Account opening with CDC: SECP’s CGP to facilitate stock market intermediaries, investors

ISLAMABAD: The Securities and Exchange Commission of Pakistan’s (SECP) new initiative of implementing the Centralized Gateway Portal (CGP) will facilitate stock market intermediaries and investors in the account opening with the Central Depository Company (CDC).

According to a SECP document on the new secondary market reforms, the implementation of CGP (Centralized Gateway Portal) has progressed following SECP’s approval. The CDC is in the process of finalising the operational modalities pertaining to CGP in coordination with the Pakistan Stock Exchange (PSX) and the National Clearing Company of Pakistan Limited (NCCPL).

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It is expected that the operationalization of CGP will greatly facilitate market intermediaries and investors in the account opening process by making it more efficient, removing duplication of documentation, and bringing more uniformity and standardization, SECP said.

The Commission has approved a centralized digital on-boarding platform called the CGP, which will be implemented by the CDC.

Copyright Business Recorder, 2023