You open a CDC account in Pakistan by opening a trading account with a PSX broker. The broker creates a CDC sub-account in your own name and registers you with NCCPL in the same application, so for most people "CDC account opening" and "PSX account opening" are one form. If you only have a CNIC and want to start small, a Sahulat account does the same with simpler paperwork, up to a Rs 3 million purchase limit. If you want your shares held directly with CDC, outside any broker's sub-account, you can also open a CDC Investor Account, now online through CDC Access.
This guide explains the three routes, the documents each needs, what they cost and how to check that your account is real once it is open. Rules and fees were checked against PSX, CDC and SECP sources on 14 October 2026. We are not a broker and take no referral fees.
What is a CDC account?
A CDC account is the account where your shares are held electronically, in your name, at the Central Depository Company of Pakistan (CDC). CDC runs the Central Depository System, which holds PSX-listed shares in book-entry form, so there are no paper certificates to lose. When you buy shares, they settle into your CDC account, and bonus shares are credited there too. Cash dividends go to the bank account linked to it.
Opening a normal PSX account actually creates three linked records:
| What you get | Who keeps it | What it does |
|---|---|---|
| Trading account | Your broker (a PSX TREC holder) | Places your buy and sell orders through the broker's app or dealer |
| CDC sub-account | CDC, opened and operated by your broker | Holds your shares in your own name, separate from the broker's own shares |
| UIN (Unique Identification Number) | NCCPL, the clearing company | Identifies you in the market; for individuals it is your CNIC number |
That is why a licensed broker can't simply "hold" your shares in its own name: they sit in your sub-account, and CDC alerts you when they move. Our beginner's guide to how to invest in the PSX shows where the account fits in the whole process.
Which CDC account should you open?
Most people should open a normal broker account, which comes with a CDC sub-account. Choose Sahulat if you only have a CNIC and are starting with a small amount. Add a CDC Investor Account later if you hold a large long-term portfolio and want it outside any broker's sub-account.
| Broker sub-account (normal) | Sahulat account | CDC Investor Account | |
|---|---|---|---|
| Opened by | Your broker, during onboarding | Your broker, with a simplified form | CDC itself, online or at a CDC office |
| Documents | CNIC, bank account, KYC and income questions | Simplified form and a copy of your CNIC | Account opening form, CNIC copies, IBAN in your name, signature, Zakat declaration if exempt |
| Can you trade from it? | Yes | Yes, ready market only | No. Move shares to a broker sub-account to sell |
| Limits | None from CDC | Rs 3 million of purchases per account; one Sahulat account per broker | None |
| Joint holders | Allowed | No, single individual only | Up to four joint holders |
| CDC yearly cost to you | No CDC annual maintenance fee since 1 July 2024; your broker may still charge its own yearly fees | Same as a normal sub-account | Rs 338 a year for individuals (waived in the first year) plus a custody fee of 0.005625% a year of the shares' market value |
| Best for | Almost everyone | Students, first-time investors, small amounts | Long-term holders who want custody independent of the broker |
Overseas Pakistanis use a different route: the Roshan Digital Account, which opens the broker and CDC accounts from abroad. Our Roshan Digital Account guide covers it step by step.
How to open a CDC account through a broker (step by step)
The broker route is mostly form-filling in the broker's app or on its website, followed by checks that usually take a few working days, depending on the broker. These are the steps on most broker apps in October 2026:
- Pick a licensed broker. Check that it appears on the PSX list of TREC holders, then compare ratings on our broker list and fees and minimum deposits in our brokerage comparison.
- Download the broker's own app from the link on its website, not from a search result or a WhatsApp message. Fake apps copy real broker names; see how to spot fake trading apps.
- Choose the account type: individual or joint, conventional or Islamic, normal or Sahulat.
- Fill in the account opening form. It asks for your CNIC details, address, occupation, income and source of funds, investment experience and a nominee. One application covers the trading account, the CDC sub-account and your NCCPL registration.
- Verify your identity. Your CNIC is checked with NADRA. Apps usually ask for a live selfie or a short video call, and some brokers ask for biometric verification at a branch.
- Add a bank account in your own name. Dividends and sale proceeds are paid to this IBAN, so the account title must match your CNIC.
- Give a mobile number and e-mail you control. One-time passwords and CDC alerts go to them. A number registered to a relative can delay your account.
- Submit a Zakat declaration if you are exempt. CDC accepts the CZ-50 form in the format set by the Zakat and Ushr Ordinance; without it, Zakat can be deducted. Non-Muslims give a solemn affirmation instead.
- Sign the risk disclosure and the commission sheet. Ask for the full tariff schedule in writing before you sign.
