NCCPL will provide centralized KYC services to the brokerage and mutual fund industry

In order to provide maximum facilitation to investors and to bring more transparency and accuracy to the KYC (Know Your Client) process, the SECP has taken the initiative of establishing a Centralized KYC Organization (CKO) and has designated the National Clearing Company of Pakistan Limited (NCCPL) to function as the CKO.

The CKO shall develop a centralized web-based system named KYC Information System and maintain separate and exclusive database for the storage of KYC information entered by the market intermediaries.

At present, all entities in the capital market are performing registration/account opening process for their clients separately, which leads to duplication of effort and waste of resources. At the same time investors desirous of opening accounts with different intermediaries for the purpose of trading/investing/dealing in the capital market have to repeatedly undergo the KYC process.

The CKO shall develop a centralized web-based system named KYC Information System and maintain separate and exclusive database for the storage of KYC information entered by the market intermediaries. All authorized intermediaries will be given access to it through a dedicated user ID and password. Afterwards an investor who fulfills the KYC requirements through an authorized market intermediary shall be able to open accounts with other intermediaries without repeating the process of submitting KYC documents and the CKO shall provide the relevant information on demand to other intermediaries.

In the first phase the NCCPL will provide centralized KYC services to the brokerage and mutual fund industry and in the second phase the same will be extended to the investors of commodity market and insurance sector.

The CKO concept was introduced in India in 2011, where it has gained widespread appreciation and support among investors and market intermediaries. The CKO’s launch in Pakistan will be another major step in investor facilitation and providing the local capital market with internationally recognized support infrastructure.

Comments

THK Associates (Private) Limited: Shares Registrar

THK Associates (Pvt) Limited was formed in 1989. The company is engaged in providing specialized services relating to the corporate sector and in particular acts as share transfer agent for a number of companies. THK Associates (Pvt) Limited is one of the leading service provider of Share Registrar, Transfer Agent, Balloters for IPO’s and Share Accounting Services and is managed and run by a set of professionals having indepth knowledge and expertise of organizing and managing diversified corporate activities including depository related Share Registrar activities. THK Associates (Pvt) Limited, previously an associate of KPMG Taseer Hadi & Co., has been restructured in terms of requirements of Clause XL of the Code of Corporate Governance and the shareholding of THK partners has been divested in the year 2004. Mr. Yunus Dawood, Chief Executive of DYL Motorcycle Limited, a shareholder and Director was appointed as Chairman of the Company in 2008. Mr. Javed Iqbal, former Chairman an

SECP initiates 86 show-cause proceedings against compamies

The SECP’s Enforcement Department— while enforcing compliance of corporate and allied laws— initiated 86 show-cause proceedings and concluded 54 proceedings against chief executives, directors and auditors of companies in February and March. While facilitating companies to strengthen their capital base, the department allowed three listed companies to issue shares by way of otherwise than right at a discount and at par. In order to strengthen the existing regime of Corporate Social Responsibility (CSR) reporting, the SECP has joined hands with the ICAP for the external assurances of the CSR reports. CSR reports assist organizations in understanding and communicating their vision of combining a company’s profitability with social responsibility and environmental care. Both the SECP and the ICAP have reaffirmed their commitment to developing a framework for external assurance in accordance with prominent international assurance standards, and within a mutually agreed time f

Dewan Motors launch electric cars in a glorious ceremony

By Abdul Qadir Qureshi (Pakistan News and Features Services) Way is paved for assembling and later gradual manufacturing of electric cars and bikes in Pakistan with the launching of electric cars by the Dewan Motors Limited (DML), a reputed name in the automobile sector, at a glorious launch ceremony at the Convention Centre of DHA Golf Club on June 4. The Chairman of Senate, Syed Yusuf Raza Gilani, also a former Prime Minister, was the guest of honour as hundreds of participants from various walks of life celebrated another remarkable achievement by Pakistan. Speaking on the occasion, he acknowledged and applauded the ground breaking initiative undertaken by the Yousuf Dewan Companies (YDC) in the automotive sector. “The establishment of a state-of-the-art vehicle assembly plant equipped with cutting-edge robotics technology, signifies the strength and capabilities of the company,” he remarked. He was confident that, based on its reputation and track record, the YDC will not o

Stocks Observer. com

Search This Blog