The State Bank of Pakistan (SBP) has launched a Web Portal named ‘InvestPak’, hereinafter referred to as ‘the Portal’, to digitize the process of investment in government securities for Individuals and corporate customers, maintaining PKR accounts with banks, Primary Dealers (PDs) and Microfinance Banks (MFBs) (hereinafter, collectively referred as Financial Institutions (FIs)). The Portal will allow account holders (customers) of FIs to digitally open Investor Portfolio of Securities (IPS) accounts; place bids in primary auction of government securities; and buy/sell securities through secondary market without having to visit FIs. The Portal is accessible at https://investpak.sbp.org.pk/ and through mobile application.

All banks/PDs are mandated to facilitate their customers to register on the Portal. The Microfinance Banks (MFBs) are also encouraged to facilitate their customers to register on the Portal. All FIs should ensure high service standards and excellent user experience for their customers.

Following instructions are being issued for strict compliance:
 

A. Role of FIs on the Portal:

1. The Financial Institutions (FIs) have been given access on the Portal.
2. The Portal has been designed to meet the requirements related to primary auctions and secondary market trading of government securities. In this context, the FIs can customize their treasury functions pertaining to front, middle, and back office.
3. The detailed responsibilities of the FIs are available at Annexure-I.

B. Customer Onboarding on the Portal:

1. All individuals, joint account holders and corporates (hereinafter collectively referred as customers) having PKR bank account are eligible to digitally register on the Portal using IBAN (International Bank Account Number).
2. In case a customer does not have an Investor Portfolio of Securities (IPS) account for investment in government securities, the customer can request for opening of the IPS account via the Portal to the respective FI along with the registration request.
3. The Portal allows all individual and corporates to use their multiple PKR / IPS accounts across different FIs on a single registered account on the Portal.  
4. For facilitation of customers, the detailed process of digital onboarding on the Portal, Guidelines for Individual Investor, Guidelines for Joint Investors, and Guidelines for Corporate Investors are available at the Portal. 
5. FIs are required to process each request of the account holder for registration/onboarding on the Portal and inform the customer of the decision within 2 working days (48 hours).
6. FIs are required to provide justification on the Portal for each registration/IPS account opening request that is turned down. Such instances of rejection will be regularly monitored by SBP.

C. Participation in Primary Auctions through the Portal:

1. Auctions of government securities will be set up on the Portal by SBP as per the Auction Calendar. The FIs must facilitate all registered users to participate through the Portal in primary auctions conducted by SBP.
2. The customers can submit their Competitive Bids (CBs) or Non Competitive Bids (NCBs) to their respective FI through the Portal. For further details, please see the Guidelines for Auction Activities available on the Portal.
3. For further specific details on role of FIs in this process, please see Annexure-II.

D. Secondary Market Trades:

1. Customers can also purchase or sell government securities in the secondary market through the Portal by requesting quotes from their bank for settlement in same day or forward value. FIs shall provide firm quotes for the government securities upon receiving buy or sell requests from their customers.
2.  For detailed process, please see Guidelines for Sell/Purchase in Secondary Market at the Portal. 
3. The quotes provided by an FI for the sale or purchase of government securities via the Portal will be considered binding till the stipulated time specified by the FI in the quote.
4. FIs must facilitate secondary market trades of customers requested during the business hours. Any request after business hours may be processed on the next working day.
5. Other requirements mentioned in Annexure C of DMMD Circular No.07 of 2021 will remain the same.
6. The settlement of accepted secondary market orders of customers will continue as per the existing mechanism with no change.
7. PDs are required to update the yields/prices of on-the-run issues on continuous basis at the “Indicative Quotes” page of the Portal during normal business hours. These quotes will remain visible to general public.

E. Update of Investor Portfolio Details:

The securities purchased or sold through the Portal will be automatically reflected in the Investor Portfolio. For securities purchased or sold through other means, it will be the responsibility of FIs to update their customers’ securities portfolios through functionalities available on the Portal, like Excel Upload.

F. Complaint Management System:

1. Customers can lodge their complaints via the Portal or through dedicated call center.
2. FIs must devise measures and allocate appropriate resources to ensure the prompt resolution of customers’ complaints marked to the FIs on the Portal.

The Portal shall be available for the customers from 06-Nov-2025. Other instructions on the subject shall, however, remain unchanged.

Enclosed:

1. Annexure-I - Responsibilities of FIs
2. Annexure-II - Participation in Primary Auctions through the Portal