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Javed Iqbal Securities (Pvt) Ltd. is a securities brokerage firm operating in Pakistan's capital market and providing brokerage-related services to investors for transactions conducted through the Pakistan Stock Exchange Limited (PSX), subject to applicable laws, regulations and regulatory approvals.

A stock broker acts as an intermediary between an investor and the stock exchange. The broker receives or facilitates client orders, executes eligible transactions through the PSX trading system, maintains client records, facilitates clearing and settlement and provides related brokerage services.

TREC means Trading Rights Entitlement Certificate. A TREC holder is an entity entitled, subject to applicable licensing and regulatory requirements, to access the trading facilities of PSX.

No. Investments in securities involve market risk. Neither Javed Iqbal Securities (Pvt) Ltd. nor the stock exchange can guarantee a profit, fixed return, protection from market losses or future performance of a security.

No. Market prices are determined by supply and demand through the trading mechanism of the stock exchange, subject to applicable market rules and controls.

No. Any analysis, research or market commentary should not be interpreted as a guaranteed outcome.

The About Us area covers Vision & Mission, licence details, management and team information, head-office details, auditors and legal advisers, contact information, policies, technology systems, management profile, FAQ and banking/settlement guidance.

Use JISPL’s License Details section and independently verify current status through official PSX and SECP sources.

The Vision & Mission section explains the firm’s strategic focus on market access, investor education, technology, transparency and client service.

The About Us area contains the Management Profile and Meet Our Team sections, including senior leadership and operational roles.

The Head Office and Contact Information sections provide registered-office and client-support contact details.

The Auditors & Legal Advisors subsection within About Us provides this corporate-governance information.

It is a company-profile section describing JISPL’s stated management strengths, experience, technology focus and operating model; it is not an independent external rating unless an external rating agency is specifically identified.

The List of Banks / banking guidance area explains that client funds should move only through verified banking channels and official settlement-bank instructions should be confirmed before sending money.

The website presents JISPL as a PSX securities broker providing market access, trade execution, client servicing, research and investor-support functions subject to applicable regulation.

The website describes portfolio-related support. Any discretionary or managed-portfolio activity must remain within services lawfully permitted to the company, and no return is guaranteed.

Financial-planning support can help investors connect investment choices with objectives, time horizon, liquidity needs and risk tolerance.

Equity research evaluates listed companies using financial statements, earnings, valuation, industry conditions, disclosures and market factors.

Macroeconomic analysis considers inflation, interest rates, exchange rates, fiscal conditions, commodities and growth and their possible impact on sectors and listed companies.

The website includes technical-analysis and trading-strategy functionality. Indicators are probabilistic tools and do not guarantee outcomes.

Trading Signals are analytical alerts or indicators intended to help users interpret market conditions, not guaranteed instructions.

The website includes investment-advisory functionality intended to support investor decision-making within applicable regulatory permissions.

Stock Research organizes company, sector, valuation, risk and market information to support informed decision-making.

The Trading Strategy area presents market approaches, entry/exit considerations and risk controls. Strategies can fail and require proper risk management.

The website includes reports and market-intelligence resources. Users should check each report’s date, data source and methodology.

JISPL assists clients with information and processing related to dividends, bonus issues, rights, splits and other corporate actions within the brokerage/depository framework.

JISPL may provide brokerage records, transaction information and tax-related reports available through the brokerage/NCCPL framework; this is not personalized tax advice.

Customer Support can assist with account queries, online-access issues, statements, deposits and withdrawals, trade confirmations, corporate actions, account-opening status and complaint routing.

The Digital Account function supports account opening and onboarding; trading access is activated only after required KYC, verification and regulatory requirements are completed.

KITS is the Karachi Internet Trading System interface used for online trading access by clients of participating brokers; JISPL identifies KITS as part of its online-trading infrastructure.

Use JISPL KITS guidance/manual together with current platform instructions before placing live orders. Never share credentials, passwords or OTPs.

A.L.I.N.A. is JISPL’s Advanced Leverage & Investment Network Analyst layer for market intelligence, analytics and client guidance. It must separate verified facts from analysis and cannot guarantee returns.

No. A general AI/chat interface is not an authorized order channel unless JISPL specifically implements secure authenticated regulatory-compliant order transmission.

It describes JISPL’s trading platform and technology architecture, including KITS and A.L.I.N.A.-related functionality.

Start by understanding your financial goals, time horizon, emergency-fund needs and risk tolerance. Learn how shares, brokers, PSX, CDC and NCCPL work before placing a trade. Open an account only with a duly licensed securities broker, read the account-opening documents, understand charges, fund the account through approved banking channels and begin with amounts you can afford to expose to market risk.

Saving generally prioritizes capital preservation and short-term accessibility, while investing accepts varying levels of risk in pursuit of income or capital growth over time. Money needed for immediate expenses or emergencies should normally not be exposed to unnecessary market volatility.

Investing usually focuses on longer-term ownership based on business quality, valuation, income and growth prospects. Trading generally focuses on shorter-term price movements, liquidity, timing and risk controls. Both involve risk, but the decision process and holding period can differ materially.

There is no universal amount. A beginner should first protect essential living expenses and emergency savings, then invest only money that can remain exposed to market fluctuations. Position size should reflect personal financial capacity rather than tips, excitement or leverage.

Concentrating all capital in one company exposes the investor to significant company-specific risk. Diversification across appropriate securities, sectors or asset classes can reduce concentration risk, although it cannot eliminate market risk.

Understand the company’s business, sector, earnings, debt, dividends, valuation, liquidity, major risks and recent disclosures. Also understand the order type you intend to use, your maximum acceptable loss, expected holding period and the total transaction costs.

Returns are uncertain and vary across periods. Investors should not expect guaranteed monthly profit, fixed daily income or risk-free capital appreciation. A sound process focuses on long-term financial objectives, diversification, discipline and risk management.

A share represents an ownership interest in a company. Shareholders may benefit from increases in the market value of the share and, where declared, dividends or other corporate actions. They are also exposed to business and market losses.

An investor generally makes decisions using defined objectives, analysis, valuation and a planned holding period. Speculation places greater reliance on expected price movement and usually carries higher timing and behavioral risk. The distinction depends more on decision process than on the name of the security.

Know what you are buying, why you are buying it, the price you are willing to pay, your intended holding period, the amount you can afford to risk, the exit conditions, applicable costs and whether the investment fits your broader portfolio.

A useful learning framework is: SECP as the regulator, PSX as the exchange/marketplace, CDC as the electronic depository, NCCPL as the clearing and settlement institution, and EClear Services Limited as an SECP-licensed Professional Clearing Member that can provide outsourced clearing, settlement and custodial services to eligible trading members.

You place an order through your licensed securities broker. The order reaches the PSX trading environment. Once a trade occurs, clearing and settlement obligations are processed through NCCPL's infrastructure. Securities are held and moved through CDC's depository system. Where a broker uses EClear as its Professional Clearing Member, EClear performs the outsourced clearing, settlement and custodial functions assigned to it. SECP sits above the regulated framework as the statutory regulator.

Your securities broker is the client-facing intermediary through which you open an account, place orders and receive brokerage services. The five-pillar framework explains key regulatory and market-infrastructure institutions surrounding that brokerage relationship.

No. EClear is a Professional Clearing Member that enables eligible trading members to outsource clearing, settlement and custodial services. Its involvement depends on the broker's clearing model and regulatory arrangements.

Securities brokerage is a regulated activity under Pakistan's securities framework. Securities brokers serving the public require licensing by the Securities and Exchange Commission of Pakistan (SECP), subject to the applicable laws and regulations.

Pakistan Stock Exchange Limited (PSX) operates the securities exchange and trading environment through which eligible buy and sell orders are matched.

Eligible securities are held and transferred within the Central Depository System operated by CDC, through the relevant account structure such as a Sub-Account or Investor Account.

NCCPL operates the National Clearing and Settlement System (NCSS) and performs clearing and settlement functions for applicable PSX market segments.

Where appointed under the applicable framework, EClear can provide outsourced clearing, settlement and custodial services for a trading member as a Professional Clearing Member.

Knowing which institution performs which function helps an investor verify communications, understand statements and alerts, recognize where securities and settlement records originate, and direct complaints or questions to the correct party.

No. They are distinct institutions with different regulatory and operational roles in Pakistan's capital-market ecosystem.

No. SECP is the statutory regulator. It does not act as the investor's broker, execute ordinary client trades or operate the CDC securities account.

The Securities and Exchange Commission of Pakistan (SECP) is Pakistan's statutory regulator for the corporate sector and capital markets, including the licensing and regulatory oversight of securities brokers under the applicable legal framework.

