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