1. About these Terms and the Parties
These Terms and Conditions (the “Terms”) are a legally binding
agreement between you and Integrated Equities Limited (“IEL”, “we”,
“us”), a public company incorporated in Pakistan, licensed by the
Securities and Exchange Commission of Pakistan (“SECP”) as a
securities broker and a holder of a Trading Right Entitlement
Certificate (“TREC”) of the Pakistan Stock Exchange Limited (“PSX”).
They govern your download, access and use of the IEL Trade mobile
application for Android and iOS (the “App”).
The App delivers two distinct service layers: (a) Trading Services —
an electronic channel for the brokerage relationship you establish
with IEL under your Account Opening Documents; and (b) Content
Services — market information, analytics tools, alerts and community
features, parts of which may be offered on paid subscription. Part B
of these Terms supplements (and is always subordinate to) your Account
Opening Documents; Part C governs Content Services.
2. Definitions
“Account” means your App user profile, mapped to your Unique
Identification Number (“UIN”) where you are a brokerage customer.
“Account Opening Documents” means the standardised account opening
form and Customer Relationship Form (including its Annexure A terms
and conditions) or Sahulat account documentation prescribed under the
PSX Regulations, together with the Risk Disclosure Document and any
special terms you sign with IEL. “CDC” means the Central Depository
Company of Pakistan Limited; “NCCPL” means the National Clearing
Company of Pakistan Limited. “Contract Note” means the confirmation of
an executed trade issued under the Securities Brokers (Licensing and
Operations) Regulations, 2016 (the “Brokers Regulations”). “Market
Information” means market data, quotes, news, research, ratings,
charts and other information made available through the App. “Schedule
of Charges” means IEL’s prevailing schedule of brokerage commission
and charges published on the App and at https://iel.net.pk. “Trading
Day” means a day on which the PSX is open for trading. Terms defined
in the Securities Act, 2015, the Brokers Regulations or the PSX
Regulations have the same meaning here.
3. Hierarchy and Precedence
These Terms operate subject to, and are to be read together with, the
instruments below. If there is any conflict, the instrument higher in
the order prevails, and nothing in these Terms excludes, restricts or
reduces any right, protection, duty or liability arising under any of
them:
Securities Act 2015 & Futures Market Act 2016 → SECP rules &
regulations → PSX, CDC & NCCPL regulations → Account Opening Documents
(incl. CRF Annexure A) → these Terms
Your Account Opening Documents remain the master contract for the
trading relationship. These Terms restate certain of their protections
only for your convenience and never replace them.
4. Acceptance, Amendments and Versioning
You accept these Terms by an affirmative in-app action (for example,
tapping “I Agree”). IEL records the version you accepted and the date
and time of acceptance. Downloading or browsing alone does not create
a brokerage relationship. Trading Services are activated only after
your Account Opening Documents are completed, and you have expressly
accepted them and the Risk Disclosure Document.
Amendments: (a) changes touching the trading relationship or the roles
and responsibilities of IEL as a broker take effect only in accordance
with the mechanism prescribed under the PSX Regulations (notification
by the Exchange with the approval of the SECP), and we will notify you
through the App and your email of record; (b) changes confined to
Content Services take effect no earlier than seven (7) days after
notice through the App, and material changes require your fresh
acceptance. Continued use is never treated as acceptance of a change
to trading-relationship terms. A version log of these Terms is
maintained at https://iel.net.pk.
5. Eligibility, Capacity and Sanctions
You may open an Account only if you are at least eighteen (18) years
of age, of sound mind and not an undischarged insolvent. Accounts for
minors are opened and operated exclusively through a guardian in
accordance with CDC and PSX procedures. Joint accounts and authorised
persons are governed by your Account Opening Documents.
Trading Services are offered from Pakistan in respect of securities
traded on the PSX. If you are a non-resident (including a non-resident
Pakistani), you may invest only through the channels prescribed under
the State Bank of Pakistan’s Foreign Exchange Manual — a Special
Convertible Rupee Account (SCRA) or a Roshan Digital Account — and
access may be restricted until those arrangements are verified. You
represent that you are not designated or proscribed under any United
Nations Security Council resolution or under the laws of Pakistan, are
not resident in or acting for any person in a jurisdiction subject to
an applicable comprehensive embargo, and are not named on any
applicable sanctions list (including, for app-store distribution,
relevant U.S. Government lists). You will maintain only one App
profile, mapped to your UIN.