SECP administers and enforces the applicable securities and corporate regulatory framework, issues regulations and requirements within its mandate, licenses regulated activities and takes supervisory or enforcement action where appropriate.

Yes. Securities brokerage for the public is a regulated securities activity, and securities brokers are required to be licensed by SECP under the applicable securities-broker licensing framework.

A TREC provides trading-right entitlement at PSX, but a TREC holder intending to act as a securities broker must also meet the applicable SECP licensing requirements.

No. Market prices are formed through trading activity and supply and demand, subject to the exchange's market rules and regulatory controls. SECP regulates the market framework rather than setting ordinary share prices.

SECP provides investor-complaint channels within its regulatory mandate. Depending on the matter, investors may first be required or expected to seek redress from the relevant company, broker, exchange or other regulated institution before escalation.

No. Regulation and investor-protection measures do not eliminate investment risk or guarantee profits.

Use current official SECP and PSX information and verify the broker's legal name, licensing status and TREC details rather than relying only on advertisements, social-media pages or informal claims.

Pakistan Stock Exchange Limited is Pakistan's securities exchange and provides the organized marketplace and trading infrastructure through which eligible listed securities and exchange products are traded.

It is the venue where buy and sell orders submitted through eligible market participants interact under exchange rules and trading-system controls.

NTS refers to the New Trading & Surveillance System. PSX states that the system was successfully implemented in 2023, replacing the older Karachi Automated Trading System (KATS) technology.

KATS is the legacy Karachi Automated Trading System. PSX states that it was replaced by the New Trading & Surveillance System (NTS) in 2023. Historical documents may still contain KATS references.

PSX currently lists JTT (Jade Trading Terminal), KiTS (Karachi Internet Trading System) and NTT (New Trading Terminal) among its trading-access services. JTT and NTT facilitate broker-side trading access, while KiTS provides internet-trading access for investors of participating brokers.

No. KiTS is an internet-trading access platform for investors of participating brokers, while NTS refers to the exchange's New Trading & Surveillance System infrastructure.

The exchange operates the trading marketplace. Electronic securities custody and depository functions are associated with CDC's depository infrastructure.

Clearing and settlement for applicable market segments is performed through NCCPL's National Clearing and Settlement System, working with the exchange and depository infrastructure.

A listed company has securities admitted to trading on PSX and is subject to applicable listing, disclosure and continuing-obligation requirements.

PSX performs frontline regulatory and market-supervision functions within its mandate, operates investor-complaint and arbitration mechanisms, sets and enforces exchange requirements and provides investor-education resources.

Yes. PSX may impose suspensions, halts or other market controls in accordance with its rules and applicable regulatory requirements.

Investors should use official PSX channels and issuer disclosures rather than relying on forwarded screenshots, informal groups or unverified social-media posts.

Central Depository Company of Pakistan Limited operates Pakistan's electronic securities depository infrastructure.

A CDC Sub-Account is maintained within the depository framework through a participant and is used for holding eligible securities belonging to the client.

Pakistan's depository system allows securities to be held and transferred electronically rather than through physical share certificates for securities admitted into CDS.

A CDC Investor Account is maintained directly under CDC's investor-account framework and provides investors with an additional custody arrangement for eligible securities.

A Sub-Account operates through a CDC participant, while an Investor Account is maintained under CDC's investor-account arrangement. Investors should review the respective features before deciding which arrangement meets their needs.

Eligible securities may be transferred in accordance with CDC, NCCPL and broker procedures after completion of required instructions, documentation and verification.

Transfers are subject to applicable CDC, NCCPL, tax, regulatory and beneficial-ownership requirements and may require supporting documentation.

Clients should review brokerage statements and available CDC account or sub-account statements and alerts, as applicable.

Notify Javed Iqbal Securities (Pvt) Ltd. immediately and provide the relevant statement, transaction details and supporting records for investigation.

For beginner understanding, CDC can be thought of as the electronic depository or “vault” of Pakistan’s capital market. It operates the Central Depository System (CDS), through which eligible securities are held and transferred electronically instead of relying on physical share certificates.

No. CDC is not a stock broker and does not execute investment decisions for clients. Its core role is depository and custody infrastructure for eligible securities.

Dematerialization is the conversion of eligible physical securities into electronic book-entry form in the Central Depository System, subject to the issuer, CDC and applicable procedures.

Rematerialization is the reverse process in which eligible electronic securities are converted back into physical form where permitted under the applicable framework.

Securities are recorded within the CDS through the relevant account structure, such as a CDC Sub-Account or Investor Account. Investors should keep their account information current and regularly review CDC alerts and statements where available.

Securities movements are governed by the applicable CDS account structure, authorized instructions, settlement processes and CDC regulations. Investors should immediately investigate any movement they do not recognize.

UIN stands for Unique Identification Number. NCCPL uses the UIN framework to create a traceable link between an investor and the investor's capital-market transactions.

It helps identify transactions belonging to a particular investor and supports client-level trade, settlement and regulatory controls.

Orders are subject to PSX/NCCPL validation requirements. Client identification and UIN information must comply with the applicable trading-system requirements.

National Clearing Company of Pakistan Limited provides clearing, settlement and other capital-market infrastructure services, including UIN and centralized KYC-related functions.

NCSS means National Clearing and Settlement System, operated by NCCPL for clearing and settlement of eligible capital-market transactions.

UIS means UIN Information System. It allows registered investors to view information linked to their UIN, including trading, settlement and CGT-related information made available through the system.

UIS gives investors an additional independent mechanism for monitoring activities associated with their UIN.

NCCPL's UIS includes functionality enabling investors to review trading accounts/client codes registered against their UIN.

NCCPL provides relevant closure-request functionality through UIS, subject to applicable procedures.

For beginner understanding, NCCPL acts as the centralized clearing and settlement institution. It determines settlement obligations arising from eligible trades and operates the National Clearing and Settlement System (NCSS), including multilateral netting and delivery-versus-payment processes.

Its principal role is different. CDC provides depository infrastructure for securities custody, while NCCPL operates clearing and settlement infrastructure and related services such as UIN, UIS and specified capital-gains-tax processing.

DvP is a settlement principle under which securities delivery and the corresponding payment are linked so that settlement is completed against fulfillment of the required obligations.

Instead of settling every eligible buy and sell separately, NCSS can calculate net obligations in accordance with its rules, reducing the number and value of movements required for settlement.

The trade originates through the PSX trading environment. Trade information is transmitted into the clearing and settlement infrastructure, NCCPL calculates and manages applicable settlement obligations through NCSS, and securities movements are effected through the CDC depository infrastructure according to the settlement process.

No. NCCPL is market infrastructure. Investment advice, client dealing and execution responsibilities sit with the broker and other regulated persons as applicable.

EClear Services Limited is an SECP-licensed Professional Clearing Member (PCM). It enables eligible trading members of the stock exchange to outsource clearing, settlement and custodial services under the applicable regulatory framework.

For beginner understanding, EClear sits between trading activity and post-trade obligations for brokers that use its PCM services. By professionally handling outsourced clearing, settlement and custody responsibilities, it supports disciplined post-trade processing and risk controls. Its formal regulatory description is Professional Clearing Member.

No. PSX is the exchange/marketplace. EClear is a Professional Clearing Member providing post-trade clearing, settlement and custodial services to eligible trading members.

No. NCCPL operates the centralized market clearing and settlement infrastructure, including NCSS. EClear is a licensed Professional Clearing Member that can act for trading members within that infrastructure and related custody arrangements.

No. CDC operates the Central Depository System. EClear may provide custodial services to clients of trading members under the PCM framework, using the applicable market infrastructure.

A trading member may use a PCM to outsource specialized post-trade functions such as clearing, settlement and custody, allowing the trading member to focus on trading and client-facing brokerage functions while meeting the applicable regulatory model.

No. EClear becomes relevant where the investor's trading member operates under a PCM arrangement involving EClear and the required account and regulatory processes have been completed.

The trading member or broker remains responsible for the brokerage and trading relationship, while EClear performs the outsourced post-trade functions assigned under the applicable PCM arrangement.

EClear's licensed PCM model includes custodial services for eligible arrangements. The precise account structure, control framework and client documentation depend on the applicable regulatory and operational setup.

EClear states that it is licensed by the Securities and Exchange Commission of Pakistan to act as a Professional Clearing Member under the Professional Clearing Members regulatory framework.

Review the broker's official communication, updated participant or custody details, client-account information, settlement instructions, statements and any revised operational procedures. Verify all changes through official channels before transferring funds or securities.

No. Professional clearing arrangements can strengthen post-trade controls, but they cannot remove market risk, client obligations, operational risk or all forms of settlement risk.

A stock exchange provides an organized marketplace where eligible securities are bought and sold through licensed intermediaries. Orders are matched according to the exchange’s trading rules, while clearing, settlement and custody functions are supported by institutions such as NCCPL and CDC.

