Opening an account in the stock market has become easier, decision to open a convenience account in one day

A new digital onboarding framework has been introduced in Pakistan to make the process of opening an account faster and easier for those wishing to invest in the stock market.

According to the Securities and Exchange Commission of Pakistan (SECP), in the new system, the application for opening a convenience account will be processed within a day, while the decision on the application received for an investor account will be made in a maximum of two days.

Now investors will not need to contact the broker repeatedly to get information about their application. They will be provided with a tracking ID, with the help of which they will be able to check the progress of the application themselves.

Even in case of rejection of the application for opening an account, the broker will have to inform the investor in writing about the reason.

The new procedure has another facility for already verified investors. If an investor has already been verified, then he will not have to complete the same verification process again.

According to the SECP, the digital onboarding and application processing system will be available 24/7. The aim is to reduce unnecessary delays in the process of starting an investment.

The regulator has also set a target of taking the number of stock market investors in the country to 2.5 million. According to SECP Chairman Dr. Kabir Ahmed Sidhu, increasing the participation of the youth in the capital market is one of the priorities of the institution.

He said that investing in the stock market is being made more convenient for people through the use of technology. According to him, there is a lot of potential for further development and investment in the capital market of Pakistan.