Karachi (Commerce Desk): A new digital system has been introduced to make the process of opening an account for stock market investment easier.
According to the Securities and Exchange Commission of Pakistan, under the new procedure, a Sahulat account will be opened within one day, while a decision on an investor’s account application will be made within two days. Applicants will also be able to track the progress of their applications through the tracking ID provided to them.
Under the new system, if an account application is rejected, the brokerage firm will be required to provide the reasons in writing. Previously verified investors will not have to undergo verification again, while digital processing of applications can continue around the clock.
The Securities and Exchange Commission has set a target of increasing the number of investors to 2.5 million. According to Chairman Dr. Kabir Ahmed Sidhu, connecting young people with the stock market is a priority, and technology is being used to make the investment process easier.