Here is the complete guide to open an account with a broker to invest in stocks ONLINE
Here is how you can create an online brokerage account to invest in stocks
- The SECP has established a framework for the digital onboarding of investors.
- It allows investors to open their accounts with a broker from anywhere in the country.
The Securities and Exchange Commission of Pakistan has approved a groundbreaking initiative to enable all Pakistani resident and non-resident investors to open online accounts in the capital market.
The new system will allow investors to open accounts with a broker without requiring to submit any documents physically or the need to visit a broker.
However, to guarantee maximum investor protection, The online client verification process has been introduced to open online accounts.
A Guide to Open Online Accounts with a Broker
Here is how you can create an online brokerage account:
- The client opens the website of the brokerage account and selects the online account opening option.
- A webpage will open, requesting the client to provide his/her CNIC/NICOP/POC number, IBAN, email id, and mobile number.
- The information will be sent to the NCCPL for confirmation, and a One Time Password (OTP) will be generated.
- The client will then receive an OTP on his/her mobile number and email. After the customer enters the OTP, the account opening form will open.
- A client must fill the form electronically, agree to the terms and conditions, and attach scanned copies of his/her supporting documents listed on the page and submit.
- The broker will register the UIN of the client with NCCPL and open the trading account.
- NCCPL will send the buyer an SMS or email informing him/her about the account opening.
Here is a flow diagram of the digital onboarding process, as stated and governed by the SECP:
Click here for more details on SECP’s services.
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