The order book is the electronic list of current buy and sell orders for a security at different prices and quantities. It helps investors see available demand and supply but does not guarantee that displayed orders will remain available.

The bid is the highest displayed price buyers are currently willing to pay, while the ask or offer is the lowest displayed price sellers are currently willing to accept. The difference between the two is called the bid-ask spread.

The last traded price only records the most recent completed transaction. Available orders may have changed since then, and a marketable order can execute at the best currently available price or multiple prices depending on liquidity and quantity.

Free float generally refers to shares considered readily available for trading by public investors, excluding certain strategic or locked-in holdings under the applicable methodology. Free float can affect liquidity and index weight.

Volatility describes the degree and speed of price movement. Higher volatility means prices can move more sharply in either direction, increasing both opportunity and risk.

Liquidity describes how easily a security can be bought or sold at or near prevailing market prices. Thinly traded securities can have wider spreads and greater price impact when orders are placed.

PSX applies market controls and price-movement parameters under its rules. These controls are designed to manage disorderly volatility, but they do not prevent losses and they may affect the ability to immediately enter or exit a position.

Investors commonly use these expressions for a security trading at or near its permitted upper or lower price boundary for the session. Actual exchange terminology and applicable limits should always be checked against current PSX rules.

A buy order may remain unexecuted until a matching seller appears at an acceptable price. High demand alone does not guarantee execution.

A sell order may remain unexecuted until matching demand appears. This is why liquidity risk matters, particularly in less actively traded securities.

Market depth shows quantities available at different bid and offer levels. It can help investors assess visible liquidity, but orders may be changed or cancelled and therefore market depth should not be treated as a guarantee.

Price discovery is the process through which buyers and sellers interact in the market and establish transaction prices based on available information, expectations, liquidity and supply and demand.

New information can change investors’ expectations regarding earnings, cash flows, dividends, risk or valuation. The market can therefore reprice a security quickly after material disclosures.

A listed company has securities admitted to trading on PSX subject to applicable listing requirements.

A ticker is the abbreviated market symbol used to identify a listed security.

Market capitalization is broadly the market value of a company's outstanding listed shares, calculated using the relevant share price and number of shares.

A stock-market index measures the performance of a defined group of securities according to a particular methodology.

The KSE-100 is one of PSX's principal market indices and measures a specified basket of listed companies according to its methodology.

The bid is the price at which market participants are offering to buy.

The ask or offer is the price at which market participants are offering to sell.

Trading volume represents the quantity of securities traded during a specified period.

Liquidity refers to the ability to buy or sell an asset without causing a disproportionately large price movement.

Prices can respond to earnings, company announcements, economic conditions, interest rates, political or geopolitical events, investor expectations, liquidity, sector developments, institutional flows and supply and demand.

Pakistan Stock Exchange Limited.

Securities and Exchange Commission of Pakistan.

National Clearing Company of Pakistan Limited.

Central Depository Company of Pakistan Limited.

Unique Identification Number.

Know Your Customer.

Customer Due Diligence.

Anti-Money Laundering and Countering Financing of Terrorism.

Internet-Based Trading System.

Trading Rights Entitlement Certificate.

Capital Gains Tax.

Earnings Per Share.

Price-to-Earnings ratio.

Net Asset Value.

Exchange Traded Fund.

Real Estate Investment Trust.

Initial Public Offering.

Annual General Meeting.

Extraordinary General Meeting.

Roshan Digital Account.

Roshan Equity Investment.

Centralized Customers Protection Compensation Fund.

Politically Exposed Person, as defined under the applicable AML/CFT framework.

Central Depository System.

National Clearing and Settlement System.

A commonly used term for a market or security experiencing a sustained period of generally rising prices or positive sentiment.

A commonly used term for a market or security experiencing a sustained period of generally falling prices or negative sentiment.

A general market term for a relatively established company with a significant operating history, scale or market standing. It is not a guarantee of safety or future performance.

Market capitalization broadly means the market value of a company’s outstanding shares based on market price and shares outstanding.

The collection of investments owned by an investor.

A bull market is a period in which prices across a market or major segment generally trend upward and investor sentiment is relatively positive. It does not mean every security rises.

A bear market is a period in which prices across a market or major segment generally trend downward and investor sentiment is relatively weak. Individual securities can still rise during a bear market.

A rally is a noticeable rise in market or security prices over a period. A rally can occur within a longer-term bull or bear market.

A correction is a meaningful decline from a recent market or security high. The term is descriptive rather than a guarantee that prices will recover.

A market crash is a sharp and unusually rapid decline in market prices, often accompanied by high volatility, heavy selling and stressed liquidity.

An index is a rules-based measure that tracks the performance of a selected group of securities. Examples on PSX include the KSE-100 and other market or sector indices.

The KSE-100 Index is one of the principal benchmark indices of Pakistan Stock Exchange and tracks selected listed companies according to the applicable PSX methodology.

Market capitalization is the market value of a company's outstanding shares, broadly calculated as share price multiplied by the number of shares outstanding.

These are broad descriptions based on market capitalization. Exact cutoffs vary by market and methodology, so the terms should be treated as relative rather than fixed legal categories.

Free float generally means shares considered available for trading by public investors after excluding certain strategic, locked-in or controlling holdings under the applicable methodology.

Turnover generally refers to the value or volume of securities traded during a specified period.

Volume is the number of shares or units traded during a specified period.

Value traded is the total monetary value of transactions executed during a specified period.

Liquidity describes how easily a security can be bought or sold without causing a large change in its market price.

Volatility measures how widely and quickly prices move. Higher volatility usually means greater short-term uncertainty and risk.

Momentum refers to the tendency of a security or market to continue moving in the same direction for a period. It is a market behavior concept, not a guarantee of future movement.

A trend is the general direction of price movement over time, commonly described as upward, downward or sideways.

Support is a technical-analysis term for a price area where buying interest has historically appeared strongly enough to slow or reverse a decline. It is not guaranteed to hold.

Resistance is a technical-analysis term for a price area where selling pressure has historically appeared strongly enough to slow or reverse a rise. It is not guaranteed to hold.

A breakout occurs when price moves beyond a recognized support, resistance, range or chart level. Traders often look for volume or follow-through as confirmation.

A breakdown occurs when price moves below a recognized support or trading range. It can signal weakness but may also fail and reverse.

Consolidation is a period when price trades within a relatively narrow range after a previous move, often reflecting temporary balance between buyers and sellers.

A sideways market is one where prices move within a relatively stable range without a clear sustained upward or downward trend.

A price gap occurs when a security opens or trades at a level noticeably above or below the prior trading range, leaving little or no trading activity between those levels.

The bid is the highest current price displayed by buyers willing to purchase a security.

The ask or offer is the lowest current price displayed by sellers willing to sell a security.

The bid-ask spread is the difference between the best displayed buying price and the best displayed selling price.

Market depth shows available buy and sell orders at different price levels. It helps indicate visible liquidity but displayed orders can be changed or cancelled.

An order book is the electronic list of buy and sell orders for a security, normally arranged by price and order priority.

A market order seeks execution against available prices. Depending on market rules and liquidity, the actual execution price can differ from the last traded price.

A limit order specifies the highest price a buyer is willing to pay or the lowest price a seller is willing to accept.

A stop-loss is a risk-management instruction or strategy intended to reduce losses when price moves against a position. Actual execution can differ in fast or illiquid markets.

Slippage is the difference between the expected transaction price and the actual execution price, often caused by volatility, order size or limited liquidity.

Partial execution occurs when only part of an order is matched and executed, while the remaining quantity stays pending or is cancelled according to the order conditions.

Average price is the weighted average execution price when an order is filled in more than one transaction or price level.

Last traded price is the price at which the most recent transaction in a security was executed.

Previous close is the official closing price from the preceding trading session, subject to the exchange's applicable methodology.

The opening price is the price at which the first eligible trade occurs in a trading session, or the price determined under the exchange's opening mechanism where applicable.

The closing price is the end-of-session reference price determined according to the exchange's applicable closing methodology.

The high is the highest traded price and the low is the lowest traded price during a specified period.

Upper lock is a common market expression for a security trading at or near its maximum permitted upward price movement for the session under applicable exchange controls.

Lower lock is a common market expression for a security trading at or near its maximum permitted downward price movement for the session under applicable exchange controls.

A circuit breaker is a market-control mechanism intended to manage extreme price movements or disorderly trading under exchange rules.

A trading halt is a temporary suspension of trading in a security or market, imposed under exchange rules or regulatory instructions.

Suspension means trading in a security or by a market participant has been stopped under applicable exchange or regulatory rules.

