BSL commissions and charges
Published by Bhayani Securities (Pvt) Ltd.PSX TREC No. 045Last reviewed: September 2026
Reviewed by: Muhammad Abbas, Chief Executive Officer
Before you place a trade, you should know exactly what it will cost. This page lists every charge Bhayani Securities Limited (BSL) applies to your trading account, and shows how commission is worked out on real trades.
BSL is an SECP-licensed securities broker and a Pakistan Stock Exchange TREC holder (TREC No. 045), trading on the exchange since 1984. Our charges are set out below in full. There are no hidden account fees.
Our charges at a glance
| Charge | Amount |
|---|---|
| Brokerage commission | Rs 0.03 per share or 0.15% of traded value, whichever is higher |
| Sindh Sales Tax (SST) on commission | 15% of the commission |
| NCCPL UIN fee | Rs 200 per year |
| Account opening | Free |
| Account maintenance | Free |
How commission is calculated
For every trade, we work out the commission two ways and charge whichever is higher:
- Per-share method: number of shares × Rs 0.03
- Percentage method: traded value × 0.15%
Both methods give the same result when the share price is Rs 20. Above Rs 20, the 0.15% rate applies. Below Rs 20, the per-share rate applies, and it works out to more than 0.15% of what you spend. If you trade low-priced stocks in large quantities, factor this in before you place the order.
Example 1: a higher-priced share
You buy 500 shares at Rs 250. Traded value: Rs 125,000.
| Step | Amount |
|---|---|
| Per-share method (500 × Rs 0.03) | Rs 15.00 |
| Percentage method (Rs 125,000 × 0.15%) | Rs 187.50 |
| Commission charged (higher of the two) | Rs 187.50 |
| Sindh Sales Tax (15% of commission) | Rs 28.13 |
| Total brokerage cost | Rs 215.63 |
Example 2: a low-priced share
You buy 20,000 shares at Rs 5. Traded value: Rs 100,000.
| Step | Amount |
|---|---|
| Per-share method (20,000 × Rs 0.03) | Rs 600.00 |
| Percentage method (Rs 100,000 × 0.15%) | Rs 150.00 |
| Commission charged (higher of the two) | Rs 600.00 |
| Sindh Sales Tax (15% of commission) | Rs 90.00 |
| Total brokerage cost | Rs 690.00 |
The two trades are close in size, but the second costs more than three times as much because the per-share rate applies.
What each charge means
- Brokerage commission.
- This is BSL's fee for executing your order on the Pakistan Stock Exchange. It is the main trading charge that BSL itself sets.
- Sindh Sales Tax.
- A provincial tax on brokerage services, collected on behalf of the Sindh Revenue Board. We add it to your commission and deposit it with the SRB. The rate is set by the Government of Sindh, not by BSL.
- NCCPL UIN fee.
- Every investor on PSX needs a Unique Identification Number (UIN) registered with the National Clearing Company of Pakistan Limited (NCCPL). Keeping your UIN active costs Rs 200 per year.
- Account opening and maintenance.
- BSL does not charge you to open a trading account or to keep one open, whether you trade often or rarely.
Charges set by regulators and the government
Some costs on your trade confirmation do not come from BSL. They are levied by the exchange, the clearing house, the depository and the regulator: PSX, NCCPL, the Central Depository Company (CDC) and the SECP. These are small pass-through amounts and are the same whichever broker you use.
Taxes on your investment income, such as capital gains tax and withholding tax on dividends, are collected under Federal Board of Revenue rules. The rate depends on your filer status and holding period. Each of these items is shown separately on your contract note and account statement, so you can see exactly what went where.
Frequently asked questions
Does BSL charge a fee to open an account?
No. Account opening is free, and there is no annual maintenance fee. The only yearly charge is the Rs 200 NCCPL UIN fee.
Is there a minimum amount I need to invest?
No. BSL does not set a fixed minimum investment amount.
Why was I charged more than 0.15% on a trade?
If the share price was below Rs 20, the per-share rate of Rs 0.03 gives a higher commission than 0.15% of the traded value, so that rate applies. Sindh Sales Tax is then added on top of the commission.
Where can I see the charges on my trades?
Every executed trade appears on your contract note, with commission, sales tax and regulatory charges listed as separate lines.
Questions about your charges?
If anything on your statement is unclear, our team will walk you through it line by line. Call (021) 32429774-5, email info@bsl.com.pk, or visit us at 88-91, 2nd Floor, Stock Exchange Building, Off I.I. Chundrigar Road, Karachi.
Ready to start? Open your BSL account with no opening or maintenance fee.
Disclaimer: Charges shown are current as of the review date above and may change. Taxes and regulatory levies are set by the relevant authorities. Investing in securities involves risk, including the potential loss of invested capital. Past performance does not guarantee future results.