March 18, 2022

PSX conducts an awareness session on shared KYC for Securities Brokers

Pakistan Stock Exchange (PSX), Central Depository Company (CDC) and National Clearing Company of Pakistan Ltd (NCCPL) jointly conducted an awareness session for local Securities Brokers on the shared KYC project. Through the shared KYC initiative, investors having designated bank accounts can open an investor account without their physical presence and without the need for submitting any documents physically. It is a complete digital process. The KYC of each customer wanting to open an investor account will be shared by the banking industry with the relevant capital market ecosystem constituents (e.g. CDC) to enable investors to open their investor accounts through the digital platform. The project is also called PSX Shared KYC Project as the PSX management played an important role with the support of the Securities & Exchange Commission of Pakistan (SECP), State Bank of Pakistan (SBP), CDC and NCCPL to initiate this project.