Delivery refers to the transfer of securities required to complete a settlement obligation.

Settlement is the completion of the cash and securities obligations arising from a trade.

T+1 means settlement on the next trading day after the trade date for transactions subject to that settlement cycle.

Clearing is the process of determining the obligations arising from executed trades before final settlement.

Netting combines eligible buy and sell obligations so that settlement occurs on a net basis according to the applicable clearing rules.

Margin is collateral or financial cover required to support certain positions, exposures or settlement obligations.

A margin call is a requirement to provide additional funds or eligible collateral because existing coverage has become insufficient.

Leverage means taking market exposure larger than the investor's immediately committed capital through a permitted financing or leveraged product.

Short selling generally involves selling securities that the seller does not currently own, subject to the market's permitted mechanisms, borrowing arrangements and regulatory rules.

A long position means the investor owns or has bought a security with the expectation that its value may rise or generate income.

A position is an investor's current market exposure in a security or product.

Exposure is the amount of financial risk an investor has to a security, sector, market or strategy.

A portfolio is the collection of securities and investments held by an investor.

Diversification spreads investments across different securities, sectors or asset types in order to reduce concentration risk.

Concentration risk is the increased risk created by having too much capital exposed to one company, sector, theme or related group of assets.

A capital gain generally arises when an investment is disposed of for more than its relevant cost basis, subject to applicable tax rules.

A capital loss generally arises when an investment is disposed of for less than its relevant cost basis, subject to applicable tax treatment.

A dividend is a distribution declared by a company for eligible shareholders, usually from profits or distributable reserves, subject to corporate approval and applicable law.

Dividend yield compares dividend per share with the market price of the share. Historical yield does not guarantee future dividends.

The ex-dividend concept identifies the point from which a buyer may no longer receive a particular declared dividend, subject to the applicable entitlement and settlement framework.

Book closure is the announced period used by an issuer for determining or administering shareholder entitlements and corporate actions under applicable procedures.

The record date is the date used to determine eligible holders for a corporate action where the applicable framework uses such a date.

A bonus share is an additional share issued to eligible existing shareholders according to an announced ratio, without a cash purchase by the shareholder.

A right issue gives eligible shareholders the opportunity to subscribe for additional shares or securities according to the issuer's announced terms.

A right entitlement represents an eligible shareholder's entitlement to participate in a rights issue under the announced terms.

A stock split increases the number of shares while proportionately reducing the value per share, without changing the shareholder's overall proportional ownership at the time of the split.

A share consolidation combines existing shares into a smaller number of shares, increasing the value per share proportionately, subject to the issuer's approved terms.

A buyback occurs when a company repurchases its own shares under the applicable corporate and securities framework.

An Initial Public Offering is the first public offering of securities by an issuer under the applicable public-offering framework.

The secondary market is where investors trade securities after their original issuance.

The primary market is where new securities are initially issued to investors by an issuer.

Face value is the nominal value assigned to a share or security in its legal or accounting structure. It is different from market price.

Market price is the current price at which a security is trading in the market.

Intrinsic value is an analytical estimate of what a security may be worth based on expected cash flows, assets, earnings or other valuation methods. It is not directly observable or guaranteed.

Fair value is an estimate of a security's reasonable value under a stated analytical methodology. Different analysts may reach different fair-value estimates.

Valuation is the process of estimating the economic worth of a business or security using methods such as earnings multiples, cash-flow analysis or asset values.

Earnings per share measures profit attributable to ordinary shareholders on a per-share basis under the applicable accounting calculation.

The price-to-earnings ratio compares a company's market price per share with its earnings per share.

Price-to-book compares a company's market value with its accounting book value. Its usefulness varies by sector and business model.

ROE measures profit relative to shareholders' equity and is commonly used to assess profitability and capital efficiency.

EBITDA means earnings before interest, taxes, depreciation and amortization. It is a non-cash-flow profitability measure and should not be treated as a substitute for actual cash generation.

Revenue is income generated from a company's ordinary business activities before expenses are deducted.

Net profit is the residual accounting profit after expenses, finance costs and taxes, according to the applicable accounting framework.

Cash flow describes cash entering and leaving a business. Investors often distinguish operating, investing and financing cash flows.

Debt-to-equity compares a company's debt with shareholders' equity and is commonly used to assess financial leverage.

Book value broadly represents accounting shareholders' equity after liabilities are deducted from assets, subject to the applicable accounting framework.

Net Asset Value is the value of an investment fund's assets minus liabilities, usually expressed per unit.

An Exchange Traded Fund is a pooled investment product whose units trade on the stock exchange and typically track an index, basket or investment strategy.

A Real Estate Investment Trust is an investment structure providing exposure to real-estate assets or projects under the applicable regulatory framework.

Sukuk are Shariah-compliant investment certificates structured around permissible assets, rights or transactions rather than conventional interest-bearing debt.

Blue-chip is an informal market term for a relatively established company with significant scale, operating history or market standing. The label does not guarantee safety or returns.

Penny stock is an informal term for a very low-priced security, often associated with higher volatility, lower liquidity or greater speculative risk. Definitions vary by market.

A growth stock is a company whose earnings or business are expected by investors to grow faster than the broader market or sector. Expected growth may already be reflected in valuation.

A value stock is a company considered inexpensive relative to selected fundamentals such as earnings, assets or cash flows. A low valuation alone does not guarantee good returns.

A cyclical stock is a company whose earnings and share price tend to be more sensitive to economic cycles, commodity cycles or changes in demand.

A defensive stock is a company whose business demand may be relatively less sensitive to economic cycles, though it can still experience material losses.

A sector is a group of companies operating in similar areas of the economy, such as banking, energy, cement, technology or pharmaceuticals.

A benchmark is a reference index or standard used to compare portfolio or investment performance.

Alpha is a performance concept describing return above or below a chosen benchmark after considering the analytical framework being used.

Beta is a measure of how a security's historical price movements compare with a market benchmark. It is not a guarantee of future volatility.

Risk-adjusted return evaluates investment performance relative to the amount of risk taken, rather than looking at return alone.

Drawdown is the decline from a portfolio or security's previous peak value to a subsequent low before recovery.

Forced liquidation occurs when a position is closed by the broker or clearing framework because required margin, collateral or settlement obligations are not maintained, subject to applicable rules and agreements.

Insider trading generally refers to prohibited trading or tipping based on material non-public information, subject to the applicable securities laws and regulations.

Market manipulation refers to prohibited conduct intended to create a false or misleading appearance of trading activity, price, demand or supply.

Pump and dump is a manipulative scheme in which misleading promotion or coordinated activity is used to inflate interest or price before promoters sell their holdings.

Rumor-based trading means making investment decisions primarily on unverified market gossip, social-media claims or informal tips rather than verified information.

FOMO means fear of missing out. In markets it describes the emotional urge to buy because prices are rising or others appear to be profiting.

Panic selling is an emotionally driven decision to sell rapidly during falling markets without a structured reassessment of the investment thesis, liquidity needs or risk.

Averaging down means buying more of a security after its price falls to reduce the average purchase price. It can increase losses if the investment thesis is wrong.

Averaging up means adding to a position after the price has risen, usually because the investor believes the trend or investment thesis remains strong.

Cost averaging is a strategy of investing fixed or planned amounts over time rather than committing all capital at once, reducing reliance on a single entry price.

Holding period is the length of time an investor owns a security.

Investment horizon is the period over which an investor expects to keep money invested before needing it for another purpose.

Risk tolerance is the investor's willingness to experience fluctuations and losses.

Risk capacity is the investor's financial ability to absorb losses without jeopardizing essential financial obligations.

Asset allocation is the distribution of capital among different asset classes such as equities, fixed income, cash or other investments.

Rebalancing is the process of adjusting portfolio holdings back toward a chosen allocation after market movements or changes in objectives.

Compounding occurs when investment gains or income are reinvested so future returns can be earned on both the original capital and previously accumulated returns.

Total return combines capital gain or loss with income such as dividends over a stated period.

A realized profit or loss generally arises when a position is sold or otherwise closed.

An unrealized profit or loss is the change in value of a position that is still held and has not yet been sold.

A prospective client must complete the prescribed account-opening and KYC process, provide the required identification and supporting documents, satisfy verification requirements and accept the applicable account terms and risk disclosures.

Know Your Customer (KYC) requirements allow regulated institutions to establish and verify a client's identity, understand the nature of the relationship and comply with regulatory and AML/CFT obligations.

Centralized KYC is the capital-market KYC framework administered through the Centralized KYC Organization. NCCPL performs the CKO function for Pakistan's capital market.