PART B — TRADING SERVICES (SUPPLEMENT TO YOUR ACCOUNT OPENING
DOCUMENTS)
6. Account Opening, KYC/AML, Sanctions Screening and FATCA/CRS
IEL is a regulated person under the SECP Anti-Money Laundering and
Countering Financing of Terrorism Regulations, 2020 and the Anti-Money
Laundering Act, 2010. You agree to provide true, complete and current
information and documents; to verification of your identity through
NADRA Verisys or biometric verification; to screening (at onboarding
and on an ongoing basis) against applicable sanctions and
proscribed-persons lists; to enhanced due diligence where you are a
politically exposed person or otherwise assessed as higher risk; and
to provide evidence of source of funds or income on request. You will
promptly notify IEL of any changes to your particulars and will
provide FATCA/CRS self-certifications where applicable.
IEL may decline to open an Account, and may refuse a transaction,
suspend, restrict or freeze an Account, or file reports with the
Financial Monitoring Unit, where required or permitted by law — in
some cases without prior notice, because the law prohibits “tipping
off”. Dormant or inoperative accounts are reactivated only on your
request after fresh NADRA Verisys or biometric verification. Records
relating to you are retained for at least five (5) years after the
relationship ends, as the law requires, notwithstanding any deletion
request.
7. Access, Security and Credentials
Trading Services are protected by your credentials and mandatory
two-factor authentication (OTP or equivalent). Social-media sign-in is
not available for Trading Services. Your credentials are personal: do
not share them, and notify IEL immediately at 0333-4298666 or
support@iel.net.pk of any suspected compromise, upon which access will
be suspended pending re-verification. IEL will never ask you for your
password or OTP. Communications between the App and IEL’s systems are
encrypted and digitally authenticated, and IEL maintains the
systems-security, monitoring, back-up and business-continuity controls
required of brokers offering internet-based trading services. Nothing
in this clause shifts the burden of establishing the authenticity of
an order, which remains on IEL as prescribed by the Customer
Relationship Form.
8. Orders, Execution and Alternate Channels
Orders placed through the App are subject to validation, credit and
margin checks and applicable position limits. IEL may, acting
reasonably and in accordance with its risk-management and credit
policy, decline, cap or require margin for an order, and will make the
reason available to you on request. Orders are executed on the PSX in
accordance with the PSX Regulations; erroneous trades are handled
under the Exchange’s procedures. If the App is unavailable, you may
place, modify or cancel orders by recorded telephone line at
0333-4298666 during market hours (“call-and-trade”).
9. Contract Notes, Statements and Electronic Communications
You authorise IEL to issue Contract Notes electronically to your
designated email of record (and in-app), not later than the start of
the next Trading Day after execution. You may change your email of
record only by written or verified in-app instruction; IEL keeps
delivery logs. If you prefer physical Contract Notes, you may
designate so in your Account Opening Documents. A transaction recorded
in a Contract Note is conclusive and binding unless you object to
unauthorised execution or an error within one (1) Trading Day of
receipt. Account statements are available in-app and on request. You
consent to the recording of telephone lines and electronic order
channels and to receiving statements, margin calls and notices
electronically; electronic records and signatures are valid under the
Electronic Transactions Ordinance, 2002.
10. Client Money, Payments and Settlement
All funds for trading must originate from your own bank account and
move through banking channels (crossed cheque, bank draft, pay order
or electronic transfer). IEL does not accept cash deposits. Your funds
are kept in bank account(s) titled “clients”, segregated from IEL’s
own funds, with client-wise records maintained; where client funds are
placed in a profit-bearing account, profit accrued on your unutilised
funds is passed on to you unless you have specified otherwise in
writing. Credit balances are paid to you through banking channels
within one (1) Trading Day of your request, subject to margin
requirements. Subscription fees for Content Services are never routed
through the “clients” account and are not set off against your trading
balances without your written authority.
11. Custody and Corporate Actions
Securities purchased for you are held in your CDC sub-account
established under IEL’s participant account (or, if you maintain one,
your CDC Investor Account). Movements to any collateral account occur
only as permitted by the PSX Regulations and under intimation as
required. IEL facilitates corporate actions — entitlements, bonus and
rights, electronic dividends to your designated bank account (IBAN)
and e-voting — in accordance with CDC procedures.
