The National Clearing Company of Pakistan (NCCPL) has launched an online account service for securities in Pakistan.
The initiative is expected to provide the required impetus to the market participants during the COVID-19 pandemic and boost the confidence of the investor fraternity, which is expected to result in enhancing the performance of the capital market during the year 2021, and onwards.
The online account opening process is designed to keep in view all the necessary controls without compromising on the level of ease expected of the digital account opening process for a customer. For creating awareness, NCCPL had organized interactive webinars that have received encouraging responses from market participants.
NCCPL in its role as a Centralized-Know-Your-Customer-Organization (CKO) had proposed a digital client onboarding process in collaboration and consultation with all the stakeholders.
The Securities and Exchange Commission of Pakistan (SECP) spearheaded the initiative and approved the regulatory framework for its implementation on December 3, 2020.
Officials at NCCPL said that they appreciate the pivotal role played by SECP in developing and implementing the online functionality. The organization is thankful for the continued support and active participation of the Pakistan Stock Exchange Limited (PSX) and Central Depository Company of Pakistan Limited (CDC).
NCCPL will continue to explore and offer allied services aimed at facilitating the digital onboarding journey of customers in near future.