SECP Ready to Take Measures to Facilitate Overseas Pakistanis
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has eliminated the requirement of a separate license for banks to get Roshan Digital Accounts (RDAs) in order to distribute mutual funds and private pension funds.
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This exemption is offered to make it easier for Pakistanis living abroad to invest in mutual funds and private pension funds administered by Asset Management Companies. The exemption is part of SECP’s efforts to attract more investors to Pakistan’s capital markets by facilitating RDA investments.
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The authorization is only applicable to banks that are permitted to open RDAs. Under Securities & Future Advisor Regulations, 2017, the license requirement remains in effect for transfers to accounts other than RDAs. The SECP is likely to take action to expand the investing opportunities available to Overseas Pakistanis.
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