The National Clearing Company of Pakistan Limited (NCCPL) has introduced the Simultaneous Account Opening Facility, allowing investors to open multiple trading accounts beginning May 20, as announced by the clearing company on Tuesday.
“We are delighted to unveil the Simultaneous Account Opening facility, a significant enhancement aimed at facilitating market participants in seamlessly opening multiple trading accounts, effective from May 20th, 2024, the Go-Live Date,” the notice stated.
All Authorized Intermediaries (AIs) are urged to ensure their preparedness for system changes communicated by NCCPL, both to AIs and their respective Back Office Vendors, for implementation before the Go-Live Date.
Key Features of NCCPL API-G:
- Enables multiple AIs to commence the account opening process for trading purposes after completing the initial OTP verification.
- Offers the option to generate OTP with multiple AIs simultaneously, streamlining the account opening process and reducing delays.
Effective immediately, the NCCPL API-G platform empowers AIs to expedite the account opening process, ensuring enhanced efficiency and accessibility for market participants.
Process Flow:
- The current account opening process remains unchanged, conducted via an online facility provided by AI or through the KYC Information System (KIS) for OTP issuance.
- Verification of the initially generated OTP via the online facility or KIS is mandatory to initiate OTP with another AI for simultaneous account opening.
- The system will securely store the initial information needed to generate OTP, shared with other AIs upon initiation of the simultaneous account opening process.
- Other AIs will use API-G to initiate OTP generation requests by entering the Unique Identification Number (UIN) and account type.
- Upon initiating the simultaneous account opening process, the system will prompt other AIs to use API-G after verifying the initial OTP.
- Approval/rejection processes for other AI will remain unchanged, with OTP sent to registered mobile numbers/emails.
- Other AIs cannot update/review client records during the OTP generation process.
- The AI initiating the information submission via the central portal (CP) will be responsible for completing the KYC process.
- During the KYC process, if discrepancies arise, client codes created by multiple AIs simultaneously will be blocked per regulatory requirements.
- All AIs initiating the account opening process must complete the UKN tagging process within a day of UKN issuance, with non-compliance subject to regulatory actions as per CKO Regulation 2017 and current practices.
