Circular No. 9 of 2022 – Regulatory Framework for Account Opening by AMCs

The Securities and Exchange Commission of Pakistan amends Circular 26 of 2021 by changing the word 'shall' to 'may' in clause 4.1 regarding customer onboarding channels. It mandates that Asset Management Companies must conduct NADRA verification directly if a scanned copy of the customer’s identification document is not obtained through the onboarding platform. Additionally, the section concerning the activation of dormant and blocked accounts is deleted, while all other existing requirements remain unchanged.

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SECURITIES AND EXCHANGE OF PAKISTAN
Specialized Companies Division
Policy, Regulation and Development Department

No. SCD/CIRCULAR/81/2022 September 26, 2022

Circular No. 9 of 2022

Subject: Regulatory Framework for Account Opening by Asset Management Companies (AMCs)

In line with the objective of enhancing ease of doing business through digitalization, promote micro-savings, financial inclusion and adoption of an easy customer onboarding process for the Asset Management Companies (“AMCs”) and Pension Fund Managers, the Securities and Exchange Commission of Pakistan (SECP) in exercise of powers conferred under sub-section (3) of section 282B of the Companies Ordinance, 1984 (XLVII of 1984) is hereby specified following amendments in Circular 26 of 2021 as amended through Circular 32 of 2021:

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Lineage: In force

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This document amends: Circular No. 32 of 2021 – Regulatory Framework for Account Opening by AMCs

Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works