Complain Against Your Stockbroker at PSX: Email, Arbitration and SECP
Complain against your stockbroker at PSX by email while its portal is down. See the nine problems PSX hears, the documents, 90-day arbitration and SECP's route.
To complain against your stockbroker, email investor.complaints@psx.com.pk with your trading account number, the broker's name and the amount you are claiming. The Pakistan Stock Exchange (PSX) can send the dispute to arbitration, which its rules say should finish within 90 days.
PSX also has an online complaint portal, cms.psx.com.pk. When we opened it on 2 October 2026, it showed a maintenance notice that said "You may approach PSX via email at investor.complaints@psx.com.pk". So for now, email is the working route.
A stockbroker in Pakistan is a TRE certificate holder, a firm licensed to trade on PSX for you. If that firm sells your shares without asking, holds back your money or overcharges commission, PSX is the first body to go to. The Securities and Exchange Commission of Pakistan (SECP) is the second.
PSX takes broker complaints by email, online form or courier
PSX handles investor complaints through its Regulatory Affairs Division. You can complain by email, through the online portal when it is working, or by posting a paper claim form. Each route needs the same details and documents.
The complaint goes to the Audit, Inspection, Default and Arbitration Department inside that division. PSX calls itself the "frontline regulator" of brokers, which means it supervises its member firms day to day.
Before you write to PSX, raise the problem with the broker in writing. Both PSX and SECP advise this, and a written refusal from the broker makes your complaint stronger. Give the broker a few working days, then escalate.
Nine broker problems PSX will look at
PSX will hear a complaint when the broker broke a rule, not when the market simply fell. Its own guide says losing money is not, on its own, a reason for a case. The broker must follow your instructions, and these are the failures it lists.
| Problem | What to attach |
|---|---|
| Shares bought or sold without your order | Trade confirmations and your account ledger |
| Shares moved out of your account without consent | CDC account statements |
| Money not paid to you after a sale | Contract notes and the net equity statement |
| Money moved out of your account without consent | Ledger showing the amounts you did not receive |
| Shares paid for but never delivered | Proof of payment and the share symbol, quantity and rate |
| Your order not carried out | The order message, call record or email |
| Commission charged above the agreed rate | Account opening form and the sale or purchase bills |
| No trade confirmation within 24 hours | A note of the trade date and what you received |
| No account statements given | The periods for which statements are missing |
Trade confirmations by SMS or email, WhatsApp messages with your agent and bank transfer slips all count as evidence.
File a PSX complaint in six steps
A PSX complaint needs your CNIC, your trading and sub-account numbers, the broker's name and branch, and the money value of your claim. Put the amount in rupees, because PSX's instructions say to state the claim in money terms.
- Write to your broker first and keep its reply, or note that it did not reply.
- Collect your documents: CNIC copy, account opening form, CDC sub-account opening form, CDC reports and statements, and any paper the broker signed.
- Download the PSX claim form, or write an email with the same details.
- Fill in your name, address, CNIC, phone, mobile and email, plus the broker's name, the agent you dealt with, the branch, and your trading and sub-account numbers.
- Say how you usually placed orders: online, by phone or by visiting the broker's office.
- Email the form and scanned documents to investor.complaints@psx.com.pk, or send paper copies by courier to the Stock Exchange Building, Stock Exchange Road, Karachi.
PSX's guide also asks for an undertaking that you will follow the exchange's rules. Its instructions warn that the exchange can act against a complaint found to be false, so stick to what your papers show.
Check one thing before you file. PSX can only help if your complaint is against one of its own TRE certificate holders, for trades done on its trading system. A Ponzi scheme that only claimed to trade shares, like the case behind the Blink Capital collapse, may also need the police or FIA.
Arbitration decides most broker disputes within 90 days
If the broker does not settle, PSX refers the dispute to arbitration under Chapter 18 of its rule book. Claims up to Rs 500,000 go to a single arbitrator, and larger claims go to a sub-panel. PSX's guide sets 90 days for a decision.
