Guidelines for Joint Investors

General Guidelines:

  • Registration and onboarding of joint account holders is the first step to participating in online bidding system.                
  • Access to the transactional portal is limited to only registered users and have multifactor authentication.
  • Two-factor authentication is necessary into the system for registration and execution of any transaction/ request.
  • Registered users are required to enter the OTP at the time of registration and execution of transaction.

Registration & onboarding:

  • Individuals having joint bank account can request for the registration on web portal as well as for IPS account opening on web portal.
  • The person authorized for conducting online transactions will initiate the request for registration/ IPS account opening on portal.
  • At the time of onboarding authorized person will have to upload the letter signed by all account holders authorizing the person to register and carry out online transactions allowed on the portal. (This field will be mandatory).
  • The system will enquire about the number of persons in the joint account.
  • According to the selected number, the fields for the required details (Name, Email, contact no, CNIC) will be pop up for all the persons.
  • The initiator person will not only input his required details but the details for rest of the members as well.
  • Upon entering IBAN in bank account field the bank name and status (conventional or Islamic) will be auto fetched through Raast API.
  • If  Raast API returns account details then request for mobile and email verification will be generated, and OTPs will be send on both mobile numbers and email Ids provided.
  • The system will ask client for availability of IPS account. If IPS is already available, client will also enter IPS details.
  • If IPS is not available, request for opening of IPS will also be forwarded along with the registration request to the concerned bank.
  • The bank will verify details submitted by investor on its part.  The banks will respond by any one of the following three actions.
    • Accept onboarding request
    • Reject onboarding Request (Bank will state reason)
    • Required further action for client (Bank will state field that requires modifications)
  • If the request is accepted by bank, OTP with login IDs will be shared to the authorized client on its emails and cell phone numbers registered with bank.After login, all the authorized signatories will have access to the portal.
  • On first time accessing the transaction portal, system will require clients to change the password.
  • The authorized signatory can initiate a transaction (i.e., place bid in auction; send buy/ sell request and portfolio edit request).