SECP: How to open a brokerage account online?
- It is expected that the new regime would revolutionize Pakistan’s capital markets and contribute significantly towards economic growth in the country by channeling investments and savings through the market.
In order to enable all Pakistani resident and non-resident investors to open online accounts in the capital market, the Securities and Exchange Commission of Pakistan (SECP) approved a ground-breaking initiative.
The initiative which is part of SECP’s digital transformation agenda, allows investors to seamlessly open his or her account with a broker from anywhere in the country without requiring to submit any documents physically or visit a broker.
Here is how you can open a brokerage account online:
Step#1: In the first step the customer needs to access the website of the brokerage house with which the customer is willing to open its trading account and select online account opening option.
Step#2: Secondly a web page will open requesting the customer to provide CNIC / NICOP/POC number, IBAN, Email Address and mobile number.
Step#3: In the third step the provided information will be forwarded to NCCPL through API, NCCPL shall initiate necessary verification process i.e. CNIC verification, IBAN verification and mobile verification and upon successful validation, NCCPL shall send 'One Time Password' - OTP on mobile number of customer. (Mobile to only be verified for local customers)
Step#4: The customer will receive OTP on Mobile number and / or Email. After entering OTP, Customer Relationship Form and KYC Application Form through online account opening facility of broker and complete the online account opening process.
Step#5: The customer will fill the form electronically, agree the terms and conditions and attach scan of supporting documents listed on the page and submit.
Step#6: The broker will register UIN of the customer with NCCPL, once customer has provided the details, the broker shall perform its diligence and proceed to open trading account. Signature and/or physical documents will not be required to be submitted by the customer to the broker including KYC form.
Step#7: NCCPL will set SMS / Email to the customer, informing about opening of account
Step#8: Customer will send acknowledgement to NCCPL
The new account opening system is a continuation of SECP’s reform agenda that aims at enhancing investor outreach, introducing digitization and ensure robust growth of the capital markets. It is expected that the new regime would revolutionize Pakistan’s capital markets and contribute significantly towards economic growth in the country by channeling investments and savings through the market.
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