12. Margins, Liquidation and Settlement Default
Margin requirements, margin calls, liquidation on failure to meet a
margin call within one (1) Trading Day, and the treatment of
securities on settlement default (including transfer to a collateral
account under intimation to the PSX) are governed by your Account
Opening Documents (Annexure A) and the PSX Regulations, which apply to
orders placed through the App exactly as they apply to any other
channel. Margin calls may be delivered in-app and by email, each of
which constitutes a call “in writing”.
13. Brokerage, Charges and Taxes
Brokerage commission and the levies of the PSX, CDC, NCCPL and SECP
apply per the Schedule of Charges; changes are notified in advance
through the App. Capital gains tax on disposal of securities is
computed and collected through NCCPL under section 37A and the Eighth
Schedule of the Income Tax Ordinance, 2001, by reference to your tax
status; maintaining your filer/Active Taxpayers List status is your
responsibility. Withholding taxes and provincial sales tax on
brokerage services apply at prevailing rates. You consent to the
sharing of your data with NCCPL and the tax authorities for
computation, collection and reporting. Taxes on subscription fees are
as displayed at the point of purchase.
14. Risk Disclosure
You acknowledge that you have received, read and understood the Risk
Disclosure Document provided with your Account Opening Documents, and
that internet-based trading carries additional risks — including
connectivity failure, latency, device compromise and order duplication
— which the call-and-trade channel and the security measures in clause
7 mitigate but cannot eliminate. Every research report distributed
through the App carries the standard warning below, which also governs
your use of the App generally:
Investment in the securities market is subject to market risks. Read
all the related documents carefully before investing.
15. Market Conduct — Your Undertakings
You will not use the App or any information obtained through it to
engage in, facilitate or conceal insider trading, false trading,
market rigging, price manipulation, fraudulent or deceptive devices,
or the circulation of false or misleading information or rumours
(including through comments or community features), each of which is
an offence under the Securities Act, 2015 and the PSX Regulations. You
will cooperate with the surveillance and enquiries of IEL, the PSX and
the SECP. IEL may remove content, freeze or suspend an Account and
report conduct to the authorities where it reasonably suspects a
contravention.
16. Virtual Assets — Prohibition
The App offers no virtual-asset services of any kind. IEL does not
accept payment in, deal in, advise on or promote virtual assets, and
nothing in the App is an offer, solicitation or promotion of any
virtual asset. Posting or transmitting virtual-asset promotion or
solicitation through the App is prohibited; such content will be
removed and may be reported. This clause reflects the Virtual Assets
Act, 2026 and the directions of the Pakistan Virtual Assets Regulatory
Authority.
PART C — CONTENT AND SUBSCRIPTION SERVICES
17. Market Information and Research
Market Information is compiled from the PSX and other sources and may
be delayed or contain errors originating with the source; it is
provided for your information and does not constitute an offer,
solicitation or personalised investment advice, and does not take
account of your individual circumstances. PSX market data delivered
through the App is licensed for your personal, internal use only: you
must not redistribute, republish, sell, commercially exploit,
deep-link or systematically extract it, or use it to create any
product, index or service, and you must not remove proprietary
notices.
Research, ratings and analyst opinions distributed through the App are
prepared and distributed under the Research Analyst Regulations, 2015
(as amended): IEL and its research analysts act in a fiduciary
capacity towards clients in relation to such research; every report
defines the meaning, benchmark and time horizon of each rating (a
ratings glossary is published in the App), carries the standard
warning at clause 14 verbatim, and contains the required disclosures,
including disclosure of any use of artificial intelligence in its
preparation. Research is distributed on a non-selective basis —
released to all entitled recipients at the same time, with no advance
access for any person or subscription tier. Third-party research is
distributed only after review, with its conflicts of interest
disclosed. Trading Services are execution services: IEL provides
investment advice, if at all, only as an activity incidental to
brokerage and without separate compensation.
18. Subscriptions and Billing
Paid subscription tiers comprise enhanced data depth, analytics tools,
alerts, charting and convenience features only. They do not include,
and their price is not consideration for, investment advice or any
privileged access to research: research distribution is independent of
subscription status. Prices and applicable taxes are displayed before
purchase.
