareholders. I'll answer it once. Corporate RTA is an interesting adjacent business. It deploys a number of record keeping and investor servicing skills that we have as a company. We have investigated this in depth. As of now, we've chosen to stay away from this because just the absolute growth rates and the cyclicity does not appeal to us completely. This business has to be won IPO by IPO.
Most of the base clients just like to stay with the corporate RTA they are with. You can't churn too many of them, so it has to be won IPO to IPO. Can be a significantly cyclical business. Right now, we believe that there are a lot of other scale opportunities in our other businesses, so we are not looking at corporate RTA. Kindly treat this as the answer uniformly to every question that was asked. Our email and phone number for the registered office not being available in the annual report. It's available in many other places, including the website, very easily available. If it is not available in the annual report, I'll request the Company Secretary so that he can start including this. Solar panels. Very interesting point, very relevant to the entire environmental consciousness that we have around us.
You'll be happy to note that this work is already done at our corporate office and a few other offices. We are trying to make a pan-India expansion across our locations to have solar panels. You will see this happen. Next year when we come back, I will try to give you an update on this. Single KYC, what is the approach? You've been hearing about single KYC, so have we. Today, there are largely in the financial services sector, two kinds of KYCs available. One is the KRA KYC that we traditionally do in the capital markets as part of the mutual fund industry, or if you are a broker or part of a broking company or a Demat DP. Then there is a KYC which is used by other segments.
Earlier it was predominantly banks and NBFCs, now that includes, you can open accounts in the CRA and you can also open insurance accounts based on that information. When a single KYC happens, I'm not 100% sure or entirely sure what the characteristics and the architecture would be, it could mean, not would definitely mean collapsing all of this into a single architecture. We should collectively wait for the announcements to get made, whenever they are made of a single KYC regime coming into the company. Those were the questions asked by Mr. Santosh Kumar Saraf. I will flip to the third shareholder, Mr. Kaushik. Your first question was how does CAMS maintain dynamic advantage in our environment? What are the new products launched? Let me start with the products launched. It's an easier question to answer.
Like I said in my presentation, I'm extremely proud and very happy to give you, this is all done as part of a business strategy. It is not that we randomly see some product opportunity and enter it. Remember that we don't want to spread ourselves thin. We are a very focused firm, and we do things which are good for a broad franchise and purpose of the business. For the last three years, if you see new products, our CRA for NPS is a brand-new product. MFCentral is a brand-new product. Account Aggregator and TSP and TSP ++ are all brand-new products launched by us. CAMS WealthServ, which is a digital onboarding platform, is a brand-new product launched by the alternatives team.
Bima Central, which is about all things insurance and creates a comprehensive, singular, most unique, and right now the only one in India, services layer on top of your insurance accounts. All these five are great examples of new products. Of course, from a dynamism perspective, product strategy is one strategy, but whether it is relating to technology, automation, artificial intelligence, usage of cloud, usage of smart analytics like Think360 does in their business. Continuous augmentation of cutting-edge workforce hired from the best institutes in the country. Having the best risk measurements, anti-fraud, prevention of financial risk, anti-money laundering. There are several components of this cutting-edge strategy of business.
I just named a few to you and alongside I've named some of the key products so that it gives you one flavor that sitting on our laurels or doing business the way we used to do it five years back is not an option. It is not an option for any company today. You have to continue to innovate. I sense from whatever I've spoken, you would have got a sense of how we continue to be dynamic, competitive, and maintain our significant pristine leadership across business segments with the concurrent market share gain and revenue increase. This is really the way we do it. Your second question was, do the expanding number of Demat accounts help us? We don't directly service them except when people choose to have mutual fund units in Demat.
