Chairman SECP inaugurates “NCConnect” developed by NCCPL
Karachi, 24th November 2023: Chairman, Securities and Exchange Commission of Pakistan (SECP), Mr. Akif Saeed formally inaugurated NCConnect, a mobile app developed by NCCPL during his recent visit to NCCPL office. NCCPL act as a Central Counterparty and provides clearing, settlement and risk Management services for the Capital market. The Chairman, along with Mr. Mujtaba Ahmed Lodhi, the Commissioner SECP and his team was received by Mr. Humayun Bashir, The Chairman NCCPL board and Mr. Muhammad Lukman, CEO NCCPL along with a few members of NCCPL board and management. The SECP's team was briefed on significant developments by NCCPL towards digitization and enhanced market accessibility. The Chairman appreciated NCCPL team on their continuous initiatives aimed at digitizing the capital market landscape of Pakistan.
The SECP chairman was briefed about the benefits of NCConnect and the features that made it a valuable tool for both seasoned and novice investors, these unique features are:
- Face ID/Biometric Recognition based sign in
- Pin-based Authentication
- Self-Sign Up
- CKO Information
- CGT details (Annual Tax Certificate, Gain Loss, Consolidated Summary, Inventory Balance)
- Interactive User Interface
Mr. Muhammad Lukman mentioned that NCConnect has been introduced keeping in view the technological advancement and to gain confidence of the investors by offering them convenience in accessing their account details and other relevant information in the most convenient manner.
SECP's Chairman, Mr. Akif Saeed was informed about the digital on-boarding mechanism that has expanded geographical spread of investors across Pakistan and now around 60% of accounts are being opened by investors residing in cities other than large cities i.e. Karachi, Lahore and Islamabad. Further, it was highlighted that now more than 70% of the accounts are being opened through digital process.
SECP chairman acknowledged NCCPL's efforts to enhance transparency and accessibility of information for capital market investors, emphasizing their critical role in empowering investors to swiftly monitor their activities and take necessary corrective measures. Additionally, such actions facilitate investors in maintaining up-to-date records, aiding them in making informed investment decisions and ensuring compliance with statutory requirements.