Islamabad: The Securities Exchange Commission of Pakistan (SECP) on Wednesday (December 22) has relaxed regulations for overseas Pakistanis holding Roshan Digital Account (RDA) to invest in mutual funds and private pension funds, news sources reported. Now the banks will not require separate licenses for investment in both types of funds managed by Asset Management Companies (AMCs).
According to the news, SECP highlighted broadening the investor base as the basis for offering RDA account holders exceptional advantages. It was also said that this will expand the opportunities for overseas Pakistanis to send and invest in Pakistan’s economy. The SECP, on the other hand, has said that the conditions for non-RDA account holders to get a licence under the Securities and Future Advisor Regulations, 2017 would remain in effect.
The initiative comes in the wake of Prime Minister Imran Khan’s recent directives to banking institutions to develop programmes to incentivize Pakistanis living abroad. He asked that the central bank draft rules guaranteeing that those living abroad will benefit more from utilising legitimate banking channels for remittance and investment in Pakistan.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
