Pakistan’s capital-market regulators are moving toward a fully digital investor onboarding system, with the Securities and Exchange Commission of Pakistan (SECP) requiring market infrastructure to support API-based processing, instant issuance of investor identifiers and automated account integration.
Under the new framework issued through Circular No. 19 of 2026, the Centralized Know Your Customer Organization (CKO), Central Depository Company (CDC) and National Clearing Company of Pakistan Limited (NCCPL) will be connected with authorised market intermediaries to streamline the onboarding process.
The framework envisages onboarding on a 24/7 basis without manual or human intervention.
The system will enable API-based integration for instant issuance of Unique Identification Numbers (UINs), opening of CDC sub-accounts and integration with customers’ accounts.
This could significantly reduce the need for investors to repeatedly provide the same information to different market intermediaries.
The SECP has also allowed authorised intermediaries to rely on identity verification already carried out by scheduled banks, digital banks, microfinance banks and electronic money institutions regulated by the State Bank of Pakistan, subject to the prescribed requirements.
Similarly, where an IBAN has already been generated or verified by an authorised financial institution, the intermediary, CKO or Asaan Connect will not have to repeat the verification.
Certain mobile-number and email verification requirements can also be avoided where the information has already been verified through an authorised financial institution.
The regulator said the framework is designed around secure, encrypted and API-based data transmission to improve data accuracy, integrity, confidentiality and auditability while reducing manual processing.
A key component is the Centralized Gateway Portal (CGP), which will connect regulated intermediaries with the centralised onboarding infrastructure.
Intermediaries will be required to integrate their online account-opening portals with the CGP and regularly share and update information and documents relating to individual resident customers, subject to customer consent.
The CKO and CGP may then share the information with other authorised market intermediaries in accordance with joint procedures and with the customer’s consent.
The SECP has directed all relevant platforms and intermediaries to maintain confidentiality and implement adequate data-security measures.
The framework also expands the scope of digital onboarding, allowing customer relationships to be established remotely through websites, online portals, mobile applications and other approved digital channels.
Digital onboarding will be available for residents and non-residents, individuals and companies, as well as single and joint accounts.
Despite the increased reliance on automated verification, the SECP has retained responsibility for AML/CFT compliance with the regulated intermediaries.
They will remain responsible for ongoing monitoring, risk-based due diligence, sanctions screening and reporting of suspicious or currency transactions where applicable.
The new framework replaces the SECP’s earlier Circular No. 6 of 2023 and gives specified regulated intermediaries three months to update their account-opening forms and establish the required connectivity with the centralised digital platforms.
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