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