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. The new rules aim to simplify and speed up the account-opening process.
Under the framework, Sehl and Sahulat account applications must be accepted or rejected within one working day after applicants submit complete documents. Normal accounts will have a maximum processing period of two working days.
New Rules Set Faster Processing Timelines
The same timelines will apply to accounts opened through the Centralized Gateway Portal (CGP), Asaan Connect and the Centralized KYC Organization (CKO). Regulated intermediaries must also provide applicants with a tracking ID.
Applicants must receive updates about their application status, missing documents or discrepancies within the prescribed timeframe. If authorities reject an application, intermediaries must provide the specific reason in writing.
Digital Account Opening Gets Wider Access
The framework covers securities and futures brokers, asset management companies, insurers, pension fund managers and investment advisers. It also applies to major institutions operating across Pakistan’s capital markets.
Investors can open accounts digitally through websites, mobile applications and other approved channels. The facility will cover both resident and non-resident customers.
SECP said the consolidated framework would remove overlapping onboarding requirements. Regulated intermediaries have three months to update account-opening forms and connect their online portals with designated digital platforms.
