Under the program, any person can invest up to Rs. 800,000 by opening Convenient account with licensed securities broker against their computerized national identity cards.
Students, housewives, novice investors or individuals who are interested in investing in the stock market but are reluctant to do so because of the traditional account opening process, with restrictions on submission of multiple documents sounds difficult.
All licensed securities brokers are offering their services in connection with the facility account.
In addition, the facility account can be opened online.
To open a convenience account, investors do not need to provide any special proof of source of income such as salary receipt or bank statement.
In order to remove any ambiguity for securities brokers and their clients, Pakistan Stock Exchange has already issued a notice regarding the process of opening an account for the facility.
According to this process, any person identified as a low risk person through risk assessment can open a convenience account.
However, securities brokers may apply simple precautions, including verification of customer identities.
According to stockbroker Abdul Azeem, many documents are required for a broker account which takes several days and most of the people have difficulty in proving their source of income then verification of these documents also takes time.
The information provided for the identity card and bank account will be used in the brokers account which will enable quick and easy opening of the account.
According to Farrukh H. Khan, MD & CEO, PSX, there is a very simple and straightforward process of opening an account through Saholat Account.
Opening an online brokerage account and reaping the benefits of investing in the stock market has never been so easy.