Depending on the client's status and account type, documents may include a valid CNIC/NICOP or other permitted identification, bank account information, mobile number, email address, occupation/business information, source of income/source of funds information, nominee or joint-holder information where applicable, specimen signatures, tax information, FATCA/CRS information where applicable, and any additional documentation required under applicable regulations.

Yes. Companies and other eligible legal entities may open brokerage accounts subject to corporate KYC requirements.

These may include incorporation documents, constitutional documents, board resolution, identification documents of directors, authorized persons and beneficial owners, authorized-signatory list, tax documents, ownership information and additional regulatory documentation.

This information forms part of the regulatory KYC and AML/CFT process and assists the company in understanding the expected nature of the account relationship.

Only where properly authorized and accepted under applicable regulations, account documentation and company procedures.

An authorized person is someone whom the account holder has formally authorized, in accordance with applicable documentation and regulatory requirements, to perform specified activities relating to the account.

Accounts involving minors are subject to applicable regulatory requirements, guardian arrangements and documentation. Clients should contact the Account Opening Department for current requirements.

Eligible overseas Pakistanis may invest through mechanisms permitted under Pakistan's regulatory framework, including applicable Roshan Digital Account-related capital-market arrangements where available.

A Sahulat Account is a simplified capital-market account category governed by the applicable regulatory framework and subject to prescribed eligibility, limits and restrictions.

Possible reasons include incomplete documents, expired identification, inconsistent information, unsuccessful biometric or identity verification, KYC issues, sanctions/AML screening, missing bank verification or regulatory-system processing.

Yes. An account may be declined where regulatory, compliance, risk, KYC, AML/CFT, documentation or other legitimate requirements are not satisfied.

Regulatory and account-related alerts, confirmations, statements and security notifications may be sent to registered contact information.

Subject to applicable regulations, an investor may have relationships with more than one broker. Brokerage accounts and client codes are associated with the investor's UIN.

Shared KYC is a capital-market onboarding initiative under which eligible customer KYC information can be transmitted through approved financial-sector channels to facilitate digital account opening with participating capital-market institutions.

It can reduce duplication of documents and enable eligible investors to initiate onboarding electronically without repeating every part of the conventional physical-document process.

No. The securities broker remains responsible for completing the checks and due-diligence obligations applicable to the relationship under the regulatory framework.

Availability depends on eligibility, participating banks, participating brokers and the current implementation scope of the Shared KYC framework.

Properly implemented digital onboarding uses identity-verification and security controls. Investors should nevertheless use trusted devices and official channels and should never share OTPs or credentials with unauthorized persons.

Additional documents or clarification may be needed for KYC, beneficial ownership, source of funds, sanctions screening, tax status, risk classification or other regulatory reasons.

Submit the prescribed modification request and complete applicable identity verification.

Use the approved account-modification process and complete required verification.

Updated bank details and supporting evidence may be required before the change can be processed.

Account operations may be affected until valid identification is provided and required regulatory systems are updated.

Material changes in KYC information may affect the client's risk profile and should be kept current.

Where permitted, nominee details may be changed through the prescribed procedure and documentation.

The account is handled according to applicable succession, depository, legal and regulatory procedures. Legal heirs or representatives will need to provide the prescribed documentation.

Internet-Based Trading System functionality allows authorized clients to submit trading instructions electronically through approved online channels, subject to the broker's system and regulatory requirements.

No. It may require separate registration, acceptance of terms, credentials and security verification.

Yes. Clients should never disclose passwords, PINs, OTPs or other authentication credentials.

Clients should never provide their personal trading password or OTP to anyone.

Immediately stop using the affected credentials, change or reset the password where possible, contact Javed Iqbal Securities (Pvt) Ltd., report any unauthorized orders, secure your registered email and mobile account, and preserve screenshots, emails and other evidence.

Clients should use an alternative officially authorized order-placement channel made available by the company.

Reasons can include insufficient funds or securities, margin deficiencies, invalid price parameters, regulatory restrictions, market suspension, incorrect client configuration, risk-management controls or system validation.

It is safer to use a trusted device and secure internet connection and to protect your credentials from unauthorized access.

Technology services may experience interruptions arising from connectivity, exchange systems, third-party infrastructure, cybersecurity events, maintenance or circumstances outside the broker's control.

You submit a valid buy order through an authorized trading channel. The order is entered into the applicable PSX trading system and may execute if matching market conditions are available.

You submit a valid sell order for eligible securities available for sale, subject to applicable exchange, settlement and risk requirements.

Normally provide the security or ticker, buy or sell instruction, quantity, price or permitted order type, and any other required instruction.

It is an order intended to execute against available market prices where the applicable trading system and market permit that order type. Execution price may differ from the last traded price, particularly in volatile or illiquid securities.

A limit order specifies the maximum purchase price or minimum selling price acceptable to the client.

No. Execution depends on market availability, price, order priority, liquidity, applicable limits and trading-system conditions.

It occurs when only part of the requested quantity finds a matching counter-order.

An unexecuted portion may generally be cancelled where permitted by the trading system and provided it has not already been matched or otherwise become non-cancellable.

No. Once a trade has validly executed, it creates settlement obligations subject to applicable PSX/NCCPL rules.

The Ready Market is the principal market used for buying and selling listed securities for settlement according to the applicable settlement cycle.

Futures are derivative or forward-style exchange products subject to separate trading, margin, settlement and risk requirements. They carry materially different risks from ordinary cash-equity transactions.

Not necessarily. Access depends upon regulatory eligibility, account configuration, client risk status, product availability and company risk-management policies.

No trading can occur through the normal market while trading in the security is suspended.

Orders and executions are subject to the halt conditions imposed by PSX. Normal trading resumes only according to exchange instructions.

It is a record confirming transactions executed for a client and normally includes relevant trade details.

They allow you to compare executed trades against your instructions and promptly identify discrepancies.

Check the security, quantity, buy/sell direction, execution price, date, charges and account/client code.

Contact Javed Iqbal Securities (Pvt) Ltd. immediately and submit the matter in writing so it can be investigated.

Yes. Investors should retain trade confirmations, statements, payment records and important correspondence.

Settlement is the process through which the cash and securities obligations resulting from an executed trade are completed.

Pakistan implemented the T+1 settlement cycle from 9 February 2026 for applicable trades. This generally means settlement occurs on the next trading day after the transaction date, subject to the relevant rules and calendar.

T means the trade date.

It means the designated settlement occurs one trading day after the trade date for transactions subject to that cycle.

NCCPL operates the National Clearing and Settlement System for applicable capital-market transactions.

Rather than settling every transaction independently, eligible obligations can be netted in accordance with NCSS rules to determine settlement obligations.

The buyer must ensure sufficient cleared funds or otherwise satisfy applicable payment or margin requirements before the relevant deadline.

The seller must ensure that eligible securities required for settlement are available and deliverable.

The matter may trigger broker and market risk-management procedures, including actions permitted under the client agreement and applicable regulations. Financial consequences may arise.

Yes. Under T+1, funding and securities availability are particularly time-sensitive.

Funds should be transferred through approved banking or payment channels into an officially designated account of Javed Iqbal Securities (Pvt) Ltd. in accordance with company procedures.

No client should hand over investment funds personally to an employee or representative outside official approved channels.

No. Client money should only be transferred through accounts or channels officially designated for client transactions.

This assists account verification, AML/CFT controls, auditability and protection against unauthorized third-party transfers.

Submit a withdrawal request through an approved company channel and complete any required verification.

Withdrawals are normally subject to client-title and verification requirements. Third-party payments may be restricted or prohibited except where specifically permissible.

Availability can depend on settlement completion, outstanding obligations, uncleared amounts and applicable regulatory controls.

Client assets and money are subject to the segregation, custody, accounting and utilization requirements prescribed under the applicable regulatory framework.

Unusual activity, changed bank details, account restrictions, incomplete KYC, settlement obligations or security concerns may require additional verification.

The client ledger records financial transactions and balances maintained in relation to the brokerage account.

It shows securities recorded as belonging to the client according to the relevant system and reporting date.

Regular reconciliation can identify discrepancies, unauthorized activity or misunderstanding at an early stage.

Compare trades, cash balances, securities balances, charges, deposits, withdrawals, corporate actions and tax entries.

Report it promptly in writing to Javed Iqbal Securities (Pvt) Ltd. with the relevant supporting documentation.

Yes. Transactions can involve brokerage commission and applicable exchange, clearing, depository, regulatory, taxation or other charges.

Clients should obtain and review the applicable commission or fee schedule provided by Javed Iqbal Securities (Pvt) Ltd.

Yes. Statutory levies and regulatory charges can change.

No. Some deductions represent statutory, exchange, clearing, depository or tax charges collected or processed under the applicable framework.

Applicable transaction charges should be reflected through the relevant confirmations, ledger or account records according to the reporting framework.

