SECP Reduces Investor Account Opening Time to Just One Day

In practice, the Securities and Exchange Commission of Pakistan (SECP) has introduced a consolidated investor onboarding framework that will allow eligible investors to open certain accounts within one working day.

Key points

• The same timelines will apply to accounts opened through the Centralized Gateway Portal (CGP), Asaan Connect and the Centralized KYC Organization (CKO).
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• Under the new rules, Sehl and Sahulat account applications must be accepted or rejected within a maximum of one working day after complete documents are received.
• Regulated intermediaries have been given three months to update their account-opening forms and connect their online portals with the designated digital platforms.

Under the new rules, Sehl and Sahulat account applications must be accepted or rejected within a maximum of one working day after complete documents are received. Normal accounts will have a maximum processing time of two working days.

Notably, the same timelines will apply to accounts opened through the Centralized Gateway Portal (CGP), Asaan Connect and the Centralized KYC Organization (CKO). 3 Ways to Legally Invest or Purchase Gold Online in Pakistan.

SECP has additionally required regulated intermediaries to provide applicants with a tracking ID and inform them concerning the status of their applications, missing documents or discrepancies within the prescribed timeframe. If an application is rejected, the specific reason must be provided in writing.

As well as major capital market institutions, the new framework covers securities and futures brokers, asset management firms, insurers, pension fund managers and investment advisers.

It additionally allows digital account opening through websites, mobile apps and other approved digital channels for both resident and non-resident customers.

SECP remarked the consolidated framework is aimed at removing overlapping onboarding requirements.

Regulated intermediaries have been given three months to update their account-opening forms and connect their online portals with the designated digital platforms. Stay Connected with ProPakistani.

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Taken together, the developments around SECP Reduces Investor Account Opening Time to Just One Day point to a situation that is still moving, and the coming days should bring more clarity.