Karachi: National Clearing Company of Pakistan Limited (NCCPL) has announced the implementation of an API-based functionality designed to facilitate the seamless updating of Know Your Customer (KYC) information for investors and Authorized Intermediaries (AIs). This initiative is set to go live on Monday, September 15, 2025.

The newly introduced API will allow Market Participants to update customer KYC information efficiently, replacing the previous requirement for update requests via letter or email with a One-Time Password (OTP) verification mechanism. This advancement includes an automated facility for updating mobile numbers and International Bank Account Numbers (IBANs), alongside real-time integration with Pakistan’s PMD and RAAST systems. Furthermore, it enables the up-gradation of account types from Sahulat to Normal.

According to information available from the Pakistan Stock Exchange (PSX), all Authorized Intermediaries are advised to ensure their systems are fully prepared for these changes. NCCPL has previously notified AIs and respective Back Office Vendors about the system updates. To ensure smooth transition and comprehension, a detailed System usage guideline has been provided as Annexure-A.

Additionally, NCCPL has scheduled a webinar aimed at raising awareness and providing training for Market Participants. This session, titled “Awareness Session for Update API,” is set to take place on Friday, September 12, 2025, at 04:30 PM. Market Participants can join the session using Meeting ID: 836 1520 1497 and Passcode: 664703.

This development is a significant move in enhancing the efficiency of KYC updates, promising to streamline processes for market participants across the Pakistan Stock Exchange.