Diversification means spreading investments across securities, sectors or asset types to reduce concentration risk.

No. It can reduce certain concentration risks but cannot eliminate market risk.

A portfolio is the collection of securities or investments owned by an investor.

Capital gain generally arises where an asset is disposed of at a gain, subject to the applicable tax regime.

A dividend is a distribution declared by a company to eligible shareholders, subject to corporate approval and applicable tax deductions.

It is the expected period for which an investor intends to hold an investment.

Liquidity risk is the possibility that an investor cannot readily execute a transaction at the desired quantity or price.

It is the increased risk caused by having a large proportion of a portfolio exposed to one company, industry or risk factor.

Financial statements are formal reports describing a company’s financial position and performance. Core statements include the statement of financial position, profit or loss, cash-flow statement and statement of changes in equity, together with notes.

Revenue is the income generated from a company’s ordinary business activities before deducting the expenses required to earn it.

Profit after tax is the residual accounting profit after relevant expenses, finance costs and taxation. Investors should examine profit quality and cash flow rather than relying on one headline number.

Earnings per share, or EPS, broadly measures profit attributable to ordinary shareholders on a per-share basis under the applicable accounting calculation.

The price-to-earnings ratio compares a share’s market price with earnings per share. A high or low P/E is not automatically good or bad; interpretation depends on growth, risk, earnings quality and sector comparisons.

Book value per share broadly relates shareholders’ accounting equity to the number of shares. It is not the same as market value and can be more or less useful depending on the business.

Dividend yield compares annualized or historical dividend per share with the share’s market price. A high historical yield does not guarantee future dividends.

Return on equity measures profit relative to shareholders’ equity. It can help assess profitability but should be interpreted alongside leverage, capital structure and business quality.

Debt can support growth but also creates fixed obligations and refinancing risk. Investors should examine debt levels, finance costs, maturity profile and the company’s ability to generate cash.

Operating cash flow represents cash generated or consumed by core business operations. Persistent differences between accounting profit and cash generation deserve careful investigation.

Free cash flow is a commonly used analytical concept that broadly considers cash generated after necessary capital expenditure. Definitions can differ, so investors should understand the methodology being used.

Listed companies publish periodic financial results according to applicable reporting requirements. Quarterly performance should be assessed in context rather than judged only on one short period.

An annual report typically contains audited financial statements, directors’ reporting, governance information, business commentary and other disclosures relevant to shareholders.

Listed companies are required to disclose material information under applicable laws and PSX rules. Such disclosures can materially influence investor expectations and market prices.

Prefer official company disclosures, PSX announcements, audited financial statements, regulatory filings and credible research rather than unverified social-media messages.

Where research or market commentary is provided by Javed Iqbal Securities (Pvt) Ltd., it is intended to assist investors in understanding market information and does not eliminate investment risk.

No. Forecasts and opinions can prove incorrect.

Factors may include investment objective, financial condition, time horizon, liquidity needs, risk tolerance, company fundamentals, valuation, market conditions, diversification and applicable taxes and costs.

Fundamental analysis evaluates financial performance, balance-sheet strength, earnings, cash flow, business prospects, industry conditions and valuation.

Technical analysis studies price, volume and market-behaviour data in an attempt to identify trends or trading patterns.

It considers economy-wide factors such as interest rates, inflation, currency, fiscal conditions, commodity prices and economic growth.

A target price is an analytical estimate, not a guaranteed future market price.

A stop-loss is a risk-management technique intended to limit exposure if the price moves adversely. Actual execution can differ from the intended level in fast or illiquid markets.

No.

A corporate action is an event initiated by a listed company that affects its shareholders or securities.

They include cash dividends, bonus shares, right issues, stock splits or consolidations, mergers, acquisitions, buybacks, entitlement offers and other actions announced by issuers.

It is a cash distribution declared by a company for qualifying shareholders.

A bonus issue allocates additional shares to eligible shareholders according to the announced entitlement ratio.

A right issue gives eligible shareholders an opportunity to subscribe for additional securities according to the issuer's announced terms.

Eligibility for certain corporate actions is determined according to the issuer's announced dates and applicable settlement and depository rules.

No. Corporate actions are determined by the issuer subject to applicable corporate and securities laws.

Market prices may adjust around dividends, bonus issues, rights or other corporate actions based on exchange methodology and market forces.

Depending on the type of security and applicable law, shareholders may have rights relating to ownership, dividends when declared, participation in meetings, voting, access to specified company information and corporate actions.

An Annual General Meeting is a formal shareholder meeting at which matters such as financial statements, elections or appointments and other resolutions may be considered according to applicable corporate law.

Voting rights depend on the securities held, applicable law and the resolution being considered. Shareholders should review the company’s meeting notice and voting procedures.

E-voting is an electronic mechanism through which eligible shareholders may cast votes where provided under the applicable framework.

A proxy is a person authorized to attend or vote on behalf of a shareholder under applicable company law and meeting procedures.

These notices can contain decisions affecting ownership rights, dividends, capital structure, board composition or other material matters.

An Extraordinary General Meeting is a shareholder meeting convened outside the ordinary annual meeting cycle to consider specified matters requiring shareholder action.

Company and securities laws provide various rights and remedies intended to protect shareholders, including minority investors. The applicable remedy depends on the circumstances.

A shareholder becomes entitled only when a dividend is validly declared and the investor meets the relevant entitlement criteria. Tax deductions and payment procedures may apply.

Eligibility depends on the announced entitlement, book-closure or record framework and settlement timing. Investors should check the issuer’s official corporate-action announcement.

Different forms of investment income may be taxable under Pakistan's prevailing tax laws.

CGT means Capital Gains Tax.

NCCPL performs functions relating to capital-gains taxation under the applicable framework for relevant capital-market transactions.

NCCPL UIS provides investors access to CGT-related information made available through the system.

No. Dividend taxation and taxation of gains from securities are separate tax concepts.

No. Tax rules and rates can change through legislation, finance acts, statutory notifications and regulatory changes.

Unless separately and lawfully provided, brokerage services should not be treated as personalized professional tax advice. Clients should consult an appropriately qualified tax adviser where necessary.

Margin is collateral or financial cover required against specified trading exposures or obligations.

Limits help control settlement exposure, regulatory risk and potential losses.

Yes. Limits may change according to available cash or securities, exposure, market conditions, regulatory requirements and company risk policy.

A margin call is a requirement to provide additional eligible collateral or funds when existing coverage becomes insufficient.

Positions may become subject to restriction or liquidation in accordance with applicable regulations, product rules, agreements and risk-management procedures.

Yes. Risk requirements can differ according to the security, market, product and applicable margin methodology.

Yes. A broker may reject or restrict orders where regulatory, exposure, margin, settlement, operational or risk-management conditions are not satisfied.

Leverage means obtaining market exposure greater than the investor's immediately committed capital through a permitted financing or leveraged product.

Yes. Leverage can magnify both profits and losses.

Yes. Because exposure is amplified, adverse price movement can consume available margin much faster.

Clients should provide accurate information, understand account terms, protect credentials, review confirmations and statements, meet settlement obligations, update KYC details, maintain sufficient funds or securities, understand investment risks and report discrepancies promptly.

No.

No.

Investment decisions should not be based solely on unverified tips, rumours, WhatsApp groups or social-media posts.

Investors should be extremely cautious of anyone promising fixed or guaranteed stock-market returns.

Borrowing to speculate materially increases financial risk. Investors should independently assess their capacity to bear losses.

Never share a trading password, PIN or OTP; never sign blank account documents; never transfer investment money to an employee's personal account; use only officially designated company payment channels; check every trade confirmation; review your brokerage ledger; verify securities through available CDC records; use NCCPL UIS to independently review UIN-related information; report unauthorized activity immediately; keep KYC information current; understand a product before trading it; do not rely on rumours or guaranteed-return claims; maintain sufficient funds or securities for settlement; understand that equity prices can fall as well as rise; and keep written evidence of material instructions and transactions.

FOMO means fear of missing out. It can cause investors to chase rapidly rising prices without analysis, appropriate valuation or risk controls.

Panic selling is an emotional reaction to falling prices that can cause an investor to sell without reassessing fundamentals, liquidity needs, portfolio risk or the original investment thesis.

Averaging down means buying additional shares after the price has fallen, thereby reducing the average purchase price. It can increase losses if the original investment thesis is wrong, so it should not be used automatically.

Overtrading means trading excessively relative to a defined strategy or financial objective. It can increase transaction costs, mistakes and emotional decision-making.

Confirmation bias occurs when an investor seeks information supporting an existing view while ignoring contradictory evidence.

Red flags include guaranteed returns, pressure to act immediately, requests to transfer funds to personal accounts, secret inside-information claims, fake screenshots, impersonation of brokers, requests for OTPs or passwords and refusal to provide verifiable documentation.