Billing is processed by Apple (App Store), Google (Google Play) or
IEL’s named payment processor; IEL does not itself store your full
card details. For card verification, the processor may debit a nominal
amount (less than Rs. 10) and immediately reverse it. Subscriptions
auto-renew at the then-current price unless you cancel at least
twenty-four (24) hours before the end of the current period, through
the App or your store account settings. IEL will not charge an expired
payment instrument, and will not charge any alternate instrument
without your fresh authorisation; on payment failure, access to paid
features is simply suspended. Free trials are limited to one per
person per service, and any unused trial period lapses on purchase.
You may cancel at any time with effect from the end of the current
period. Refunds are governed by the IEL Refund Policy published in the
App and at https://iel.net.pk; where IEL permanently discontinues a
paid feature mid-period, you receive a pro-rata refund of the fee
attributable to the unexpired period.
19. User Content and Feedback
You are solely responsible for content you post through the App (“User
Content”) and represent that you own or are authorised to post it and
that it contains no malicious code. You must not post content that is
unlawful, defamatory, abusive, obscene or misleading, that violates
another’s rights, that circulates market rumours (clause 15) or that
promotes virtual assets (clause 16). You grant IEL a non-exclusive,
royalty-free, worldwide, sublicensable licence to host, reproduce,
display, moderate, adapt and remove User Content in operating the App,
and you waive moral rights in User Content to the maximum extent
permitted by law. Feedback and suggestions are assigned to IEL and
treated as non-confidential. IEL may moderate, remove or retain User
Content, and may preserve it where the law so requires notwithstanding
a deletion request.
20. Intellectual Property and Licence
IEL grants you a limited, personal, non-exclusive, non-transferable
and revocable licence to use the App and its content for your own
lawful, non-commercial purposes. All intellectual property in the App,
the Market Information and IEL’s marks remains with IEL or its
licensors. You must not copy, modify, distribute, resell, publicly
display, create derivative works from, reverse engineer, scrape,
access by automated means, interfere with security features of, or
build a competing service using, the App or its content, except as the
law permits.
21. Third-Party Services and App-Store Notices
Links to third-party sites and use of third-party or open-source
software are subject to the third party’s terms, and IEL is not
responsible for third-party sites it does not control — provided that
nothing in this clause limits IEL’s own duties in respect of services
IEL itself provides. Apple: if you use the App on an iOS device, these
Terms are an agreement between you and Integrated Equities Limited
only — not Apple Inc. Apple has no obligation to provide maintenance
or support, is responsible (to the extent of applicable law) only for
refunding the App purchase price where a warranty is not met, and is
not responsible for any other claim relating to the App; Apple and its
subsidiaries are third-party beneficiaries of these Terms and may
enforce them against you. In-app purchases and auto-renewal on iOS are
managed through your Apple account settings on the 24-hour rule at
clause 18. Google: equivalent provisions apply to distribution through
Google Play.
PART D — PRIVACY, LIABILITY AND LEGAL
22. Privacy and Data Protection
The IEL Privacy Policy, published in the App and at
https://iel.net.pk, forms part of these Terms and explains what
personal data we collect and why. In summary: your data is used to
open and operate your Account, execute and settle trades, meet legal
obligations and provide the App; it is shared, as required, with the
PSX, SECP, CDC, NCCPL, the Financial Monitoring Unit, tax authorities,
courts and IEL’s vetted service providers; calls and electronic order
channels are recorded; data is protected by encryption and access
controls; and records are retained for at least five (5) years after
the relationship ends as the law requires. IEL does not sell your
personal data. In the event of a data breach affecting you, IEL will
notify you and the relevant authorities in accordance with applicable
law, including the Prevention of Electronic Crimes Act, 2016.
23. Service Availability, Force Majeure and Business Continuity
IEL uses reasonable efforts to keep the App available and will give
advance notice of scheduled maintenance where practicable, and prompt
in-app or email notice of material incidents. IEL is excused from
performance only by events genuinely beyond its reasonable control —
such as acts of government, suspension of trading by the Exchange,
war, natural disaster, or failure of public telecommunications or
utilities not attributable to IEL — and never by its own negligence or
its failure to maintain the systems, back-up and continuity
arrangements required of it. During any App outage, the call-and-trade
channel at clause 8 remains available in market hours.
