SECP allows AMCs to open Sehl Sarmayakari accounts directly

The Securities and Exchange Commission of Pakistan (SECP) has allowed Asset Management Companies (AMCs) to directly open Sehl Sarmayakari Accounts for resident Pakistani individuals through their own digital platforms or physical forms.

In a statement issued on Wednesday, the regulator said the move is part of its ongoing efforts to promote financial inclusion and improve the ease of doing business.

Previously, Sehl Accounts could only be opened through branchless banking agents, electronic money institutions, or scheduled banks.

READ MORE: Account opening: SECP directs AMCs to carry out due diligence

Under the new arrangement, AMCs will be responsible for collecting customer information, carrying out required verifications, and ensuring compliance with prescribed investment and transaction limits applicable to Sehl Accounts.

The SECP said that upon completion of additional documentation and information requirements, Sehl Accounts may be upgraded to Sahulat Sarmayakari or Sarmayakari Accounts, allowing investors to make investments beyond the limits set for Sehl Accounts.

The measure will enable AMCs to onboard low-risk customers using simplified Know Your Customer (KYC) procedures, helping promote micro-savings and broaden financial inclusion in the country.

READ MORE: ’Sahulat Sarmayakari’: SECP unveils criteria for opening account

According to the regulator, Sehl Accounts are designed to attract low-income segments by offering a simplified and time-efficient onboarding process, while allowing investors to place their savings in low-risk collective investment schemes, including mutual funds.

The SECP said it remains committed to supporting capital market development through progressive regulatory reforms, enhanced investor access, and stronger financial inclusion, while ensuring robust investor protection and market integrity.