1Link removes limits on transactions made through PSX EIPO system

KARACHI: 1Link, with support from the State Bank of Pakistan, has instructed all its member banks to remove limits on funds transfer for transactions executed through EIPO platforms. Previously, such electronic payments were subject to transactional limits imposed by banks.

The Pakistan Stock Exchange (PSX) and the Central Depository Company of Pakistan Limited (CDC), in close coordination with the Securities & Exchange Commission of Pakistan (SECP) and the SBP, are working towards facilitating investors participating in initial public offerings (IPOs) to have a seamless experience.

A memo to this effect was issued by 1Link recently whereby all banks were instructed to remove the transactional capping for EIPOs.This step will enable investors to invest in an IPO through the EIPO facility without being restricted by any transactional capping or limit. The EIPO system is utilized to provide an end-to-end digitized experience to investors participating in the IPO through EIPO platforms.

Speaking about the removal of transactional capping for EIPO transactions, MD & CEO of PSX Farrukh H Khan said, “The PSX continues to facilitate investors, market participants and stakeholders. It is in line with this ethos that the PSX follows that today, with the CDC’s cooperation and support from the SECP and the SBP, we have enabled the removal of capping on transaction limits for investors utilizing EIPO platforms.”