The Securities and Exchange Commission of Pakistan (SECP) has approved a framework to enable resident and non-resident investors to open online accounts linked to the capital market. Being a key indicator of the Commission’s digital transformation agenda, the new framework will allow investors to open accounts with a broker without the hassle of submitting documents physically.
A Summarized Guide To Open Online Accounts With SECP
Here’s how to create an online account to invest in stocks, according to the Commission’s updated digital mandate:
- The customer accesses the website of the brokerage account and selects the online account opening option.
- A webpage will open, requesting the customer to provide CNIC/NICOP/POC number, IBAN, Email Address, and Mobile number.
- The information will be forwarded to the NCCPL for verification, and One Time Password (OTP) will be generated.
- The customer will receive OTP on the mobile number and/or email. After entering the OTP, the account opening form will open.
- The customer will fill the form electronically, agree to the terms and conditions, and attach scanned copies of supporting documents listed on the page and submit.
- The broker will register the UIN of the customer with NCCPL, and open the trading account.
- NCCPL will send an SMS or Email to the customer, informing about the opening of the account.
- The customer will send an acknowledgment to the NCCPL.
Here is a visual backdrop of the digital onboarding process, as stated and governed by the SECP:
Choosing the right brokerage account can be difficult, but with the Commission’s new digital account opening process, things get a lot easier. The new framework will revolutionize Pakistan’s capital markets and contribute significantly towards economic growth in the country by channeling investments and savings through relevant investment pipelines.
This was all about how to create an online account to invest in stocks. For more information, visit SECP’s services desk.