- Wait for activation. You should receive SMS or e-mail messages from CDC about your new sub-account, and your broker's login. If CDC never contacts you, stop and ask why.
- Fund the account by bank transfer to the broker's company client account (never to a personal account) and place your first order.
The Sahulat route: a CDC account with only a CNIC
A Sahulat account is a simplified PSX account for individuals that you open by filling in a short form and attaching a copy of your CNIC. It still gives you a normal CDC sub-account in your name; only the onboarding is lighter.
The rules on the PSX Sahulat page, checked 14 October 2026:
- Purchases up to Rs 3 million per Sahulat account. The SECP raised the limit from Rs 1 million on 14 March 2026. Selling is not capped: you can sell your holdings up to their full value.
- One Sahulat account per broker, but you may open Sahulat accounts with more than one broker.
- A single individual only, with no joint holder.
- Ready market only. Margin trading (MTS), margin financing, securities lending and the negotiated deals market are not allowed.
- You can convert it to a normal account at any time.
Sahulat suits someone opening a first account with a small amount. If you expect to invest more than Rs 3 million, or want a joint account with a spouse, open a normal account from the start.
How to open a CDC Investor Account directly
A CDC Investor Account (CDC calls the service IAS, Investor Account Services) is an account you hold with CDC itself, with no broker in the custody chain. It is operated only on your own instructions. You can't sell straight from it: to sell, you transfer the shares to your broker sub-account first.
Online, through CDC Access (individuals only), as set out in CDC's online account opening guidelines (July 2026):
- Register on CDC Access with your CNIC, NICOP, POC or passport and confirm the OTP.
- Start the application for a Simplified Investor Account and choose Karachi, Lahore or Islamabad.
- Fill in the form and upload clear images of your CNIC (both sides), your signature on plain paper in blue ink and, if you are claiming exemption, your Zakat declaration. Files can be JPG, PNG or PDF, up to 600 KB each.
- Submit with the OTP sent to your mobile number and e-mail, and fix anything CDC highlights.
- Attend the online in-person verification on Zoom with your original identity document. Every joint holder must attend.
- Wait for "Application Processed". CDC says Investor Accounts open within two working days of receiving complete documents and the annual fee.
In person: collect or download the account opening form, then visit a CDC office in Karachi, Lahore or Islamabad. The main applicant and any joint applicants must be present with their original CNICs.
CDC's identity checks run through NADRA Verisys, and expired documents are not accepted. The IBAN must be in the main applicant's name and can't be a Roshan Digital Account IBAN.
What it costs. CDC's schedule of fees (updated August 2026) lists an annual fee of Rs 338 for individuals, waived for the first year, a custody fee of 0.005625% a year of the market value of your shares, and a transaction fee of 0.0036% of market value per transaction (minimum Rs 5, maximum Rs 25,000). Government taxes are charged on top.
Why bother? Shares in your Investor Account sit with CDC under your sole control. Shares in a broker sub-account are also yours, and if a broker defaults the PSX compensation fund (CCPF) pays up to Rs 1 million per admitted claimant (PSX: CCPF). An Investor Account takes the broker out of custody altogether.
Documents checklist
| You are | You need |
|---|---|
| Resident adult, normal account | Valid CNIC, IBAN in your name, a mobile number and e-mail you control, income and occupation details, nominee details |
| Resident adult, Sahulat | The simplified form and a copy of your CNIC; brokers also need an IBAN and mobile number to pay you and send OTPs |
| Joint account | All of the above for every holder (not possible on Sahulat) |
| Zakat-exempt investor | A CZ-50 Zakat declaration (Muslims) or a solemn affirmation (non-Muslims) |
| Overseas Pakistani | NICOP or Pakistan Origin Card, usually through the Roshan Digital Account route |
| CDC Investor Account | Account opening form, CNIC copies of all holders and any nominee, IBAN in your name, signature, online or in-person verification |
An expired CNIC is not accepted. If NADRA's record shows a discrepancy, CDC asks you to resolve it with NADRA before the account is opened.
