PSX gives you Sahulat to open your brokerage account
While overseas Pakistanis could open an online account to trade stocks at PSX, local residents (or, as the memes call them, Overseas Pakistanis) could not until this week. .
In an attempt to increase the limited number of investors in the Pakistan Stock Exchange (PSX), the exchange has introduced the Sahulat account service which simplifies the investment process.
“We worked closely with State Bank and SECP and convinced them, especially the central bank, that banks can share KYC and customer information with brokers. It works quite well for Roshan digital accounts. You can sit anywhere in the world, not only can you open your bank account digitally, but you can also open your brokerage account digitally. Why not extend the same to Pakistanis living here? They should have the same facilities,” said Farrukh H Khan, Managing Director and CEO of PSX.
It is important to note that RDA accounts are completely digital from the start. Local bank accounts, however, have not always been as digital as they are today.
“The difference between RDA and local is that RDA starts out as a digital experience, whereas for most local bank accounts, the initiation was non-digital,” says Khan.