E-challan payment: SECP enables automatic verification

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has enabled automatic verification of e-Challans for payment of fee to it. The new procedure is only available for online applications, says a press release issued by the regulator. Previously, at least one day was required in e-Challan verification after payment by the depositor at the bank. Under the new procedure, systems of both the SECP and MCB have been linked online and now payments can be verified automatically within a few hours.  This new procedure is expected to enhance facilitation to the SECP’s eServices users and substantially improve the turnaround time in disposal of online applications. This initiative is another step towards switching over to online environment as only the process of payment to the SECP is presently carried out offline.

Published in The Express Tribune, January 3^rd, 2012.