What a CDC account is
The Central Depository Company of Pakistan (CDC) is the central depository. It holds shares of listed companies in electronic form. When you buy shares on the Pakistan Stock Exchange (PSX), they do not sit in your broker's own books. They are recorded in a CDC account under your name.
Trading itself goes through a broker. Per the official position, the regulator is the Securities and Exchange Commission of Pakistan (SECP), with trading in listed securities and commodities only via SECP-licensed securities and futures brokers. The CDC keeps the record of who owns what, and the broker places your orders. For how the market fits together, see PSX basics and PSX explained.
A CDC account can be one of two main kinds: a sub-account opened through a broker, or an investor account held directly with the CDC.
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CDC sub-account
A CDC sub-account is opened through your broker, who is a CDC participant. Your shares are recorded in your own name, under the broker's participant account.
How it works in practice:
- You open a trading account with a licensed broker, and the broker opens the CDC sub-account for you as part of that process.
- The broker can move shares in and out of the sub-account to settle your trades. See Settlement cycle for how trades settle.
- Most retail investors use this setup because it is linked directly to trading.
The trade-off is control. The broker operates the sub-account, so your protection depends on the broker following the rules and on you checking your holdings yourself.
CDC investor account
A CDC investor account is opened directly with the CDC. The broker does not operate it. Shares held there can only be moved on your instruction.
People usually choose it to:
- hold shares for a long time with less reliance on any single broker;
- keep holdings separate from a trading account;
- move shares to a broker's sub-account only when they want to sell.
Selling usually takes an extra step, because shares must reach the broker before the sale. Check the current process, documents and any charges with the CDC directly.
Sub-account vs investor account
| Point | Sub-account | Investor account |
|---|---|---|
| Opened through | Your broker | The CDC directly |
| Who operates it | The broker, for your trades | You |
| Selling shares | Direct through the broker | Shares move to a broker first |
| Main use | Active trading | Holding and safekeeping |
CDC account opening
CDC account opening depends on the route:
- Sub-account: done by your broker when you open a trading account. The steps are covered in Open trading account.
- Investor account: applied for directly with the CDC.
Required documents, forms and fees change over time, so check the current requirements on the official CDC website or with your broker before applying. Overseas Pakistanis can also look at Roshan Digital and PSX.
Choose a broker carefully. Per the SECP, lists of licensed brokers are on the PSX and PMEX websites. Check that a broker appears on those lists before you share documents or money.
Your CDC account number
Your CDC account number identifies where your shares are recorded. For a sub-account, your details usually include the broker's participant ID together with your own account number. An investor account has its own identifier from the CDC.
Keep this number with your CNIC records. You need it to check holdings, receive statements and apply for an IPO on PSX. Do not share it, or your login details, in chat groups or with unknown callers.
Checking your holdings independently
Do not rely only on the broker's app or statement. The CDC offers its own ways to see your holdings, such as statements of account and online access. Check the current services and how to register for them on the official CDC website.
Good habits:
- Compare the CDC statement with your broker's statement on a regular basis.
- Make sure your mobile number and email are correct with the CDC, so its notices reach you directly.
- Query any transfer, pledge or sale you did not authorise with the broker right away. If it is not resolved, raise it with the CDC and the SECP.
- Watch for fake platforms. Per the SECP, there are SECP warnings by press release naming platforms (Quotex 09.04.2025; IBKR look-alikes, IGIL Securities, BMA Capital No.108 etc. 22.05.2025; Hillhouse Capital, S-169 Wharton 13.01.2026), none of which names Exness.
Shares can fall in value. A CDC account keeps your ownership record, but it does not protect you from market losses. For rules and complaint routes, see Law and regulators. For tax on gains, see Capital gains tax.
Frequent questions
Is a CDC sub-account in my name?
Yes. The shares are recorded in your name under the broker's participant account. The broker operates the account to settle your trades.
Can I have both a sub-account and an investor account?
Many investors do this: they hold long-term shares in the investor account and trade through the sub-account. Check the current rules with the CDC.
How do I find my CDC account number?
It is in your account opening documents and in statements from your broker or the CDC. If you cannot find it, ask your broker or the CDC.
Does the CDC tell me what I hold?
The CDC provides statements and online access to holdings. Check the current services on the official CDC website.
Do I need a CDC account to buy PSX shares?
Yes. Listed shares are held electronically at the CDC, so a sub-account or an investor account is needed. Your broker usually sets up a sub-account when you open a trading account.