Pakistan Stock Exchange
The government is going to launch the digitized platform for the investors / brokers community from first week of April 2019 to facilitate the investors. Digitized Platform for Investor / Broker Community.
The chairman Securities and Exchange Commission of Pakistan talked to media and said that National Clearing Company of Pakistan Limited has schedule for launching of Centralized Know Your Customer Organization from first week of April 2019 and it will make account opening, closing and shifting from one broker to other quite conveniently.
The CKO regulations were formed in 2017 and regime will have to be implemented but there is great resistance from the brokers as they afraid of shifting of their clients to other brokers easily. The CKO will streamline different flaws, which are related to money laundering lawns in stock market. The opening of account will be easy with broker because of the biometric verification of clients in the country and it will make account opening easy.
The clients will get the benefit as KYC process will work only once and if the customer shifts brokers through the central data at NCCPL, which would be used to complete KYC form with other brokers. For the CKO, the trading account opening forms and sub account opening forms will be merged into standardized and simplified Customer Relationship Form (CRF).
In the first phase, NCCPL will provide centralized KYC services to brokerage and mutual fund industry and they will extend the same to investors of commodity market and insurance sector in the second phase. The customers will not find duplication in KYC form and CRF and there is no requirement of verification in CKO.
Digitized Platform for Investor / Broker Community,
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