DAWN.COM

Today's Paper | November 22, 2024

Updated 12 Oct, 2021 07:31am

SECP simplifies mutual-fund investors’ on-boarding

KARACHI: The Secu­rities and Exchange Com­mission of Pakistan (SECP) has specified a swift and simplified on-boarding framework for customers of the asset management companies (AMCs) and pension fund managers (PFM).

According to a statement released by the regulator on Monday, accounts can be opened online while AMCs and PFMs conduct customer verification and authentication through virtual platforms such as WhatsApp/Skype under the new framework.

The new framework classifies three categories of investment accounts on the basis of investment and transaction limits and the respective documentation/verifications, which are Sehl Sarmayakari Account, Sah­ulat Sarmayakari Account and Sarmayakari Account.

Under the new framework, digital joint account opening is also allowed.

Through Sehl Sarma­yakari Accounts, users can be on-boarded through digital wallets without providing any additional information or document to AMCs.

Published in Dawn, October 12th, 2021

Read Comments

IHC grants Imran bail in new Toshakhana case as govt rules out release Next Story