Settlement and ownership: when the shares are yours
A matched order is not yet ownership. This page follows a purchase through clearing and settlement to the record that shows what you hold, and says what to keep and what to check.
Trade, clearing, settlement
A trade is agreed when a buy and a sell order match on PSX. It is not yet a transfer of money or shares. The National Clearing Company of Pakistan (NCCPL) clears the trade and the exchange's settlement cycle for ordinary shares in the ready market is a small number of business days: the shares arrive in the buyer's CDC account and the money leaves the broker's settlement on the settlement day.
Before settlement you have a position in the broker's records; after it, you hold the shares at CDC. The settlement day is set in the exchange's rules; the broker's contract note states it for each trade.
The ready market and what else the exchange trades
The ready market is where shares are bought and delivered, and it is the market this site means by buying a share. PSX also runs a futures market in which a contract on a share is settled later and is marked to market. A futures contract is not ownership of a share, carries leverage and has its own margin rules, and it is outside this site.
The company pages show the ready-market close.
Dividends, book closure and what you receive
A company that declares a dividend closes its register for a stated period, the book closure, and holders on the register receive the payment. PSX marks the company XD while the shares trade without that right. On the 6 November 2026 reading 5 of the 10 companies (MEBL, FFC, PPL, MCB, HBL) carry the marker.
The dividend arrives with the registrar or through the CDC and the broker, depending on how you hold the shares. The announcement titles on each company page, read from PSX, are where the dates appear.
Checking what you own
The CDC account is the record. CDC provides access for investors to see their holdings, and the broker issues a statement. If the two disagree, the depository's record decides. Keep the contract note of every trade until the shares have settled and appear in the account.
Who keeps which record
Three records exist for one purchase; each has a different job.
| Record | Kept by | What it shows |
|---|---|---|
| Order and contract note | The broker | What you asked for, the price, the quantity, the charges |
| Clearing record | NCCPL | That the trade was matched and cleared, under your UIN |
| Holding | CDC | How many shares of each company are in your name |
Summary
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Questions before a first share
When do I become the owner?
When the trade settles and the shares are recorded in your account at the depository, not when the order is matched. The contract note gives the settlement date.
What if the broker fails?
Shares recorded for you at the depository are not the broker's property. Money held by a broker is a matter of the broker's terms and the regulator's rules, which this site does not describe.
Does a CFD show up in the depository?
No. A contract for difference, such as the FxPro account this site links to, is a contract with the broker and creates no holding of a listed share anywhere.
Ready to open an account?
The account this site links to is a CFD account on global share prices, not a way to buy PSX shares. Read the difference before signing up.