SECP simplifies onboarding of mutual fund investors
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has specified a swift and simplified onboarding framework for the customers of the asset management companies (AMCs) and pension fund managers in continuation of its efforts to promote financial inclusion through digitalisation, increase investors’ base and micro-savings, a statement said on Monday.
Under the new framework, the accounts can be opened online, while the asset management companies (AMCs) and pension fund managers (PFMs) can conduct customers’ verification and authentication through virtual platforms such as WhatsApp, Skype, etc.
The new framework classifies three categories of investment accounts on the basis of investment and transaction limits, and the respective documentation/verifications, which are Sehl Sarmayakari Account, Sahulat Sarmayakari Account and Sarmayakari Account.
Under this new framework, digital joint account opening is also allowed.
Through Sehl Sarmayakari Account, users can be onboarded through the digital wallets without providing any additional information or document to the AMCs. The Sahulat Sarmayakari Account requires additional documentation but does not necessitate customers’ risk profiling for investments in the money market and low risk income schemes.
The Sarmayakari Account is the most comprehensive and does not have any investment or transaction limit. Therefore, it requires additional legal documentation/information.
Further, the customers of all these accounts have the option of upgrading their accounts by fulfilling respective account requirements in due course.
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