Arbitration is a private hearing instead of a court case. The panel includes broker members, senior PSX staff and outside experts such as lawyers and accountants. Its decision is called an award.
A few rules from the PSX guide matter in practice:
- If the 90 days are not enough, the delay must be explained in writing, and the extension cannot pass 30 working days.
- If the broker misses two hearings in a row, the case can be decided without it.
- If you miss two hearings in a row, your complaint can be dismissed.
- Either side unhappy with the award can appeal within 15 working days of receiving it.
PSX also publishes a list of brokers that have not complied with arbitration awards, and a status report of investor complaints. Both files on its complaints page were dated 2 October 2026 when we checked. Look at the list before you open an account, the same way you would compare brokers when you start investing on PSX.
Go to SECP if PSX does not resolve it
SECP accepts complaints against a member or agent of a stock exchange. Use the "Submit your complaint" button on its website, fax +92 51 9100471, or post it to the Service Desk at NIC Building, 63 Jinnah Avenue, Islamabad. SECP may send it back to PSX.
SECP also has complaint drop boxes in Karachi, Lahore, Islamabad and Abbottabad. For questions rather than complaints, its toll-free number is 080088008, which SECP says is free only from a landline.
Act quickly. The two bodies give different time limits, and we found no way to reconcile them:
- PSX's guide says arbitration claims must be filed within three years of the dispute, or up to 10 years if you can show the delay was beyond your control.
- SECP's complaints page says exchange rules "usually" allow two years, after which a claim will not be considered.
Use the shorter one, two years, as your deadline. You can also take a broker to a civil court, which PSX's guide lists as the third option. PSX's guide says arbitration is faster than going to court.
Customers of a defaulted broker can claim up to Rs 1 million
If PSX declares your broker a defaulter, its customers can claim from the Centralized Customers Protection Compensation Fund. The fund pays up to Rs 1,000,000 per claimant whose claim PSX admits. Claims go to PSX's Regulatory Affairs Division after the default notice.
It only applies after a formal default, not to an ordinary dispute with a broker that is still trading. If the total paid under the Rs 1 million cap comes to less than Rs 35 million, PSX says the difference is shared pro rata among claimants who were only partly paid.
Check your CDC statements every month, whatever you hold, from IPO shares to your regular portfolio. That is the quickest way to spot an unauthorised sale.
Common questions
Where do I complain about my stockbroker in Pakistan?
To PSX first, at investor.complaints@psx.com.pk. If PSX does not resolve it, complain to SECP.
Is the PSX online complaint portal working?
No, not on 2 October 2026. It showed a maintenance notice and pointed to the complaints email.
How long does PSX arbitration take?
PSX's guide says 90 days from an accepted application, with any extension capped at 30 working days.
Can I complain because my shares lost value?
No. PSX says losing money alone is not grounds for a case. The broker must have broken a rule or ignored your instructions.
How much can I get if my broker defaults?
Up to Rs 1,000,000 per claimant from the customer protection fund, once PSX declares the broker a defaulter and admits your claim.
How we verified this
What we checked, where we read it, and what we could not confirm.
Last checked on 2 October 2026. The complaint routes, the arbitration panel files and the protection fund limit are from the PSX investor complaints page. The list of complaint types, the Rs 500,000 split, the 90-day limit, the appeal period and the three-year rule are from PSX's guide for investors on lodging complaints, and the form details are from its complaint registration instructions. We opened cms.psx.com.pk ourselves and saw the maintenance notice. The SECP routes, fax, toll-free number and two-year note are from SECP's complaints page. We did not file a complaint, and PSX does not say on these pages whether arbitration carries a fee.
About the author
Public Services and Education Journalist
Fajr Riaz is a journalist and content writer at Pakistan Era, based in Lahore. She covers the questions people meet in everyday life in Pakistan: how a public service works, what a change in the rules means, and where to find a reliable answer.