Worked example: three investors, three routes
Here is how the choice works for three typical people. The names and amounts are illustrative.
| Hamza, 21, student in Peshawar | Sana, 34, salaried in Lahore | Mr Qureshi, 61, retired in Karachi | |
|---|---|---|---|
| Starting amount | Rs 25,000 | Rs 400,000 now, adding Rs 30,000 a month | Rs 6 million of shares already held |
| Situation | Only a CNIC; no salary slip | Wants a joint account with her husband | Long-term dividend holder; rarely trades |
| Route | Sahulat account at one broker | Normal joint account with a broker | Keeps a broker sub-account for trading, moves long-term holdings to a CDC Investor Account |
| Why | Lightest paperwork; Rs 25,000 is far below the Rs 3 million limit | Sahulat doesn't allow joint holders, and she would pass Rs 3 million of purchases in about seven years | His long-term shares sit outside any broker's custody; he moves shares back only when he wants to sell |
| CDC yearly cost | No CDC annual fee (ask the broker about its own charges) | No CDC annual fee (ask the broker about its own charges) | About Rs 338 custody in year one (0.005625% × Rs 6 million), then about Rs 676 a year with the Rs 338 annual fee, before taxes |
Sana's arithmetic: Rs 400,000 plus Rs 30,000 a month reaches Rs 3 million of purchases after about 87 months, a little over seven years, before any gains. If she expects to invest faster, a normal account avoids converting later.
All three pay brokerage and statutory charges on each trade, and these depend on the broker, not the CDC route. Our brokerage calculator shows the cost of a trade, and the tax on shares guide explains capital gains tax and the tax on dividends.
After opening: how to check your CDC account
Check your holdings at CDC itself, not only in your broker's app. It is the single best protection against fraud.
- CDC Access (csp.cdcaccess.com.pk) shows your balances, activity and corporate actions. Register with your CNIC.
- SMS and e-mail alerts tell you when shares enter or leave your account. Keep them on.
- eStatements e-mail you a balance statement. Turn them on.
- Reconcile your broker's statement with CDC's at least once a quarter. If a share appears in the app but not at CDC, it doesn't exist; raise it with the broker and, if needed, with PSX and the SECP.
After your first buy, the shares should appear at CDC once the trade settles. PSX moved to T+1 settlement on 9 February 2026 (ProPakistani), so check on the next working day.
Common problems and how to fix them
| Problem | Fix |
|---|---|
| Application stuck at verification | The mobile number or IBAN is not in your name, or your CNIC has expired or shows a NADRA discrepancy. Fix it and resubmit. |
| Zakat deducted from a dividend | Submit a valid CZ-50 through your broker (or to CDC for an Investor Account) before the next book closure. |
| No message from CDC after activation | Ask your broker for your CDC sub-account number and check it on CDC Access. |
| Want to change broker | Open the new account first, then ask the old broker to transfer your shares to the new sub-account. You don't need to sell. Ask both brokers what they charge for the transfer. |
| Sahulat limit reached | Convert to a normal account by completing the full account opening with the same broker. |
Frequently asked questions
What is a CDC account in Pakistan? It is your account at the Central Depository Company of Pakistan, where your PSX shares are held electronically in your own name. Most investors get a CDC sub-account automatically when they open a trading account with a broker. You can also open an Investor Account directly with CDC.
How do I open a CDC account online? Open an account in a licensed broker's app: fill in the form, verify your CNIC with NADRA, add a bank account in your name and a mobile number you control, and sign the disclosures. The broker creates your CDC sub-account and NCCPL registration. For an account held directly with CDC, apply through CDC Access.
How much does a CDC account cost? CDC dropped its annual maintenance fee for sub-account holders from 1 July 2024, though brokers set their own charges. A CDC Investor Account costs Rs 338 a year for individuals, waived in the first year, plus a custody fee of 0.005625% a year of your shares' market value.
Can I open a CDC account with only a CNIC? Yes, through a Sahulat account, which a broker opens with a simplified form and a copy of your CNIC. It allows up to Rs 3 million of purchases per account, no joint holder and ready-market trading only. You can convert it to a normal account later.
How long does CDC account opening take? Broker accounts usually activate within a few working days once your documents are complete, depending on the broker. CDC says Investor Accounts open within two working days of receiving complete documents and the annual fee.
Can I sell shares from a CDC Investor Account? Not directly. Transfer the shares to your broker sub-account first, then sell through the broker. That extra step is the point: nothing moves out of an Investor Account without your instruction.
Not investment advice. Account rules, limits and fees were checked on 14 October 2026 and change from time to time. Confirm the current form and charges with your broker and CDC before you apply, and check your broker's licence with PSX and the SECP.
Sources
- CDC: Investor Account Services FAQs (account opening, documents, joint holders, opening time)
- CDC: schedule of fees for Investor Account Services (updated August 2026)
- CDC: guidelines for online account opening (July 2026)
- PSX: Sahulat account and PSX notice N-374 (April 2026)
- SECP press release, 14 March 2026: SECP eases stock market access for small investors
- PSX: TREC holders
- PSX: Centralized Customers Protection Compensation Fund (CCPF)
- The News, 26 June 2024: CDC eliminates annual maintenance fee for sub-account holders
- ProPakistani, 10 February 2026: PSX transitions to the T+1 settlement cycle