Observer Report Karachi
Pakistan Stock Exchange (PSX) and National Institutional Facilitation Technologies (NIFT) signed an agreement to collaborate in the development of a new payment and registration system by PSX.
PSX takes immense pride in announcing another important development for the capital market and its participants to digitally transform the Initial Public Offering (IPO) process through the E-IPO project.
The E-IPO will be an automated system connecting investors and share registrars with brokers/ TRE Certificate Holders and banks through payment gateways including NIFT and the shares custodial company, CDC.
The digital portal will provide facilities to investors (local, foreign, and institutional), TRE Certificate Holders, and even banks for submission of online subscription applications from anywhere in the world through the internet.
The system is connected in real-time with Central Depository Company (CDC), payment gateways (e.g. NIFT and others), and shares registrars for providing end-to-end digitalization.
At the signing ceremony, Mr. Farrukh H. Khan, MD & CEO, Pakistan Stock Exchange, said, “The deployment of the new E-IPO system will open new vistas and expand the horizons for investors wanting to invest in new issuances through the convenience of a few clicks via the internet.
This system will bring digitalization for investors at the front-end and will enhance the outreach of PSX, issuers, and investors in terms of the IPO process as a whole.
