FAQs

iTrade is a software-based internet stock trading service. An iTrade account provides a 24-hour connection to access your account balances, portfolio holdings, statements, stock quotes, news and research.

Yes, if you are signed up for iTrade and have received a user ID and password from us. Please note that after signing up for iTrade, you can place trades online.

Absolutely. When you visit the iTrade website and provide your ID and password, your session is encrypted at a secure level, even when using a browser with a lower security level.

Yes. All of our trading platforms provide real-time data.

The market quotes and order-placement quotes are real-time for iTrade clients.

Yes. Please download our user manual for further guidance.

Any person wishing to trade on the Pakistan Stock Exchange can sign up for iTrade.

The electronic service provides valuable and timely information about your account that can help you and your broker work more closely to reach your financial goals.

You can sign up by filling out our Account Opening Form online by clicking the Open an Account button available at the top of the page, or by downloading the form.

The entire process takes only a few minutes. For further assistance, please call the iTrade Call Center at +92 21 111 444 002.

Once all documentation is completed and approved, you will be able to access your account. Trading can begin once your account has sufficient funds.

To transfer your account, you must first download the Account Opening Form from our website or obtain one from our offices. Once the relevant documentation is complete, you can ask your existing broker to transfer your equity, securities or shares to us.

Please call our Help Desk on 0800-23434 for further details.

Yes. You can open your account with shares, either in physical form or in CDC.

Yes. Some of the available order types include Market Orders, Stop-Limit Orders, Limit Orders and Short-Sell Orders for future contracts, subject to SECP regulations.

Yes. Short-sell orders for the regular market are not allowed. Wash trades, where the same share is bought and sold at the same rate, are also prohibited.

Yes, physical shares are accepted at IGI Securities.

The physical shares must be in the name of the account holder. You will deposit your physical shares along with verified transfer deeds and a covering letter at our head office.

IGI Securities will transfer these shares into electronic form through the Central Depository Company of Pakistan Limited.

Whenever you place an order through the online trading system, the message-board window shows the time and details of order placement, cancellation and execution.

The margin window also shows the status of the order placement through pending orders, the duration of custody balance in case of execution, and cash balance accordingly.

You can also view details of outstanding orders and executed transactions through your terminal.

Yes. We do not charge an additional fee to execute an order for you over the phone.

Once the trade has been completed, you will receive a real-time SMS confirmation and a confirmation email at the end of the day.

Yes. You may cancel your outstanding order through all available trading channels, including software, web-based and mobile platforms.

You may also call us on +92 21 111 444 001, and our representative will cancel the order upon your request after formal verification.

Modification and cancellation of orders are not allowed during the Market Pre-Open Session.

There are multiple ways to connect to your stock trading account when the IGI Trading System is not accessible.

You can log in through www.igisecurities.com.pk , contact the customer support department at +92 21 111 444 001, or call our toll-free number at 0800-23434.

These channels can be used to check your portfolio, place or cancel orders, and access other services.

A. In case of a system failure affecting orders, customer complaints received from traders and customer support are forwarded to RMD.

B. RMD checks the orders placed on KATS.

C. If the orders are executed, customers are informed through their respective traders or customer support representatives.

D. If the orders are not executed, RMD requests the IT department to cancel the pending orders.

E. After the pending orders are cancelled, customers are informed through their respective traders or customer support representatives.

iTrade customer support is available during working hours to resolve any problems you may face.

You can call our customer services department at +92 21 111 444 001, email info@igi.com.pk or info@igi-trade.com.pk, or call the toll-free number 0800-23434.

Yes. Our toll-free number is 0800-23434, also written as 0800-TRADE.

Clients residing outside Pakistan can email their queries to us or call the iTrade helpline from outside Pakistan.

Opening an account is simple.

You can call our UAN at +92 21 111 444 001, or call the direct numbers 021-35309222, 021-35301697 or 021-35301392.

You may also email igi.commodity@igi.com.pk or fill out the online Account Opening Form available on www.igisecurities.com.pk .

Our brokerage advisors will assist you and answer your questions about the procedures for managing, using and monitoring your account.

