Karachi (HRNW)- The Securities and Exchange Commission of Pakistan (SECP) has introduced a new digital onboarding framework aimed at making it easier and faster for investors to open stock market accounts.
Under the new system, a convenience account will be opened within one day, while a decision on an investor account application will be made within two days. Investors will also be able to track their applications using a tracking ID, while brokers will be required to provide written reasons for rejecting an account application.
The framework also eliminates the need for re-verification of investors who have already been verified. The digital onboarding and application processing system will operate 24 hours a day, seven days a week.
The SECP has set a target of increasing the number of stock market investors to 2.5 million. SECP Chairman Dr. Kabir Ahmed Sidhu said increasing youth participation in the stock market is a priority and that technology is being used to make investment more accessible.
He added that Pakistan’s capital market has significant potential for investment and growth.
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