There is one way they'll be serviced, which is when the Demat account person needs a KYC, then CAMS CRA, whether it's close to 2 crore PANs in KYC, is a ready receptacle of the most authentic KYC, the most authentic and the most recent KYC information of the individual. The entire brokerage community and the Demat community tends to use them. The other place where not very directly, where indirectly we use it, is in Account Aggregator, where if you are trying to build a financial portfolio of your own, or if a wealth manager is trying to build a financial portfolio, then he will seek integrated information of yours and the DP account is one of the places where the information comes from. Will we start passport services? No, we do not see services of issuing passports as the most strategic deployment of our capability.
We're not thinking of going in that area. Should we have picnics and other means of engagement with shareholders? We certainly want to engage with shareholders, not right now through picnics and gifts. I know that those are common formats adopted by companies especially during physical AGMs, et cetera. If whenever we do a physical AGM, you may see some of that. Right now, we're not thinking of it. To engage in certification exercises, I've spoken to the company secretary to see if he wants to communicate with you directly and see if any opportunities of that kind are available. That brings to an end the questions asked by Kaushik. I will move to the fourth investor shareholder, which is Mr. Dharav Jamadar.
You had a question about the use of AI and machine learning, especially in the area of SIPs, the inflows that come from SIPs, and those kind of things. Very happy to report to you that a large part of the SIP process, not just the SIP triggers, but the way we reconcile these, but also at the time of setup, doing string matching while names are being matched between the background and the SIP name given in the account, or face match, which just precedes the SIP setup when the KYC is being set up or CRA records are being compared with your records that you submit in live through a video and a photo. All of that employs machine learning and artificial intelligence. Almost 100% reliable, irrefutable match of two faces.
One that I clicked a photo of yours through, the other that I extracted from some other source, let's say Aadhaar, setting it up in 10 minutes goes through a very complex process of face match. All of that needs deployment of artificial intelligence and smart algorithms which get trained over a period of time. Similarly, investor emails which have to be responded, sometimes these are multi-intent emails, as you know, where the investor may comment upon his scheme selection, how competitor schemes have done, whether we paid or the AMCs paid the right dividend, whether they want some format of customer service. Sometimes customers or investors put three or four intents in a single email, we have AI-led bots which kind of trawl these emails, understand the intent, and then answer them automatically with very little participation of the workforce.
New AMCs, what is the outlook in FY 2025? Again, very pleased and very proud to share with you that we won all the new AMC mandates last year. I named those in my presentation. That continues to buy us a significant amount of solid future-proofing because there are no other mutual funds who will launch. The ones who launch will launch with us. Any of the assets that they garner will all come to us, and that's a good place to be in. You asked a question on account aggregator and CRA. What is the competition in account aggregator? Like you know, it's a splintered market with multiple participants. There are about five to six functional account aggregators. An equal number is licensed but not functional. It's a multi-participant market, a splintered market, and has all the facets of competition that you'll see anywhere else.
While in CRA, it's a three-horse market. There are three official CRAs. We are the latest and the newest, having been in business for the last two years. Does this create significant competition? It does. Does it create headwinds? I think one has to be used to operating in businesses which have competitive headwinds. Again, pleased to inform you that at least in Account Aggregator, we have scaled our market share from low single digits to early teens. Almost 10% up in two years. Basis our overall strategy, automation, product innovation, customer journeys, and just a solid track record in controls and record keeping. All those things help. Why are we investing in non-MF? Is this more cyclical than MF? Is the investment worth its while? Certainly, the investment is worth its while.
As you know that we have a stated objective of broadening our revenue contribution of non-MF business lines to about 20%. It gives us a right to sell in the non-capital market segments, the financial services segments, which is the business that our Account Aggregator segment and Think360, those two entities do. We are very happy with that. It also brings about less cyclicity in our overall businesses and insulates us from the cyclicity of the capital markets. That is the right decision, and we will continue embarking on that as we move forward. I will move from now what Dharav Jamadar asked to Ankur. The first question was, why don't you set up a corporate RTA? I said that question is answered. I answered it once because there were multiple instances.