The Government of Pakistan has imposed Capital Gains Tax, or CGT, on shareholders.

CGT is a separate and independent tax that has no connection with other income, such as salary or business income. It is calculated on the profit or capital gain earned from dealing in shares.

It is computed using the FIFO, or First In First Out, method. For intraday trades, CGT is computed using the day-trade method.

The collection and deduction of Capital Gains Tax is carried out by the National Clearing Company of Pakistan Limited, which has been declared a tax-collecting agent under the amended law.

The CGT amount is calculated according to NCCPL's methodology. For further information, contact the NCCPL Customer Support Helpdesk at 0800-23275.

CVT stands for Capital Value Tax, which is charged by the government. The stated CVT rate is 0.01% and is applied to the purchase amount.

SST stands for Sindh Sales Tax, which is charged by the government. The stated SST rate is 13% and is charged on the commission amount.

A financial system is a system through which savings are directed into investments. Its components include financial markets, financial instruments and financial institutions.

A financial system facilitates the flow of resources among market participants. For example, household savings are directed to businesses through equity or debt instruments, enabling businesses to raise funds for investments and increase productivity.

Households receive returns such as dividends or interest on the amounts invested in or lent to businesses.

There are two types of financial markets: the capital market and the money market.

A capital market is a market in which long-term debt instruments and stocks are traded. It assists in capital formation by mobilizing savings into productive investments.

A money market is a market where short-term instruments are traded. It primarily meets the short-term liquidity requirements of participants.

A stock exchange is an integral part of a country's capital market. It assists in capital formation through the sale of securities, most notably shares.

It also provides marketability to securities by offering a secondary market for trading. It is a place where the securities of listed companies can be bought and sold, bringing companies and investors together.

An efficient and well-developed stock market is essential for economic growth and development.

It facilitates productive activities by mobilizing and allocating savings for the long-term funding requirements of businesses and industries. This leads to industrial expansion and growth, resulting in an increase in goods and services, employment, per-capita income and GDP.

Therefore, the stock exchange is considered an indicator of a country's economic development.

Shares are among the most commonly traded securities on stock exchanges. A share represents ownership in a company and is therefore referred to as an equity instrument. The amount of ownership is limited to the number of shares purchased.

Bonds represent funds lent to a company. A bond is therefore referred to as a debt instrument and generally entitles its holder to a fixed rate of interest.

Dividends are returns on shareholding. The return is paid by a company out of its profits.

This return may be provided in cash or in the form of additional shares, commonly referred to as bonus shares.

Dividends are announced by the company, usually once or twice a year, depending on company policy.

A primary market is a market where securities that have never been issued before are offered to the public. This initial public offering, or IPO, is also called a primary issue and is a transaction between the issuing company and the investor.

A buyer of the initial issue may later sell the security to another party. This transaction takes place in the secondary market, where outstanding securities are traded among investors.

A listed company is one whose securities are listed on an exchange. The share price of a listed company is quoted and traded on the stock exchange.

An unlisted company is one whose securities are not listed on an exchange. Its shares are therefore not available for trading by the general public. Private limited companies are examples of unlisted companies.

Preference shares have priority over ordinary shares regarding dividend payments and payments made in the event of liquidation. Preference shareholders are paid before ordinary shareholders.

Preference shares usually carry a fixed dividend, are commonly callable at the option of the issuing company, and generally do not carry voting rights. They may also include an option for conversion into ordinary shares.

Ordinary shares are the most common shares issued by a corporation. Ordinary or common shares usually carry voting rights. Dividend payments vary according to the company's performance, and the shares are generally not callable.

To raise additional funding, a company may issue right shares to its existing shareholders.

A right issue allows existing shareholders to purchase shares before they are offered to the public, usually at a discounted price. The new shares are generally issued in proportion to each investor's existing holdings.

The market capitalization of a company is calculated by multiplying the number of outstanding shares by the share price on a particular day.

The market capitalization of a stock exchange is calculated using the total outstanding shares of listed companies and their respective prices on a given day.

The Central Depository System, or CDS, is an electronic book-entry system used for the custody and transfer of securities.

