September 24, 2018: Central Depositary Company, the sole securities depositary for Pakistan’s capital markets, is planning to launch its “Digital Account Opening solution” in October 2018 to better facilitate investors with account openings by digitalizing part of the procedure.
Through this facility, investors will be able to fill the account opening form online and download the same once completely validated by CDC personnel. This new digital solution will help eliminate the need for multiple visits by investors to CDC premises for opening account with CDC.
Investors will be provided with real-time tooltips regarding the essentials of filling the account opening form, limiting the potential of discrepancies and errors. After successful completion of the online form, investors will be required to visit CDC House only once for In-Person Verification (IPV). CDC is also working on a model through which investors will be provided the option of fulfilling their In-Person Verification requirement remotely, avoiding the hassle of visiting CDC offices.
The above solution will be available initially for opening of CDC IAS Account only. In the second phase of the project, this facility will be extended for opening of CDC Sub-Account as well. CDC is constantly launching novel digital solutions like eIPO, Dividend Repository etc. to facilitate investors and transform Capital Market infrastructure, making it more efficient and robust.
