Regulatory Alerts2026-05-13
Added · Updated
Circular 08 of 2026 - Enhancement of Investment Limit for Low Risk Investors of Mutual Fund and Facilitation in Digital Onboarding of Investors through Regulated Financial Institutions
The SECP has extended digital onboarding capabilities for Asset Management Companies to include Sahulat Accounts while mandating the collection of necessary customer information. Revised investment and transaction limits are established, setting a cumulative investment ceiling of Rs. 1,000,000 for Sehl accounts and Rs. 3,000,000 for Sahulat accounts. Mandatory multi-biometric and facial recognition verification via NADRA remains a requirement for online account openings, ensuring continued regulatory compliance.
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN SPECIALIZED COMPANIES DIVISION FUND MANAGEMENT DEPARTMENT
No. SCD/CIRCULAR/2026/322
May 12, 2026
Circular No. 08 of 2026
Subject: Enhancement of Investment Limit for Low Risk Investors of Mutual Fund and Facilitation in Digital Onboarding of Investors through Regulated Financial Institutions
In order to promote financial inclusion, to attract low-ticket investments and to eliminate duplication in customer verification while ensuring compliance with the Anti-Money Laundering Act, 2010 (AML Act) and the Securities and Exchange Commission of Pakistan (Anti Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing) Regulations, 2020 ("AML/CFT/CPF Regulations") the Securities and Exchange Commission of Pakistan ("the Commission"), in exercise of its powers conferred under sub-section (3) of section 282B of Companies Ordinance, 1984 (XLVII of 1984) read with section 509 of Companies Act 2017 (XIX of 2017), in continuation of its earlier Circulars No. 26 of 2021 dated October 7, 2021, Circular No. 32 of 2021 dated December 8, 2021, Circular No. 9 of 2022 dated September 26, 2022 and Circular No. 3 of 2026 dated January 29, 2026 is hereby please to allow Asset Management Companies (AMCs) to onboard customers digitally through regulated reporting entities via secure API integration, subject to the following conditions,-
(1) Circular No. 3 of 2026 dated January 29, 2026, initially applicable to Sehl Accounts, shall henceforth extend to AMCs for the onboarding of investors under Sahulat Accounts as well. However, AMCs shall obtain the additional information deemed necessary from customers at the time of opening Sahulat Accounts, in accordance with the existing requirements.
(2) The Sehl and Sahulat Account limits Customers shall be subject to the following investment and transaction limits.
| Accounts | Maximum Annual Investment Limit | Cumulative Investment Limit at any point in Time (Rs.) | Maximum Transaction Limit (Rs.) |
|---|---|---|---|
| Sehl Sarmayakari | NIL | 1,000,000 | 300,000 |
| Sahulat Sarmayakari | NIL | 3,000,000 | 1,000,000 |
All other requirements of sub-point (2) (Account based on investment limits) of clause 1.1.1 of the Chapter 1 - Digitization, shall remain applicable.
(3) The requirements prescribed under clause 5.2(ii) of the Master Circular for online Sarmayakari Accounts are not applicable in case identity verification has already been conducted through NADRA's multi-biometric regime, including mandatory facial recognition.
(4) All other requirements under the applicable regulatory framework shall continue to apply.
(Imtiaz Haider) Commissioner Specialized Companies Division