Regulatory Alerts2023-04-28
Added · Updated
Circular No. 06 of 2023 Centralized Digital Onboarding Mechanism for All Asset Classes
The Securities and Exchange Commission of Pakistan mandates specified regulated intermediaries, including securities and futures brokers, asset management companies, insurance companies, and advisors, to establish connectivity with the Central Depository Company of Pakistan’s Centralized Gateway Portal for the digital onboarding of individual resident customers. This directive requires intermediaries to share standardized customer information and documents with the portal subject to prior customer consent and to align their account opening forms with the prescribed fields within three months. Additionally, intermediaries must review and respond to applications within a maximum turnaround time of three working days and comply with existing anti-money laundering regulations.