KARACHI: The Pakistan Stock Exchange (PSX) has sought feedback from the public on a number of proposed amendments to the PSX Regulations, including those relating to the online account opening of individual local investors through the Centralised Gateway Portal (CGP).

       The Central Depository Company Ltd is developing the CGP, which will help market players bring investors on-board for different asset classes in a swift manner.

       The CGP is expected to play a key role in growing the number of investors in the country’s capital markets. As of now, the same customer is required to open separate accounts with stockbrokers, asset management companies and insurance companies. As a result, new investors are burdened with “repetition of efforts” and the hassle of updating and maintaining accounts for different investment avenues.

       “The CGP will facilitate prospective investors of the financial markets through a standardised, centralised customer information database to connect with various asset classes,” the exchange said, noting that the new portal will help the customers of capital markets, non-bank financial companies, insurance and other financial intermediaries.

       The CGP will facilitate resident Pakistani individuals without any cost. It’ll entail instant account opening, simplified and standardised on-boarding for various asset classes and centralised maintenance of investors’ information. It’ll ensure the availability of a digital interface for all intermediaries and serve as a repository of know-your-client information for all asset classes.

       In addition, the PSX has also proposed amendments to the regulations concerning the voluntary delisting procedure, restrictive periods for the cancellation and modification of orders that remain unfulfilled in pre-open sessions, split of futures contracts for companies/exchange-traded funds quoted in the futures market, criteria for filing appeals by stockbrokers against disciplinary action, and a reduction in the minimum number of arbiters on the permanent arbitration panel.

       The exchange will accept public feedback on the proposed amendments to the regulations until June 2.

       Published in Dawn, May 31st, 2022