Every time you buy or sell a share on PSX, four organisations take a cut: your broker, the exchange (PSX), the clearing company (NCCPL), and the depository (CDC). The government adds sales tax on top.
Here's what each one charges.
Brokerage Commission
The biggest chunk. PSX sets the allowed range:
| Share Price | Minimum | Maximum |
|---|---|---|
| PKR 0.01 – PKR 20 | Rs. 0.03 per share | 2.5% of traded value |
| PKR 20 and above | 0.15% of traded value | 2.5% of traded value |
Most brokers charge between 0.15% and 0.50%. Nafa currently charges 0.15%, the standard minimum.
In the future, we plan to introduce a paid version of Nafa with additional features. Users who sign up during early access won't be affected by this change. Their commission will stay at 0.15%.
Exchange & Regulatory Fees (PSX)
PSX charges two fees per trade, both based on Rs. 100,000 of trade value:
- Trading Fee: Rs. 3.50
- Regulatory Fee: Rs. 0.62 (subject to periodic SECP review)
SECP Levy
The securities regulator charges 0.00065% of trade value. On a Rs. 100,000 trade, that's Rs. 0.65.
Clearing Fees (NCCPL)
NCCPL settles your trade and charges two small fees per Rs. 100,000:
- Trade Fee: Rs. 0.81
- SECP Fee: Rs. 0.30
CDC Transaction Fee
CDC records the share transfer and charges 0.0036% of trade value (minimum Rs. 5, maximum Rs. 25,000). This is based on the closing market price and is charged on both sides — once when you buy, once when you sell.
Sales Tax
Sales tax applies on brokerage commission and PSX trading fee. The rate depends on your province:
| Province | Rate |
|---|---|
| Sindh | 13% |
| Punjab | 16% |
| KP | 15% |
| Balochistan | 15% |
| Islamabad (FED) | 16% |
The tax is on the fee amounts, not your trade value, so the rupee impact is small.
What does a trade actually cost?
A Rs. 100,000 buy at 0.15% commission with Sindh sales tax (13%):
| Charge | Amount |
|---|---|
| Brokerage Commission (0.15%) | Rs. 150.00 |
| Sales Tax on Commission (13%) | Rs. 19.50 |
| PSX Trading Fee | Rs. 3.50 |
| Sales Tax on Trading Fee (13%) | Rs. 0.46 |
| PSX Regulatory Fee | Rs. 0.62 |
| SECP Levy | Rs. 0.65 |
| NCCPL Trade Fee | Rs. 0.81 |
| NCCPL SECP Fee | Rs. 0.30 |
| CDC Transaction Fee | Rs. 5.00 |
| Total | Rs. 180.84 |
About 0.18% per side. A full round-trip (buy then sell) costs roughly 0.36%.
Other charges
A few costs sit outside the per-trade bucket:
- CDC Custody Fee — 0.005625% p.a. on your holdings, calculated daily, deducted monthly
- Account opening & KYC — one-time NCCPL charges for identity verification, client code, and biometrics
- Capital Gains Tax — on profits when you sell, based on holding period and filer status
- Withholding Tax on Dividends — deducted at source when companies pay dividends
For exact rates and the latest schedules, check the official sources:
- PSX Schedule of Charges
- CDC Fees & Deposits Schedule
- NCCPL Fee Schedule
- NCCPL Capital Gains Tax (CGT)
- SECP
The infrastructure fees (PSX, NCCPL, CDC) are the same across all brokers. The only variable is brokerage commission and the platform you trade on. If any of these rates change, we'll update this page.
Rates in this article are based on published schedules from PSX (August 2024), NCCPL (March 2025), and CDC (March 2025). Tax rates are subject to change. For the most current figures, refer to the official sources linked above.