Check Your Stockbroker Is a PSX TREC Holder Before You Deposit Money in Pakistan

Short answer: Open the Pakistan Stock Exchange (PSX) page "Find a Brokerage Firm" and look for your broker's exact name in its list of Trading Right Entitlement Certificate (TREC) holders. On 12 October 2026 the list held 283 names, and 13 carried the label "Under Suspension". If the name is missing or suspended, do not deposit money.

A friend recommends a broker on WhatsApp. The broker sends an account form and a bank account number. The only thing missing is the one check that takes two minutes: is this firm on PSX's own list?

We opened PSX's brokerage firm list and its investor pages on 12 October 2026. We did not open an account with anyone. PSX's own investor guidance tells people to deal only through registered brokers, meaning TREC holders with a valid licence from the Securities and Exchange Commission of Pakistan (SECP).

PSX lists 283 TREC holders and marks 13 as under suspension

A TREC is the certificate that lets a company trade on the exchange. PSX publishes the holders in a drop-down list on its website. Thirteen names on 12 October carried "Under Suspension" next to them. PSX does not explain the label on that page.

We do not name the suspended firms here. The list changes, and the live page is the only list that counts on the day you read this.

Check the broker in five steps

Go to psx.com.pk, open Find a Brokerage Firm, and search by the exact name on your account form. Then read the label next to it. The whole check takes about two minutes and needs no login.

1. Write down the full company name from the account form, not the shop name or the agent's nickname.
2. Open psx.com.pk and choose Find a Brokerage Firm from the top menu.
3. Select the name in the TRE certificate holder drop-down, or filter by city.
4. Read the label. Any note such as "Under Suspension" means stop.
5. Ask the broker for its SECP licence number and check that the name matches.

A name on the list is not the end of the check

Being on the list shows a firm holds a trading right. The licence is a separate paper from SECP. PSX says the brokerage licence is valid for one year and must be renewed, with the renewal application due by 30 November each year.

So ask for the licence number and the date it runs to. PSX also links to credit ratings of brokerage firms from two rating agencies, VIS and PACRA. A rating is not a promise, but a firm with none is worth a question.

A listing also says nothing about promised returns. Our report on a licensed broker that ran a Ponzi scheme is why we say check the return, not only the licence. No broker can guarantee a profit on shares, and PSX's own do's and don'ts warn against promises of unrealistic returns.

Pay the firm, not a person, and keep every receipt

Pay by bank transfer or crossed cheque to the brokerage company's own account, in its name. Our advice is to refuse any request to send money to a person's account or wallet. Keep every receipt, and get your CDC account details in writing.

• PSX's guidance says to avoid off-market transactions and not to deal with unregistered intermediaries.
• The PSX Sahulat account form asks for your CNIC, income band and a bank IBAN. It also has a nominee section and a Zakat status box.
• The same form offers free CDC access, so you can see your own holdings without asking the broker.

If you are new to the market, our guide on how to start investing in the PSX explains the account and the broker step by step.

What protects you if a broker defaults

PSX runs a compensation fund for customers of a broker it declares a defaulter. The fund pays up to Rs 1,000,000 per claimant, for claims PSX admits. It is a backstop, not a guarantee of your full amount, so a bigger account carries more risk.

The claim process starts when PSX declares the broker a defaulter and posts a notice on its website. It then invites claims, and an audit firm checks that each one is genuine. The step-by-step route to PSX is in our guide on how to complain against your stockbroker at PSX.

If your broker is not on the list and you have already paid, write to PSX at investor.complaints@psx.com.pk with your receipts and the account form. Do not pay any "recovery fee" to someone who says they can get the money back.

Common questions

How do I check if a stockbroker is registered in Pakistan?

Use the Find a Brokerage Firm page on psx.com.pk and look for the exact company name in the TRE certificate holder list. Then ask the broker for its SECP licence number.

What does "Under Suspension" mean next to a broker's name?

It is the label PSX shows next to 13 names on its list on 12 October 2026. PSX does not explain it on that page, so treat it as a stop sign and ask PSX before you deposit.

Who licenses stockbrokers in Pakistan?

SECP issues the securities brokerage licence. PSX issues the trading right, the TREC, and forwards licence applications to SECP.

Is my money safe if my broker goes bankrupt?

Only partly. PSX's compensation fund pays up to Rs 1,000,000 per claimant for admitted claims after a default is declared.

Can I trust a broker found on social media?

Only after the checks above. Check the PSX list first, and never pay a person's own account number.

Can I open more than one broker account?

Yes, with several brokers. PSX's Sahulat account allows one per broker, as we explain in our Sahulat account guide.

How we verified this

What we checked, where we read it, and what we could not confirm.

We read the PSX brokerage firm list, its investor do's and don'ts and its compensation fund page on 12 October 2026. The counts of 283 and 13 are from the drop-down list that day. We could not open SECP's own broker list because its site showed a security check, so the licence step relies on asking the broker.