The Securities and Exchange Commission of Pakistan (SECP) is moving toward a fully digital investor onboarding system. The new framework aims to simplify account opening across Pakistan’s capital markets.
Under Circular No. 19 of 2026, market infrastructure will support API-based processing. The system will also enable instant issuance of investor identification numbers.
The Centralized Know Your Customer Organization (CKO), CDC and NCCPL will connect with authorized market intermediaries. This setup is designed to make investor onboarding faster and more efficient.
The new framework aims to support onboarding around the clock. It is also designed to reduce the need for manual intervention during the process.
Through API integration, investors can receive Unique Identification Numbers (UINs) instantly. The system will also support CDC sub-account opening and customer account integration.
This could reduce repeated requests for the same information. Investors may no longer need to submit identical details to different market intermediaries.
The SECP has also introduced greater reliance on existing identity verification. Authorized intermediaries can use verification completed by regulated financial institutions.
These institutions include scheduled banks, digital banks and microfinance banks. Electronic money institutions regulated by the State Bank are also covered.
The framework also addresses bank account verification. An IBAN verified by an authorized financial institution may not require another verification.
Similar provisions apply to certain mobile number and email verification requirements. Previously verified information may be reused under the prescribed conditions.
The SECP said the system will use secure and encrypted data transmission. API-based communication is intended to improve accuracy, confidentiality and data integrity.
A key part of the framework is the Centralized Gateway Portal (CGP). It will connect regulated intermediaries with centralized onboarding infrastructure.
Intermediaries must connect their online account-opening portals with the CGP. They will also regularly update information and documents for individual resident customers.
Customer consent will be required for the sharing of relevant information. Authorized intermediaries may access information according to approved joint procedures.
The SECP has emphasized the need for strong data protection. Regulated entities must maintain confidentiality and implement appropriate security measures.
The framework expands digital onboarding across several customer categories. Residents and non-residents will be able to use digital onboarding channels.
The system will also cover individuals and companies. Both single and joint accounts can be established through approved digital channels.
Digital onboarding may take place through websites and online portals. Mobile applications and other approved platforms can also be used.
Despite increased automation, regulated intermediaries will retain compliance responsibilities. These include anti-money laundering and counter-financing of terrorism requirements.
Intermediaries must continue risk-based due diligence and sanctions screening. They must also monitor customers and report suspicious transactions when required.
The new framework replaces the SECP’s Circular No. 6 of 2023. Relevant regulated intermediaries have three months to update their account-opening forms.
They must also establish the required connectivity with centralized digital platforms. The changes are expected to modernize investor onboarding and reduce processing delays.
The SECP initiative builds on Pakistan’s earlier efforts toward digital capital-market services. The regulator previously introduced a centralized digital onboarding mechanism for multiple asset classes.
In other related news also read SECP Simplifies Stock Market Account Opening Process
The latest framework further expands this approach through greater automation and system integration. It aims to create a smoother digital experience for investors and market intermediaries.
