The Securities and Exchange Commission of Pakistan (SECP) has introduced a consolidated investor onboarding framework that will allow eligible investors to open certain accounts within one working day.
Under the new rules, Sehl and Sahulat account applications must be accepted or rejected within a maximum of one working day after complete documents are received. Normal accounts will have a maximum processing time of two working days.
The same timelines will apply to accounts opened through the Centralized Gateway Portal (CGP), Asaan Connect and the Centralized KYC Organization (CKO).
SECP has also required regulated intermediaries to provide applicants with a tracking ID and inform them about the status of their applications, missing documents or discrepancies within the prescribed timeframe. If an application is rejected, the specific reason must be provided in writing.
The new framework covers securities and futures brokers, asset management companies, insurers, pension fund managers and investment advisers, as well as major capital market institutions.
It also allows digital account opening through websites, mobile apps and other approved digital channels for both resident and non-resident customers.
SECP said the consolidated framework is aimed at removing overlapping onboarding requirements.
Regulated intermediaries have been given three months to update their account-opening forms and connect their online portals with the designated digital platforms.
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