JS Special Convertible Rupee Account caters to the needs of non-resident investors, who wish to trade freely on the Stock Exchange of Pakistan (Secondary Market).
The operation of SCRA accounts is up to an extent of remittances received from abroad or by transfer from a Foreign Currency Account maintained by non-resident investors in Pakistan. The balance available therein can be used for purchase of any shares quoted on the Stock Exchange of Pakistan (Secondary Market). The disinvestment proceeds against sale of previously purchased shares through SCRA can be credited in this account. The SCRA accounts can also be credited with dividend income against the shares held by non-resident investors.
The funds available in such accounts can be transferred outside Pakistan or credited to a foreign currency account of non-resident investor maintained in Pakistan at any time without prior approvals of SBP.
Accordingly, the movement of shares i.e. purchases & sales through SCRA are done through CDC Sub Account of resident investor open with Participant.
However, prior to availing the services, the non-resident investors should comply with the following requirement to open their SCRA & CDC Sub Account with JS Bank.
In case certificate for Commencement of Business not required as per the local laws of the resident country of the company; a certificate from the company secretary duly authorized by the Board, that the entity started its business from certain date, including confirmation that the certificate for Commencement of Business is not issued/required as per the local laws of the resident country of
Note: The Board Resolution, Power of Attorney, FAX indemnity, List of Directors along with constitutive documents (Certificate of Incorporation, Memorandum and Article of Association, Certificate of Commencement of Business) duly notarised and consularised by the Consul General of Pakistan having jurisdiction over the applicant should be submitted.
Note: Power of Attorney, FAX indemnity duly notarised and consularised by the Consul General of Pakistan having jurisdiction over the applicant should be submitted.