ECAC issues a show-cause notice to NIFT for misrepresentation to businesses
ISLAMABAD: Electronic Certification Accreditation Council (ECAC) and the Accreditation Council of Pakistan issued a show cause notice to M/s NIFT for misrepresentation to the businesses as accredited service provider. It is investigating safety and security of NIFT’s systems under Electronic Transactions Ordinance, 2002. The “Show Cause Notice” issued to NIFT on violation of law and misrepresentation. It summoned the company for a hearing on March 4, 2020, the sources revealed to The News.
Electronic Certification Accreditation Council (ECAC) is the Accreditation Council of Pakistan responsible for issuing accreditation to Digital Certificate Providers on behalf of Pakistan for safe and secure e-transactions. ECAC determines the technical competence, reliability, and integrity Digital Certificate Service Providers based on internationally recognized standards and the legal requirements. ECAC is involved in digitization and modernization of e-transactions including e banking, e-business, e-commerce and e-government in Pakistan.
Therefore, after show-cause notice, NIFT loses its accreditation with ECAC and the legal cover in Pakistan. M/s NIFT is no more accredited Certification Service Provider in Pakistan. NIFT- National Institutional Facilitation Technologies (Pvt.) Limited is a joint venture between a consortium of six major banks and private sector.