It is a manipulative scheme in which misleading promotion or coordinated activity is used to inflate interest or price before promoters sell their holdings. Investors should avoid acting on unverified promotional campaigns or tip groups.

Unverified tips may be inaccurate, conflicted or manipulative. Investors should independently verify material information through official disclosures and conduct their own analysis.

Inside or material non-public information concerns information not generally available to the public that may be relevant to the value or trading of securities. Trading or tipping on prohibited inside information can have serious legal consequences.

No legitimate securities-market participant can guarantee a market profit. Any such claim should be treated as a serious warning sign and independently verified.

Risk tolerance describes an investor’s willingness to experience fluctuations and losses, while risk capacity concerns the financial ability to absorb those losses. Both matter.

Position sizing limits the amount of capital exposed to one idea. Even a strong investment thesis can be wrong, so controlling exposure is central to risk management.

An exit plan defines conditions under which you may reduce or close an investment, helping prevent emotional decisions when market conditions change.

Use only verified company channels, independently verify payment details, protect login credentials and regularly review your statements and alerts.

Do not provide it. Contact the company through a verified official channel.

Do not transfer funds until you independently verify the communication with the company.

Secure your SIM, email and financial accounts immediately and notify the company where your trading account may be exposed.

It materially reduces the risk of unauthorized account access.

Client information is handled subject to applicable confidentiality, data-security, regulatory and legal obligations.

Information may be disclosed where authorized by the client or required or permitted under applicable law, regulation, court order or regulatory request.

Clients should safeguard passwords, OTPs, CNIC copies, bank details, account statements, trading credentials and registered email or mobile access.

Phishing is an attempt to steal confidential information by impersonating a legitimate organization or person.

Contact Javed Iqbal Securities (Pvt) Ltd. through an independently verified official communication channel rather than relying on contact details contained in the suspicious message.

AML means Anti-Money Laundering.

CFT means Countering Financing of Terrorism.

Regulated financial institutions must implement controls designed to identify and manage money-laundering, terrorist-financing and related financial-crime risks.

Client information must remain sufficiently current for regulatory, risk and compliance purposes.

A beneficial owner is the natural person who ultimately owns or controls a customer or on whose behalf a transaction or relationship is conducted, as determined under applicable law and regulation.

Identification of beneficial ownership is part of regulatory KYC and AML/CFT obligations.

Enhanced due diligence involves additional examination of higher-risk relationships or transactions.

Yes. Transactions or account functionality may be restricted where required by law, regulatory instruction, sanctions controls, incomplete KYC or other legitimate compliance considerations.

Information relating to suspicious-transaction reporting is governed by strict legal and confidentiality requirements.

These checks are part of risk-based customer due diligence under applicable AML/CFT requirements.

The JISPL Policies area presents regulatory, data-protection, trading-security, KYC and AML/CFT frameworks. Clients should use the current published version of each policy.

It explains what client and website information may be collected, why it is processed, lawful/regulatory sharing, security controls, retention, client rights and digital/AI processing.

It addresses secure mobile/online trading access, device security, authentication, biometric/OTP controls and safe use of official communication channels.

It covers administrative credentials, digital keys, access revocation and security response when a device, key or credential may be compromised.

It explains identity verification, source-of-funds/source-of-wealth information, beneficial ownership, screening and controls used before and during the brokerage relationship.

CDD is the risk-based process used to understand and verify a client. Depending on risk, simplified, standard or enhanced due diligence may apply.

It establishes controls against money laundering, terrorist financing and proliferation-financing risks, including transaction monitoring, sanctions screening and verified banking channels.

It defines segregation of duties, approvals, reconciliations, supervision, record controls and governance mechanisms intended to reduce operational and compliance risk.

It explains how the company identifies, monitors and controls market, credit, settlement, liquidity, operational and technology risks.

It governs how regulatory, client, trading, communication, financial and system records are preserved, protected and disposed of according to applicable requirements.

It establishes controls over employee personal securities trading, including authorization, disclosure, conflict management and market-rule compliance.

It addresses access control, credential security, system protection, incidents, vulnerabilities, backups, network security and client-information protection.

It describes how JISPL monitors adherence to PSX, SECP, NCCPL, CDC and other requirements, including oversight, reporting, training, escalation and remediation.

The BCP/DR framework defines how critical brokerage, technology, communication and record functions are maintained or restored after disruption or emergency.

It explains complaint submission, evidence, investigation, escalation and when unresolved disputes may proceed to PSX/SECP channels or arbitration.

No. Policies establish controls but cannot eliminate market, operational, cyber, settlement or human risk.

Start with the Privacy Policy and Information Security/Cybersecurity Policy and contact JISPL immediately for suspected unauthorized access.

Review the Mobile App & Trading Policy, Key Management & Security controls, Information Security/Cybersecurity Policy and KITS guidance.

Account opening is most directly connected with KYC/AML, CDD, Privacy, AML/CFT/CPF and client-account procedures.

The Investor Grievance & Dispute Resolution Procedure, Compliance Policy, Privacy Policy and record-retention controls may all be relevant depending on the complaint.

It is a transaction alleged to have been executed without the client's valid instruction or authority.

Notify the company immediately in writing, identify the transaction and preserve all supporting records.

Relevant order records, trading-system records, communications and other available evidence may be reviewed according to the nature of the complaint and applicable record-keeping requirements.

Clients should discuss the situation with the company's authorized personnel because continuing activity can complicate positions and settlement obligations.

Submit the complaint through an officially designated company grievance channel and include sufficient information for investigation.

Include your name, client code or account number, identification reference where appropriate, transaction date, security, disputed amount or quantity, description of the issue, supporting records and requested resolution.

Trade confirmations, account statements, payment receipts, emails, messages, written orders and other relevant documents should be preserved.

The company should record, assess, investigate and respond to the matter in accordance with its grievance-handling procedure and applicable regulatory requirements.

Eligible complaints or disputes may be escalated to the relevant regulatory or forum mechanisms available under Pakistan's capital-market framework.

Yes. PSX's Regulatory Affairs Division provides an investor-complaint mechanism for relevant disputes involving securities brokers.

Where an eligible broker-client dispute relating to a trade or transaction cannot be amicably settled, it may be referred to arbitration under Chapter 18 of the PSX Regulations.

No. Complaints may be considered or resolved through the applicable grievance or mediation process before formal arbitration, depending on the circumstances.

The matter is considered under the procedure prescribed in Chapter 18 of the PSX Regulations and the parties are provided an opportunity to present their case according to those rules.

Yes. Chapter 18 of the PSX Regulations contains provisions concerning late claims. Clients should therefore raise disputes promptly and seek current guidance on the applicable limitation provisions.

Delay can impair investigation, evidence preservation and legal or regulatory remedies.

CCPF is the centralized customer-protection compensation mechanism established under the applicable regulatory framework to compensate eligible customers of a stock broker declared defaulter, subject to admitted claims, limits and procedures.

No. CCPF is not insurance against normal market losses, poor investment decisions or declines in share prices. It applies to eligible admitted claims arising in the context of a broker default under the governing framework.

PSX currently states a maximum CCPF compensation amount of PKR 1,000,000 per claimant for an admitted claim, subject to the applicable rules and claim process. Investors should check the latest PSX rulebook and notices because regulatory limits can change.

The process is triggered when PSX declares a securities broker a defaulter and invites eligible customers to submit claims according to the prescribed procedure.

Claims are processed and verified under the PSX default and compensation framework. Eligibility and admitted amounts depend on records, evidence and the applicable rules.

No. Investors should still reconcile trades, cash and securities, use CDC/NCCPL alerts and report discrepancies promptly.

Use registered brokers, maintain proper records, monitor CDC/NCCPL alerts, consider available direct custody or settlement facilities where appropriate, and never allow unauthorized use of your account.

Follow PSX official notices immediately, preserve all statements and evidence, submit the prescribed claim within applicable deadlines and respond promptly to verification requests.

Possible reasons include expired KYC documents, sanctions or compliance issues, regulatory directions, court orders, suspicious activity controls, settlement defaults, margin deficiency, deceased-account status, cybersecurity concerns or incomplete account information.

No. The company is required to comply with applicable lawful directions from relevant regulatory and judicial authorities.

Yes. PSX may impose suspensions, market controls or other regulatory measures in accordance with its rules.

Yes, subject to completion of the prescribed closure process.

The client generally needs to settle outstanding obligations, resolve open positions, transfer or dispose of remaining securities as required, clear pending charges, submit the prescribed request and complete verification.

They must be transferred or otherwise dealt with according to the client's valid instructions and applicable CDC/NCCPL procedures before final closure where required.