CDS was introduced to replace the manual system of physically handling and settling shares at the stock exchange. It is managed by the Central Depository Company, which was incorporated under the Central Depositories Act 1997.

Investors can open accounts directly with CDC, known as Investor Accounts, or open sub-accounts through a brokerage firm.

The introduction of CDS and automated trading systems has made the trading and settlement of securities more efficient.

COT is an equity repurchase transaction, commonly known as Badla. It is a financing arrangement used when a person purchases shares but does not have the funds required to take delivery.

The buyer may enter into a COT with a financier or lender. The financier purchases the securities from the borrower and simultaneously sells the same securities back.

The buyer in the first transaction becomes the seller of the same shares in the second transaction. In other words, COT is a financing transaction involving the sale and repurchase of shares.

The COT market session takes place in the afternoon after the close of regular trading. The maximum transaction period is 30 days, during which the financier cannot withdraw funds before 30 days, while the borrower may repay the borrowed funds at any time.

The borrower pays interest for the period during which the funds are borrowed. Interest is accrued daily and is represented by the difference between the sale and repurchase prices.

The supplied information states that a 10% withholding tax applies to dividends, while the dividend tax rate for corporations is 5%.

It also states that Capital Value Tax at a rate of 0.02% applies to the purchase of shares and that a withholding tax of 0.01% applies to the sale of shares.

GDP stands for Gross Domestic Product. It represents the total value of goods and services produced within a country during a specified period.

The monetary inflows and outflows of a country are measured through its balance of payments. The balance of payments is a comprehensive record of all economic transactions between a country and the rest of the world during a specified period.

It has two main components: the balance of payments on the current account, referred to as BPC, and the balance of payments on the capital account, referred to as BPCap.

BPC includes the balance of trade, which is the difference between the value of goods or commodities exported and imported by a country. These goods and commodities are also called visible items.

A trade surplus occurs when the value of exports exceeds the value of imports. A trade deficit occurs when the value of imports exceeds the value of exports.

In addition to the balance of trade, BPC includes the import and export of services for which payments are made or received, such as shipping, financial services and foreign travel. These are referred to as invisible items.

When the value of visible and invisible receipts is greater than the value of visible and invisible payments, there is a surplus on the current account, and vice versa.

BPCap includes capital movement between countries, including loans made or received by private citizens and governments.

The overall balance of payments of a country is the total of the balance of payments on the current account and the capital account.

A budget for a given year shows the government's planned expenditure programmes and expected revenue from taxes.

A budget surplus occurs when taxes and other revenues exceed government expenditure. A budget deficit occurs when expenditure exceeds revenue.

Fiscal policy refers to the government's taxation and spending policy, with the aim of influencing national income, output and employment.

Monetary policy refers to the regulation of the money supply and interest rates by a central bank to control inflation and stabilize the currency. It influences the availability and cost of funds used to finance economic activity.

When government expenditure exceeds receipts from the public, the government may borrow funds to cover the gap. This is known as deficit financing and may be used to stimulate economic growth.

For example, in the absence of effective demand, the government may increase spending on public works and meet the expenditure through borrowing rather than increased taxes.

As government investment increases, national income and employment may also increase. Deficit financing can increase the money supply and purchasing power, which may lead to higher prices.

As prices rise, entrepreneurs' profits may increase, encouraging investment in the private sector. Deficit financing may therefore stimulate economic activity in both the public and private sectors.

Trading margin limits are assigned according to the client's available equity, including cash and custody, in the forward market. Trading in the ready market is carried out on a cash basis.

You can place and execute orders through your online trading terminal using your user ID and password.

You may also call the customer support department on +92 21 111 444 001 to place and execute an order.

Once a trade has been completed, you will receive confirmation by email no later than the beginning of the next trading day after the contract was entered into.

Orders placed by telephone will also be confirmed by email.

You must maintain at least 50% margin against your outstanding positions in the forward market for trading in your account. This margin may be maintained in the form of cash or securities at their reduced value.

A margin call is a message sent to a client when the client's margin deposit falls below 45% of their exposure. Margin calls are sent to clients by email.