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.
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 | No trading; shares are transferred in and parked |
| Statements | Broker portal plus CDC Access | CDC Access |
| Fees | Bundled into broker charges | CDC charges an account fee |
| 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. Regulators added a lot of protection after past broker defaults, including CDC’s own alerts when shares move, but a direct Investor Account is the cleaner separation. If a broker fails, shares sitting in your IAS were never under its 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 | Both sides. Must be valid, not expired. |
| Bank account in your name | Cheque leaf or IBAN letter. Dividends are paid electronically to this account, so it has to be yours. |
| Biometric verification | Against NADRA. Brokers do this in-branch or via an app; without it your account is not activated. |
| Zakat declaration (CZ-50) | Only if you are claiming exemption 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-KYC account SECP introduced for low-value investors. It needs less paperwork but carries an investment ceiling; check the current limit on SECP’s site before choosing it.
Expect two to five working days from submitting the form to placing your first trade. Digital-only brokers are usually at the fast end.
Opening a direct CDC Investor Account
You can open an Investor Account at any CDC branch (Karachi, Lahore, Islamabad and others) or start the process online through CDC’s website. 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 CDC asks for passport and visa copies.
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 charges an annual fee for the IAS plus per-transaction charges for transfers. The schedule is published on CDC’s site and changes occasionally, 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 Equivest helps
Your CDC account is the legal record; a tracker is where you actually see what the holdings are doing. Equivest’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.