The SECP’s Commissioner inaugurated “NCConnect” developed by NCCPL
[Karachi, 4th October 2023] – The SECP’s Commissioner, Mr. Abdul Rehman Warraich launched NCConnect in its visit to NCCPL office today. The Commissioner and the Executive Director Mr. Imran Inayat Butt were received by Mr. Humayun Bashir, the Chairman NCCPL Board and Mr. Muhammad Lukman, CEO NCCPL. Mr. Imran Hussain, the independent director, Mr. Imran A Khan, COO and Mr. Shafiqur Rahman, the CIO also attended the ceremony. The SECP’s team was briefed on remarkable strides made by NCCPL towards digitization and enhanced market accessibility. The Commissioner appreciated NCCPL team on their ongoing initiatives aimed at digitizing the capital market landscape of Pakistan.
The Commissioner was informed that introduction of digital on-boarding mechanism 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, more than 70% of the accounts are being opened through digital process.
The Commissioner praised NCCPL's commitment and effort towards simplifying the investor onboarding process, acknowledging that widespread CKO services would not only streamline account opening processes but also empower individuals across the country to invest securely in the capital market.
Another highlight of the visit was the discussion surrounding NCCPL's initiative to make financial information readily available to the investors of securities market and mutual funds. NCCPL's NCConnect mobile app and WhatsApp services were at the forefront of this conversation. These platforms offer users the convenience of accessing their account related and CGT information with just a few taps on their smartphones.
It was highlighted during the conversation that NCConnect and WhatsApp services can be subscribed effortlessly in a digital manner by investors to gain direct access to their CGT (Capital Gains Tax) certificates and multiple reports. Additionally, the NCConnect provides profile and portfolio tracking, making it a valuable tool for both seasoned and novice investors.
SECP’s team recognized NCCPL's commitment towards enhancing the transparency and accessibility of information for capital market investors and were of the view that such initiatives enable investors to timely monitor their activity within the capital market and take any required corrective action. Further, it also facilitates them in keeping up to date records helpful in taking investment decisions and complying with statutory requirements.
NCCPL’s Board and Team also acknowledged the continuous support and guidance extended by SECP in achieving these milestones and for encouraging and promoting such ideas and initiatives.