Continuing with its outreach efforts to facilitate start-ups and promote innovative solutions in the financial market, the Securities and Exchange Commission of Pakistan (SECP), in collaboration with the National Incubation Center (NIC), organized a webinar on “Digital Onboarding of Investors.”
The webinar highlighted SECP’s new regulatory regime that transformed the existing practices and KYC requirements for the opening of trading accounts in the capital market.
Local investors who have bank accounts can open trading accounts with brokers by sharing KYC information through respective banks with the Centralized KYC Organization. The facility of the Sahulat account is also available for low-risk customers, where they don’t have to fulfill KYC requirements.
Moreover, non-Resident Pakistanis (NRPs) may also open their accounts digitally with KYC information available with the banks where they are presently maintaining Roshan Digital Accounts (RDAs).
Several measures have been taken by the SECP to facilitate NRPs in the opening of accounts, which include removing the requirement of physical submission of documents, allowing verification of documents through the Counsel General of Pakistan or from Notary Public of the respective country.
The webinar was well received by the participants who appreciated SECP’s efforts and called for continuing sessions on stakeholder awareness.