SECP conducts webinar on digital onboarding of investors

Web DeskWeb Editor

03rd Sep, 2021. 08:42 pm

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), in collaboration with the National Incubation Center (NIC), organised a webinar on “Digital Onboarding of Investors”, a statement said on Friday.

The webinar highlighted the commission’s  new regulatory regime that transformed the existing practices and “know your customer” (KYC) requirements for opening of trading accounts in the capital market.

Local investors who have bank accounts can open trading accounts with the brokers by sharing KYC information through respective banks with the Centralised KYC Organisation, it said.

The facility of Sahulat account is also available for low-risk customers, where they don’t have to fulfil KYC requirements.

Moreover, the non-resident Pakistanis (NRPs) may also open their accounts digitally with the KYC information available with the banks where they are presently maintaining Roshan Digital Accounts.

A number of measures have been taken by the SECP to facilitate NRPs in opening accounts, which included removal of requirement of physical submission of documents, allowing verification of documents through the Counsel General of Pakistan or from the notary public of respective country.

The webinar was well-received by the participants who appreciated the SECP’s efforts and called for continuing sessions on stakeholder awareness.

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