SECP simplifies digital investor onboarding for AMCs, PFMs

MG News | September 29, 2022 at 04:58 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

September 29, 2022 (MLN): In order to simplify the investor onboarding, the Securities and Exchange Commission of Pakistan (SECP) on Thursday allowed asset management companies (AMCs) and pension fund managers (PFMs) to conduct investor identity verification either on their own or by obtaining identification documents from onboarding platform, a press release showed.

“This development will not only support AMCs and PFMs in smooth integration with potential branchless banking operators and Electronic Money Institutions but will also assist in complying with applicable requirements of AML/ CFT regulatory framework,” it added.

The move will promote smart investing and ensure provision of seamless onboarding experience for mutual fund investors.

The SECP also introduced ‘Sehl Sarmayakari Accounts’ to promote micro-savings culture where a customer can be seamlessly onboarded through digital wallets operators without any additional documentation to the AMCs.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	170,765.22 212.46M	0.16% 266.28
ALLSHR	103,241.06 481.66M	0.13% 137.96
KSE30	50,813.89 65.25M	0.15% 74.20
KMI30	244,391.30 71.96M	0.08% 186.13
KMIALLSHR	66,928.26 309.74M	0.08% 55.24
BKTi	47,274.31 12.11M	0.30% 141.41
OGTi	35,009.43 4.22M	0.13% 46.86

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	84,420.00	84,500.00 84,120.00	0.00 0.00%
BRENT CRUDE	104.38	106.59 103.11	-2.22 -2.08%
RICHARDS BAY COAL MONTHLY	123.00	0.00 0.00	-0.55 -0.45%
ROTTERDAM COAL MONTHLY	136.55	137.10 133.60	0.65 0.48%
USD RBD PALM OLEIN	1,167.50	1,167.50 1,167.50	0.00 0.00%
CRUDE OIL - WTI	92.44	94.75 91.51	-2.17 -2.29%
SUGAR #11 WORLD	18.54	18.75 18.43	-0.07 -0.38%