Computer Age Management Services to set up office in GIFT City; Stock soars 7%

CAMS will provide Asset Management Support Services for financial institutions which have set up operations in GIFT City in Gujarat.

Aug 27, 2021 02:08 IST India Infoline News Service

Computer Age Management Services Limited (CAMS) is in the process of setting up an office at GIFT city to provide Asset Management Support Services for financial institutions which have set up operations in GIFT City (Gujarat).

The company has received a communication dated August 25, 2021, from International Financial Services Centres Authority (IFSC), Gandhinagar authorizing it to undertake “Administration, Asset Management Support Services and Trusteeship Services” in terms of the circulars dated February 10, 21 and June 10, 2021, issued by the above Authority.

Earlier GIFT City Multi Services -SEZ had issued a letter of approval to the company, extending the facilities and entitlements admissible to units in GIFT City.

The company stock was bullish on Friday and at around 2.20 pm, Computer Age Management Services Ltd was trading at Rs3,461.40 per piece up by Rs220.35 or 6.8% from its previous closing of Rs3,241.05 per piece on the BSE. The scrip opened at Rs3,294 and has touched a high and low of Rs3,540 and Rs3,290 respectively.

“Consequent to the approvals, the company is in the process of setting up an office at GIFT city to provide Asset Management Support Services for financial institutions which have set up / setting up operations in GIFT City.

CAMS has been serving the AIF (Alternative Investment Funds) segment for over twelve years and has deep domain experience in this arena serving several marquee Funds. Setting up operations in GIFT city will enable the company to readily offer this canvas of services to AIFs based out of GIFT city,” company said in a regulatory filing on Thursday.

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