Digital Online Account Opening

Digital Onboarding Process:

• A sub-committee CMAC reviewed:
• The existing process of client on-boarding,

• The recommendations of the Sub committee were reviewed by CMAC and was included as part of its Report submitted to SECP.
• The NCCPL in consultation with all stakeholders proposed regulatory amendments to implement these recommendations and introduced online account opening process.
• SECP approved the regulatory framework on December 3, 2020

Digital Onboarding – Process Flow

1. Online Account opening is allowed for resident and non-resident Pakistani investors.
2. NCCPL provides API based connectivity to Securities Broker who are willing to offer online account facility.
3. Account opening form (CRF and/or KYC) is made available by Securities Brokers through their website.
4. All supporting documents (including specimen signature card) are shared by investors electronically through the website of securities broker to NCCPL.
5. Existing Investor of securities broker registered before June 2019 are also allowed to use online account opening facility
6. The Investor access website of the concerned securities broker for opening of trading account.
7. The Investor selects the option to open online account.
8. The Investor is required to provide following basic information:
   • Name
   • ID Card Number (CNIC/SNIC/NICOP etc.)\
   • IBAN
   • Email (mandatory for resident & non-resident Pakistani Investors)
   • Mobile Number (mandatory for resident Pakistani Investors)
9. The Securities Broker then  forwards the investor’s information to NCCPL electronically.
10. NCCPL after verification of CNIC, IBAN and Mobile Number generates an OTP and send on the mobile number of resident Investor and on the email address of the non-resident Investor.
    • To perform customer verification in real time, NCCPL has developed a straight through process (STP) by establishing APIs connectivity with NADRA and SBP’s RAAST system for instantaneous verification of CNIC and IBAN.
11. As part of the terms of using API connectivity with NADRA, Resident Individual Investors opening online account are required to perform biometric verification within a period of 45 days commencing from the date of OTP generation through NCCPL’s Mobile App. (Explained in next section)
12. Investor to use valid OTP to access CRF and KYC form through broker’s website.
13. Securities broker to obtain consent and acknowledgement on the prescribed terms and conditions from the Investor and the same will be sent to NCCPL electronically
14. The Securities broker perform its due diligence and afterwards share the information and supporting documents submitted by investor to NCCPL electronically.
15. NCCPL will make available the relevant information in NCSS, KYC information System (KIS) and CDS for creation of client code, registration of KYC and sub account.
16. Investor can now start trading in capital market.
17. Securities broker could electronically submit scan copy of system generated KYC form to NCCPL.
18. NCCPL completes verification & issues UKN.

Biometric Verification through NCC Bioverify

1. To facilitate investors in performing biometric verification, NCCPL has developed a user-friendly mobile application named “NCC BioVerify”.
2. Through the mobile app NCC BioVerify, investors can perform their biometric verification with the following simple steps:
   • Download and Install “NCC BioVerify” app from Google / Apple app store
   • Open the mobile app and provide CNIC Number.
   • Capture snap of fingers on Left hand and right hand through smart phone camera
   • Process completed on successful verification of fingerprints from NADRA.
3. Investor shall be allowed to attempt the biometric verification twice only. Further processing shall be allowed after broker permits the investor through KIS. The status of customer’s biometric verification will be updated in KIS.

Biometric Verification through NCC Bioverify