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Thursday Dec 03 2020

Resident, non-resident Pakistanis can now open online accounts in capital markets: SECP

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has made opening online investor accounts a 'hassle-free' process for locals and overseas Pakistanis, it said in a statement issued Thursday.

The ground-breaking initiative — part of the SECP’s digital transformation agenda — would allow all Pakistani resident and non-resident investors to "seamlessly open his or her account with a broker from anywhere in the country without requiring to submit any documents physically or visit a broker".

In its statement, the SECP said the newly-approved framework aimed at the digital onboarding of investors in Pakistan, shall enable them to commence trading swiftly.

"However, to ensure maximum investor protection, an alternate online Customer Verification process has been introduced for opening of online accounts," it underscored.

"The online verification will be conducted independently by the Centralized KYC Organization. In addition, the account opening process has been made simpler by reducing the number of pages to be signed by the investors."

The new move comes as "a continuation of SECP’s reform agenda" aimed at digitization, enhancing investor outreach, and ensuring robust growth of Pakistan's capital markets. It wil focus on expanding the investor base, which it termed was "a crucial stepping stone" for any capital market to grow, it said.

"It is expected that the new regime would revolutionize Pakistan’s capital markets and contribute significantly towards economic growth in the country by channeling investments and savings through the market," the statement added.