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How to open a CDC investor account in Pakistan
Sub-account vs direct CDC Investor Account, the documents you need, how CDC Access statements work, and the Roshan Digital route for overseas Pakistanis.
By the SuperX research team · Reviewed by Umair Aslam, Co-founder & CEO · Updated
Every share traded on the Pakistan Stock Exchange is held electronically at the Central Depository Company (CDC). You get a CDC account one of two ways: your broker opens a sub-account for you under its own CDC participant account (this is what happens when you open a normal brokerage account), or you open a CDC Investor Account directly in your own name. Most people start with the first and add the second later. You need a CNIC, a bank account in your name, and a biometric verification. Overseas Pakistanis go through a Roshan Digital Account instead. The whole thing takes a few working days.
Where your shares actually live
Paper share certificates are almost extinct on PSX. When you buy 500 shares of HUBC, nothing physical moves; CDC’s Central Depository System (CDS) records that 500 shares now sit in an account tagged to your CNIC. Which account depends on how you set things up.
| Sub-account (via broker) | CDC Investor Account (IAS) | |
|---|---|---|
| Opened by | Your broker, as part of onboarding | You, directly with CDC |
| Who can move shares | Broker, on your trade instructions | Only you, on written or online instruction |
| Trading | Yes, this is where your buys and sells settle | You still trade through a broker; under PSX’s Direct Settlement Services the broker executes and CDC settles into your IAS |
| Statements | Broker portal plus CDC Access | CDC Access |
| Fees | Bundled into broker charges | Rs 338 a year for an individual, Rs 1,800 for other account holders; the first year is free (CDC schedule of fees, December 2024) |
| Typical use | Active trading | Long-term holdings you want out of the broker’s reach |
The distinction matters because a sub-account is legally a segment of the broker’s participant account. PSX’s Investor Awareness Guide describes how client shares are kept segregated in a broker’s sub-accounts, and says shares in an Investor Account are under the investor’s direct control.
Step by step: the broker sub-account route
Pick an SECP-licensed broker. The SECP maintains the register; PSX lists its TREC holders (the brokers who actually have trading rights) on psx.com.pk. The broker will ask you to complete the Standardised Account Opening Form, which is the same document industry-wide because PSX and SECP standardised it.
You will need:
| Item | Notes |
|---|---|
| CNIC | An attested copy. Must be valid, not expired. |
| Bank account in your name | Bank name and IBAN on the form. Dividends are paid electronically to this account, so it has to be yours. |
| Identity verification | PSX’s Investor Awareness Guide lists biometric, IBAN and mobile-number checks; your broker tells you which method it uses. |
| Zakat declaration (CZ-50) | A sworn declaration, filed at least 30 days before the first day of Ramadan, if you are exempt from compulsory zakat deduction. |
| Nominee details | Optional but worth doing; a nominee’s CNIC copy. |
| Source-of-funds information | Occupation, income band. Standard KYC. |
Alongside the sub-account, the broker registers you with the National Clearing Company (NCCPL), which issues a UIN, a unique identifier tied to your CNIC. Every trade you ever place on PSX carries that UIN. It is also how NCCPL’s foreign-versus-local flow figures know which client category you belong to (see FIPI and LIPI explained).
If your investment amounts are small, ask about the Sahulat account, a simplified account PSX introduced, with limits approved by SECP. It needs less paperwork but carries a position limit of Rs 3 million per account from 19 March 2026 (PSX notice N-334); see Sahulat account vs a normal account.
Your broker tells you how long activation takes once your documents and checks are complete.
Opening a direct CDC Investor Account
You can open an Investor Account at a CDC office or through CDC’s online process. The document list is close to the sub-account list: account opening form, CNIC copy, bank details for dividends, zakat declaration if applicable, and nominee details. For non-residents, the NICOP or POC replaces the CNIC, and copies of the identity document are needed for every applicant and nominee.
Two things trip people up. First, an IAS is not a trading account. You still buy and sell through a broker sub-account; you then instruct the broker to transfer settled shares into your IAS. Second, transfers out of the IAS need your own instruction, which is the point, but it means selling shares parked there takes an extra step: move them back to the sub-account, then sell.
CDC’s schedule of fees (December 2024) sets the IAS annual fee at Rs 338 for an individual and Rs 1,800 for other account holders, and waives the fee for the first year after the account opens. CDC revises the schedule from time to time, so read the current version rather than a forum post.
CDC Access: statements and alerts
Whether you hold through a sub-account, an IAS, or both, register for CDC Access, CDC’s web portal and mobile app. It gives you e-statements (monthly or quarterly account balance statements by email), SMS and email alerts whenever shares move in or out of your account, and a consolidated view across all your accounts.
The movement alerts are the most valuable part. If shares leave your sub-account and you did not sell anything, you will know the same day. That is a control no broker portal gives you, because the broker portal is the broker’s own record.
One thing the CDC statement does not contain is your purchase price. It shows security names and quantities, nothing about cost. If you are moving your holdings into a tracker, the statement tells you what you own but not what you paid; the guide on importing broker statements and CDC statements covers how to rebuild that.
Overseas Pakistanis: the Roshan Digital route
Non-resident Pakistanis used to need a Special Convertible Rupee Account and a paper-heavy process through a bank. Since 2020 the practical route is the Roshan Digital Account (RDA), a State Bank of Pakistan scheme run through participating commercial banks.
The flow: open an RDA with a participating bank entirely online using your NICOP or POC, proof of overseas residence, and a live video verification. The bank’s brokerage partner then opens the trading account and CDC sub-account for you. Funds move in foreign currency, convert to rupees for trading, and can be repatriated without further SBP approval. Dividends land in the RDA.
Some brokers also accept non-resident clients directly with an SCRA at a Pakistani bank. It works, but the RDA path is faster and the repatriation rules are clearer.
What to check on day one
Once the account is live, log in to CDC Access and confirm three things: your name and CNIC or NICOP appear exactly as on your ID, your bank IBAN is on record (otherwise dividends bounce), and your zakat status is what you intended. Then place a small first trade and watch it settle. PSX moved to T+1 settlement in 2026, so shares bought on Monday appear in your CDC account on Tuesday. If you want a broader grounding before that first trade, start with how to start investing in PSX.
If you plan to apply for IPOs, the CDC sub-account is where allotted shares are credited; the IPO process guide explains that step.
How SuperX helps
Your CDC account is the legal record; a tracker is where you actually see what the holdings are doing. SuperX’s portfolio tracker takes the symbols and quantities from your CDC Access statement or your broker’s portfolio screen, pastes them in as one line per holding, and shows the position against live PSX prices, with dividends and book-closure dates for each name pulled in from the corporate-actions calendar. It also tells you when a holding’s cost basis is missing, which is exactly the gap a CDC statement leaves.
This is education, not investment advice.
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