Brokers that only work online will soon be able to trade in the stock market

Brokers that only work online will soon be able to trade in the stock market

A new group of “online only” brokers will be able to trade shares on the stock market via online means. According to the SECP’s most recent report on stock market brokers, Friday’s SECP report stated that a new category “online-only” broker has been introduced. This will allow trading in the stock exchange using only online means. The online-only broker offers a greater level of convenience and is expected to attract more investors to the capital market.

Centralized Digital Onboarding Platform, Centralised Gateway Portal: To enhance online facilitation for financial market investors through a standardized customer information database, CDC, on the advice SECP, created a comprehensive concept paper to launch an online Account Opening Portal that will serve as the one-stop shop for investors from all asset classes SECP regulated intermediaries.

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The Gateway Portal Working Group was formed to identify amendments and standardize account opening forms to allow investors to be onboarded for all asset classes. Securities brokers, Mutual Funds and the Insurance sector.

The Gateway Portal will be launched once the operational and regulatory modalities have been finalized. SROs have been involved in compliance reforms for Trading-Only Brokers SECP. These reforms were implemented following the introduction of the Professional Clearing Member Regime (PCM). The introduction of the concept of a scrutinizer and the mandatory appointment of at most one scrutinizer in cases of businesses.

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To ensure greater transparency, the scrutinizer would oversee the voting process independently. In light of technological advances, the Board of the listed corporation has made it mandatory to offer electronic voting for all elections and special business transactions at the general meeting.

This will allow shareholders to have flexibility and be more convenient. The SECP report has been added to the draft proposal.

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