The Securities and Exchange Commission of Pakistan (SECP) has introduced a consolidated investor onboarding framework aimed at making account opening faster, more uniform and increasingly digital across the capital market and insurance sectors.

Under the new framework, the maximum processing time for individual investors has been set at one working day for Sehl/Sahulat accounts and two working days for normal accounts, provided all required documents are complete.

The same timelines will apply to onboarding through CDC’s Asaan Connect and the Centralized KYC Organization (CKO).

The SECP said the framework brings together previously separate onboarding and due diligence requirements to reduce duplication, simplify procedures and improve the customer experience.

It applies to securities and futures brokers, asset management companies, insurers, pension fund managers, investment advisers and other regulated intermediaries, as well as PSX, NCCPL, CDC, CKO and Asaan Connect.

Digital account opening will be available through websites, mobile apps and other approved digital channels. Investors will also receive a tracking ID to monitor their application status, while any missing information or discrepancies must be communicated within the prescribed timeline.

For eligible cases, regulated financial institutions will be able to share verified customer information digitally, allowing intermediaries to avoid repeating certain identity checks. The framework also enables API-based processing aimed at reducing manual paperwork and allowing some accounts to be opened around the clock.

The SECP has retained risk-based checks for higher-risk customers, including enhanced due diligence and video KYC where required.

Regulated intermediaries have been given three months to update their account-opening forms and establish the required connectivity with the digital onboarding platforms.