24. Liability
Nothing in these Terms excludes, restricts or purports to exclude or
restrict: (a) any duty or liability IEL owes you under the Securities
Act, 2015, the Futures Market Act, 2016, any rules or regulations made
under them, the regulations of the PSX, CDC or NCCPL, or any other
applicable law; (b) IEL’s duty to act with due skill, care and
diligence; or (c) IEL’s liability for its fraud, wilful default or
negligence. Any provision that would have that effect is void to that
extent, as Regulation 18 of the Brokers Regulations provides, and
these Terms are to be read accordingly.
Subject to the paragraph above: Market Information and third-party
content are provided on an “as available” basis and may be delayed,
incomplete or inaccurate at source, and you should verify information
material to a decision; IEL is not liable for loss caused solely by
events described in clause 23; you are responsible for your own
investment decisions and for your device and connectivity; and in
respect of Content Services only — and excluding Trading Services and
every matter referred to in the paragraph above — IEL’s aggregate
liability arising from a claim is limited to the subscription fees you
paid in the twelve (12) months preceding the event giving rise to the
claim.
25. Indemnity
You will indemnify IEL, its directors, officers and employees against
claims, losses and reasonable costs arising from your breach of these
Terms, your violation of law or of a third party’s rights, or misuse
of your Account — except to the extent the loss is caused by IEL’s
breach of duty, fraud, wilful default or negligence. IEL will notify
you of a claim within a reasonable time, will not settle it without
consulting you, and will take reasonable steps to mitigate loss.
26. Suspension, Dormancy and Termination
IEL may suspend or restrict the App or an Account for security, legal
or regulatory reasons, for material breach, or for non-payment of
subscription fees (paid features only), giving prior notice except
where the law prohibits it or urgent risk requires immediate action.
You may close your Account at any time. On closure of a brokerage
account, whether by you or by IEL: open positions are settled or
transferred in an orderly manner; your credit balance is paid through
banking channels within one (1) Trading Day (subject to margins and
settled obligations); and your securities are transferred per your
instructions in accordance with CDC procedures. Dormant accounts are
reactivated as clause 6 provides. On death or incapacity, the Account
is dealt with under the succession procedures of the CDC and PSX.
Clauses 6 (retention), 13, 15–16, 19–20, 24–25 and 27–28 survive
termination.
27. Complaints, Dispute Resolution and Governing Law
Step 1 — IEL Complaints Desk: write to support@iel.net.pk, call
0333-4298666 (Helpline/WhatsApp: 0345 0091263), or use the in-app
complaint form. Every complaint receives a unique reference and an
acknowledgement within two (2) working days, and IEL endeavours to
resolve it within fifteen (15) working days. Step 2 — PSX: if
unresolved, you may complain to the Pakistan Stock Exchange. Step 3 —
SECP: you may lodge a complaint with the SECP through its Service Desk
Management System at https://sdms.secp.gov.pk. Step 4: disputes may be
referred to arbitration where the PSX Regulations so provide. These
Terms are governed by the laws of Pakistan, and subject to the
foregoing — and without prejudice to the powers of the SECP and the
complaint and arbitration mechanisms of the PSX — the courts at Lahore
have exclusive jurisdiction.
28. General
Notices: IEL may give notices in-app, by email to your email of
record, by SMS or by post; notices are deemed received on transmission
(or, for post, in the ordinary course). You may give notice at the
contact points in clause 29. Assignment: you may not assign your
rights; IEL may assign to a successor or affiliate subject to
applicable regulatory requirements. Entire agreement: these Terms,
your Account Opening Documents, the Privacy Policy, the Refund Policy
and the Schedule of Charges are the entire agreement for the App, and
the instruments listed in clause 3 always prevail. Severability: an
invalid provision is severed and the remainder stands. No waiver: a
failure to enforce is not a waiver. Language: the English text
governs; an Urdu courtesy translation is available on request.
29. Contact
• Integrated Equities Limited — SECP Securities Broker Licence No.
[293]; PSX TREC No. [293]
• Address: 30 Cricketers Colony, Netsol Avenue, Ring Road Ghazi
Interchange, Lahore Cantt, Pakistan
• Phone: 0333-4298666
• Email: Help@iel.net.pk • Website: https://iel.net.pk
• Unresolved complaints: PSX, or SECP Service Desk Management System —
https://sdms.secp.gov.pk