The National Clearing Company of Pakistan Limited (NCCPL) has launched the Simultaneous Account Opening Facility to help investors open multiple trading accounts from May 20 onwards, the clearing company informed the main bourse on Tuesday.
“We are pleased to announce the implementation of the Simultaneous Account Opening facility, a significant enhancement to facilitate market participants in seamlessly opening multiple trading accounts effective from May 20th, 2024 i.e. Go-Live Date,” the notice said.
All Authorized Intermediaries (AIs) are hereby advised to ensure their readiness for system changes notified by NCCPL, (to AI and respective Back Office Vendors) for implementation before Go-Live Date.
Ad Powered By Advergic
Loading ad . . .
Ad - Continue scrolling to read
Key Features of NCCPL API-G
- Enables multiple AIs, after completion of the initial OTP verification process, to start the process of account opening for trading purposes.
- Provides the option to generate OTP with multiple AIs simultaneously, streamlining the account opening process and eliminating delays.
Effective immediately, the NCCPL API-G platform will empower AIs to expedite the account opening process, ensuring greater efficiency and accessibility for market participants.
Process Flow
- The current process of opening an account will remain the same, which shall be conducted via an online account opening facility made available by AI or through the KYC Information System (KIS) for OTP issuance, as per the existing process.
- Verification of the initially generated OTP via an online account opening facility made available by AI or through KIS is mandatory. Otherwise, OTP cannot be initiated with another AI for simultaneous account opening.
- The system will lock and save the initial information required to generate OTP in the system and the same will be shared with other AIs upon initiation of the simultaneous account opening process.
- Other AIs will be required to use the API-G to initiate OTP generation requests by entering Unique Identification Number (UIN) and account type only.
- The system will prompt other AIs upon initiating the simultaneous account opening process to use API-G when the initial OTP is verified.
- The approval/Rejection process for other AI will remain the same. OTP will be sent to the registered mobile number/email which has already become part of the system.
- Other AIs will not be able to update/review any of the client records during the OTP generation process.
- The AI initiating the information submission via the central portal (CP) information first shall be responsible for completion of the KYC process.
- The system will prompt other AIs when they access CP that the KYC process is ongoing with another AI.
- Amid the KYC process, if a discrepancy is marked, the client codes created by multiple AIs simultaneously will be blocked according to the current mechanism and regulatory requirements.
- Upon UKN issuance, all AIs who initiated the account opening process shall be required to complete the UKN tagging process within a day. Non-compliance will result in actions as per CKO Regulation 2017 and current practice for non-compliance.