Any legitimately payable residual balance is processed through the approved withdrawal or closure procedure after reconciliation and applicable obligations.

No. A client code or brokerage-account closure and UIN status are distinct concepts within the capital-market infrastructure.

An Initial Public Offering is an offering through which securities of an issuer are offered to investors in accordance with the applicable public-offering framework.

No. Allocation depends upon the offering terms and applicable allocation mechanism.

Yes. Market price after listing is determined by market conditions and can be higher or lower than the issue price.

Yes. Investors should review the prospectus or offering document, risk factors, issuer information and terms before investing.

An Exchange Traded Fund is an investment fund whose units trade on the stock exchange. An ETF normally seeks to provide exposure to an underlying index, basket or investment strategy and can be bought or sold through a brokerage account like other exchange-traded securities.

An ETF can provide exposure to multiple securities through one exchange-traded instrument, while buying an individual share exposes the investor directly to one company. ETFs still carry market, tracking, liquidity and other risks.

Net Asset Value represents the value of the ETF’s underlying assets minus liabilities, usually expressed on a per-unit basis. An ETF’s market price may trade above or below its NAV.

Indicative NAV is an intraday reference value designed to help investors compare the ETF’s market price with an estimate of its underlying value during trading hours, where such information is provided.

A market maker provides buy and sell quotations during the applicable market-making period in accordance with exchange requirements, supporting tradability and liquidity. This does not eliminate price or liquidity risk.

Yes. An ETF can be Shariah-compliant where its structure and underlying constituents meet the relevant Shariah criteria. Investors should review the applicable offering document and current Shariah status.

A Real Estate Investment Trust is an investment structure that provides exposure to real-estate assets or projects under the applicable REIT regulatory framework. Listed REIT units, where available, can provide exchange-traded real-estate exposure.

No. REIT values can be affected by property prices, occupancy, financing costs, development risk, management performance, interest rates, liquidity and broader market conditions.

Sukuk are Shariah-compliant investment certificates structured around permissible assets, rights or transactions rather than conventional interest-bearing debt. Product terms and risks vary.

Review the offering document or prospectus, investment objective, underlying assets, fees, liquidity, risks, distribution policy, Shariah status where relevant and the latest issuer or fund disclosures.

Yes. PSX provides access to Shariah-compliant shares and other eligible instruments. Investors should rely on the latest official Shariah-compliant lists and index information because classifications can change.

KMI-30 is a PSX Islamic index that tracks selected liquid Shariah-compliant companies under its applicable methodology.

It is an index comprising Shariah-compliant companies listed on PSX according to the applicable screening methodology.

No. Shariah status is reviewed periodically and can change as financial ratios, business activities or the applicable screening outcome changes.

Investors following Shariah principles should consult the latest official PSX/SECP Shariah guidance and, where necessary, a qualified Shariah adviser regarding disposal and purification requirements.

Purification generally refers to dealing with the non-permissible portion of income associated with an investment according to applicable Shariah guidance. The required treatment depends on the instrument and current guidance.

Not necessarily. Investors following Shariah principles should review the applicable purification information and current guidance for the relevant security.

Yes. Recomposition and periodic screening can change index constituents and Shariah classification.

PSX provides Shariah-compliant investment instruments, including Shariah-compliant ETFs and Sukuk where listed or available under the applicable framework.

No. Use current official PSX or relevant authorized Shariah-compliance information and obtain qualified advice where needed.

Pakistan's capital market may provide regulated leverage or financing mechanisms under NCCPL or PSX rules.

No. They involve additional cost, margin requirements and increased risk.

Yes. Financing charges and transaction costs affect net investment returns.

Positions may become subject to risk-management action where required margin or obligations are not maintained.

Roshan Digital Account is a banking framework that enables eligible non-resident Pakistanis to access specified banking and investment opportunities in Pakistan through participating banks, subject to applicable State Bank of Pakistan and other regulatory requirements.

Roshan Equity Investment is the capital-market facility through which eligible non-resident Pakistanis can invest in PSX-traded instruments through the Roshan Digital Account framework and a designated securities broker.

Yes, eligible non-resident Pakistanis may invest in the Pakistan capital market through the Roshan Equity Investment framework, subject to the current RDA/REI process, participating institutions and regulatory requirements.

The investor selects from designated brokerage houses available through the relevant RDA or REI process. The selected broker performs the required onboarding, KYC/CDD and account-opening steps applicable to the investor.

Yes. The capital-market onboarding process includes creation or linking of the investor’s UIN through the applicable NCCPL framework.

No. The available investment universe may include conventional and Shariah-compliant securities and other eligible exchange-traded instruments, subject to the prevailing RDA/REI framework and product availability.

Repatriation is governed by the Roshan Digital Account and applicable banking, foreign-exchange, tax and capital-market rules. Investors should confirm current procedures with their participating bank and broker.

Tax treatment can depend on residency status, instrument and prevailing law. Non-resident investors should obtain current tax information and, where necessary, professional tax advice.

Requirements are determined by the participating bank, broker and current regulatory framework. Digital KYC information may be shared through the prescribed process, with additional information requested where required.

No. Both provide investment access, but the onboarding, banking, foreign-exchange and repatriation framework for non-resident Pakistanis differs from a conventional resident brokerage relationship.

Customer Support may assist with account inquiries, statement requests, account updates, online-access issues, deposit or withdrawal status, trade-confirmation queries, corporate-action questions, account-opening status and routing complaints to the appropriate department.

No. Validly executed trades cannot simply be altered through a customer-service request.

Use the company's officially authorized trading or order channel rather than general website support.

Verification protects clients from unauthorized disclosure or instructions.

New accounts, documentation, CKO/KYC, client-profile creation and account activation are handled through the account-opening and KYC function.

KYC review, AML/CFT, sanctions screening, regulatory restrictions, suspicious activity controls and compliance matters are handled by Compliance.

Order placement, execution queries, market activity and authorized trading channels are handled by Trading.

Login access, password or reset issues, online order problems and technical trading access are handled by the relevant online-trading or IT support function.

Trade obligations, T+1 settlement, deliveries, receivables and settlement discrepancies are handled through Settlement.

Client ledgers, deposits, withdrawals, reconciliations and brokerage-related financial entries are handled by Accounts or Finance.

Sub-accounts, securities balances, movements, transfers and custody-related matters are handled through the CDC or custody function.

UIN, settlement information, centralized KYC coordination and related NCCPL processes are handled by the relevant operations or compliance function.

Dividends, bonus shares, rights and issuer-entitlement inquiries are handled through Corporate Actions or Operations.

CGT-related records, withholding entries and tax information available through the brokerage or NCCPL framework are handled through the relevant finance or operations function.

Exposure limits, margin deficiencies, collateral and risk restrictions are handled by Risk Management.

Market research, company analysis, economic analysis and investor information, where provided, are handled by Research.

System access, technical incidents, cyber alerts and security controls are handled by IT or Information Security.

Complaints, disputes, investigations and regulatory escalation are handled through the designated grievance or compliance process.

Final reconciliation, asset or fund transfer and closure processing are handled by the relevant operations and account-maintenance teams.

A.L.I.N.A. should only execute or transmit trading instructions where Javed Iqbal Securities (Pvt) Ltd. has specifically implemented an authorized, authenticated and regulatory-compliant trading interface. General website chat should not be treated as an order-placement channel.

A.L.I.N.A. may provide educational, research or market information within services authorized by Javed Iqbal Securities (Pvt) Ltd. Any market view remains subject to risk and should not be regarded as a guarantee of return.

No. Never disclose trading passwords, bank passwords, PINs or OTPs through a chatbot.

Only where the user has securely authenticated through an approved system and the functionality has been formally integrated with the company's authorized back-office infrastructure.

No. Identity verification and secure authentication are required before confidential account information should be disclosed.

No.

It can collect or guide a client through preliminary complaint information if the company implements that function, but formal complaints should be registered through the company's approved grievance procedure.

Yes. It can be used as an investor-education assistant for topics such as UIN, CDC, NCCPL, settlement, corporate actions, account opening, market terminology and company procedures.

No. This FAQ provides general information. It does not replace the executed Account Opening Form, Standardized Account Opening Form requirements, client agreements, tariff or commission schedules, risk disclosures, PSX Regulations, NCCPL Regulations, CDC Regulations, SECP requirements, applicable tax legislation or any subsequent regulatory amendment.

The applicable legal, regulatory, exchange, clearing, depository or contractual requirement will prevail.

It should be reviewed at least annually and immediately following any material regulatory or operational change affecting PSX regulations, SECP requirements, NCCPL or CDC regulations, settlement cycles, KYC or AML/CFT, tax treatment, payment arrangements, commissions, online trading, complaints, cybersecurity or company contact information.