The Securities and Exchange Commission of Pakistan (SECP) has embarked on a transformative initiative with the introduction of the Centralized Gateway Portal (CGP), aimed at streamlining the account opening process for stock market intermediaries and investors in collaboration with the Central Depository Company (CDC).
As outlined in a recent SECP document detailing new reforms in the secondary market, the progress in implementing the CGP has been underway since receiving approval from the SECP. The CDC is actively working on finalizing the operational modalities associated with CGP, in close coordination with the Pakistan Stock Exchange (PSX) and the National Clearing Company of Pakistan Limited (NCCPL).
The anticipated benefits of CGP’s operationalization are substantial, with expectations that it will significantly enhance the efficiency of the account opening process for market intermediaries and investors. This improvement is set to be achieved by eliminating duplication of documentation, introducing greater uniformity, and establishing standardized procedures, according to SECP.
The Commission has greenlit the adoption of a centralized digital on-boarding platform known as CGP, which will be executed by the CDC. This move is poised to bring about a positive transformation in the stock market ecosystem, aligning with SECP’s commitment to fostering efficiency and transparency in financial markets.