The second part was that while Link Intime, which is our RTA, interacts with you, the company secretary doesn't. I would just urge you to think of it this way, that we certainly want to interact with you, give you the latest information, both as statute requires and even otherwise in terms of what the company is doing, keep you updated, make sure that you're able to participate with us through these forums like the AGM. The RTA is our agent. They're our agent. The company secretary, of course, has a team which deals through the RTA, with the shareholders. Today, our shareholder count is just under four lakh. At the peak it was over five lakh. We are very keen to interact with you.
Kindly do not feel that the RTA interacting with you isn't the kind of the treatment you would like, but think of the RTA and us almost as the same. It is the team of the company secretary itself that those people are not on our rolls. They're part of an agency, but they're completely ours. The charter is owned by us. I will conclude the answer to questions asked by Ankur there and move to the last part. Questions asked by Jasmeet Singh. I think a lot of questions pertain to our digital property for distributors and partners, which is S360. Your first question was, why do we impose password changes every three months, and why are there two-factor authentication requirements? Which come in two forms typically, either we ask you to punch in an OTP or we ask you secret questions.
OTP, of course, is considered the more pristine and sometimes we ask you to answer the secret questions, but we'll also give you an OTP every three months. Just remember this, whether you're dealing with your bank or you're dealing with us or anyone else who has signed up to a two-factor authentication architecture. These architectures are not a choice of an entity like CAMS. It is the absolute architectural constraint imposed upon an industry by regulation and by the industry, because it's a necessity for our industry. Today, it is not voluntarily imposed. It is not that if you don't want, we should not do it. Frequent password changes and OTPs are considered part of a security protocol that the industry wants to offer you. That's why they're built into the mechanism.
Right now, the point I want to convey to you is that while it may appear a trifle inconvenient, it's exactly why you have the same architecture in your bank account when you're logging into that banking or your broker. That's a requirement. Right now, we are not thinking of dispensing with the requirement because it is a statute-based requirement. Why is an SOA? I'm moving to your second question, why is the statement of account not immediately available? Again, I will urge you to distinguish if I've understood your question correctly. If not, then we will make sure that somebody from the team speaks to you. There is this concept of a partial transaction listing, especially when you are representing an investor.
The intuitive reason why it is so is that an investor may have either transacted through multiple distributors or would have transacted through multiple distributors and done direct plans. Either ways, the partial transaction listing enables you to download and store transactions of an investor for the work that he's done with you. It is for the same reason that we do not show XIRR. Like you said, it is shown to investors. The reason it is shown to investors is that it is a complete listing of their entire portfolios, and the XIRR therefore becomes a relevant measurement of portfolio performance. Imagine doing a partial transaction listing. Let's say you've done 25% of the work for that investor and the balance 75% does the three other distributors.
The investor will be misled into believing one XIRR that we show for your partial transaction listing, then one for the second distributor, one for the third, and one for the fourth. The investor does not have means to accumulate this into a single XIRR. That is the reason. It's a considered decision that we don't show it. You also asked for SOA since inception. Again, I will urge you to think of the partial transaction listing, and that is therefore shown since the beginning, but it does not include all the transactions which may be done directly by the investor or done through other distributors. Your last question was that the Delhi office was not supporting you enough. We will address this with the Delhi office. With that, I come to the end of the Q&A session.
There were no other questions except those that were asked by these six shareholders. I estimate that I've answered everything, in the rare set of circumstances that I would have missed and some part is missing, feel free to write to me or the Company Secretary or reach us through any other means, and we will make sure your question is answered. I hope that this is a conclusive end to the Q&A session. I would say that this brings us to the end, to the conclusion of our 36th annual general meeting. I would like to take this opportunity to thank you. I will now request our Chairman, Mr. D.K. Mehrotra, to please come and make his closing remarks and appropriately close the meeting. Over to you, sir.
Thank you, Anuj. Thank you all the shareholders for your active participation, for your faith in us and the constant support for CAMS. With this, the meeting concludes. The electronic voting facility will remain open for the next 15 minutes. Once again, I wish you all a good health and please take care of yourself and your family. Thank you all very much. The meeting is concluded. Thank you.