Expanding its outreach, the Pakistan Stock Exchange (PSX) has facilitated the Investors to invest on exchange through the highly simplified Sahulat Account, which provides exceptional ease of account opening for investors.
The investors can open a Sahulat Account by only submitting their CNIC/ SNIC and start investing up to an amount of Rs 800,000/, according to press statement issued by PSX.
This is an ideal account for Pakistani individuals such as students, housewives, novice investors or others wanting to invest in the stock market but have thus far felt hesitant to do so as they may have found the conventional account opening process tedious with numerous documents required to be submitted.
All licensed Securities Brokers are offering the Sahulat Account facility. Moreover, the Sahulat Account can be opened online as well, the statement added.
For Sahulat Account, investors need not submit any specific evidence of source of income such as salary slips or bank statements etc.
In order to remove any kind of ambiguity on part of Securities Brokers and their customers, PSX has already issued a notice with respect to the account opening process for the Sahulat Account.
As per this process, any individual identified as ‘low risk’ through risk assessment can open a Sahulat Account. The Securities Broker may apply simplified due diligence measures which include verification of identity of customers.
“The Sahulat Account involves an extremely simplified and straightforward process of account opening. Coupled with the recent improvements in online account opening and local KYC sharing, it has never been easier for individuals to open a brokerage account and benefit from investing in the stock market,” said MD & CEO PSX, Farrukh H. Khan while highlighting the utmost convenience offered by the Sahulat Account.
He said, Pakistan Stock Exchange continued its efforts to expand its outreach and become accessible to investors, particularly retail investors, throughout Pakistan.
The ease with which investors can open a Sahulat Account is proof of PSX’s efforts to not only provide greater accessibility to individual investors but also increase the number of investors on the Stock Exchange, he said.
“We are now counting upon our ecosystem members, the Securities Brokers, to leverage these developments to facilitate and bring in new investors,” Khan said.