Next Capital combines Pakistan equity brokerage, institutional execution and a separately documented PMEX futures service. Its digital offering now includes Finqalab alongside the Next Advantage platform described on the main site. This makes account route important: a deposit threshold, app opening charge or commission sheet for one service should not automatically be applied to every other service.[1][2][5][9][18]
Broker essentials01
Next Capital Limited at a glance
| Measure | Value | Context |
|---|---|---|
| Legal company | Next Capital Limited | Source 16Source 22 |
| PSX membership | TREC 048; active trading and self-clearing in the 11 June 2026 register | Source 16 |
| Public listing | PSX ticker NEXT | Source 22 |
| Equity initial deposit | PKR 5,000 in the main broker FAQ | Source 1 |
| PMEX advertised opening amount | From PKR 25,000 for the separate futures service | Source 2 |
| Digital relationship | Finqalab is the app/interface; Next Capital is the brokerage account operator | Source 5 |
| Retail support | [email protected]; +92 21 111 639 825 ext. 147 | Source 4 |
Accounts and eligibility
Sections ↑At a glance02
Account routes and documentation
| Topic | Details |
|---|---|
| Individual | The broker provides a full customer relationship, KYC and CDC sub-account form.Source 10 |
| Joint | Up to four holders; each completes an application and one is designated principal holder.Source 1 |
| Sahulat | A simplified account form is available; later PSX amendments override older printed limits.Source 11Source 17 |
| Finqalab | Digital opening and servicing, with trading accounts operated by Next Capital.Source 5 |
| PMEX | Separate commodity-futures documentation and MT5 platform access.Source 2 |
At a glance03
Current Sahulat account changes
| Topic | Details |
|---|---|
| Limit | PSX announced an increase to PKR 3 million per Sahulat account on 2 April 2026.Source 17 |
| More than one broker | Eligible individuals can hold Sahulat accounts with different brokers.Source 17 |
| Within one broker | Only one Sahulat account per person at a particular broker.Source 17 |
| Other conditions | The announcement leaves the other applicable conditions unchanged; a Sahulat account does not automatically become an unrestricted margin account.Source 17 |
At a glance04
Finqalab opening and account records
| Topic | Details |
|---|---|
| Review estimate | Generally two to three working days after complete application and KYC submission.Source 5 |
| Account identity | The app is the client interface; brokerage and associated regulatory obligations sit with Next Capital.Source 5 |
| Identity and tax data | The broker form records identification, banking, beneficial ownership and tax-residency information.Source 10 |
| Joint liabilities | The individual form makes joint applicants jointly and severally responsible.Source 10 |
Markets and investments
Sections ↑At a glance05
Markets are separated by service
| Topic | Details |
|---|---|
| PSX shares | Equity investing through Next Advantage, a trader or the Finqalab interface.Source 1Source 5 |
| Sukuk | Finqalab advertises sukuk access; issuer, term, liquidity and credit risk depend on the instrument.Source 7 |
| PMEX futures | The retail page lists metals, energy, currency, agricultural and selected index contracts.Source 2 |
| Institutional services | The business also provides institutional brokerage and corporate-finance services.Source 22 |
At a glance06
PMEX contract examples in the broker’s schedule
| Topic | Details |
|---|---|
| Metals | Gold, silver, platinum, palladium and copper contract sizes are listed.Source 12 |
| Energy | Brent/crude oil and natural-gas futures.Source 12 |
| Agriculture | Corn, soybean, wheat and cotton contracts.Source 12 |
| Currencies and indices | The sheet includes currency pairs and selected equity-index contracts.Source 12 |
| Settlement | Most listed rows are cash-settled; the one-tola gold row is marked for delivery. Contract specifications and current availability govern.Source 12 |
Fees and trading costs
Sections ↑At a glance07
Funding thresholds and opening charges
| Topic | Details |
|---|---|
| Main equity FAQ | PKR 5,000 minimum deposit; this is investment funding, not a stated account-opening fee.Source 1 |
| Finqalab opening charge | The current FAQ identifies a one-time PKR 476 NCCPL charge after funds are deposited, with possible additional requirement-specific charges.Source 5 |
| PMEX | The retail page advertises a separate opening amount from PKR 25,000.Source 2 |
| Client-specific terms | The accepted account tariff determines which charges apply to a particular channel; these figures are not interchangeable.Source 10Source 5 |
At a glance08
Published equity commission schedule
| Topic | Details |
|---|---|
| Shares priced PKR 12.01 and above | 0.25% of share value.Source 9 |
| PKR 0.01–12.00 price band | The sheet prints “0.03 Paisa” beneath a rupees-per-share/percentage heading. The unit is inconsistent and needs a corrected quotation.Source 9 |
| Futures/MTS/MFS rollover | The sheet prints “.01 paisa per share/per day”; this unit also needs clarification.Source 9 |
| Channel scope | This is the schedule linked by Next Capital, labelled July 2025 in its filename; it is not proof that every Finqalab plan uses the same tariff.Source 9 |
At a glance09
A usable equity commission example
| Topic | Details |
|---|---|
| Assumptions | 1,000 shares bought at PKR 20 each: value PKR 20,000.Source 9 |
| Broker commission | PKR 50 at the stated 0.25% rate.Source 9 |
| Equal-value sale | A second PKR 20,000 transaction adds another PKR 50 at the same rate.Source 9 |
| Exclusions | Taxes, statutory charges, financing and any other applicable account charges are additional; no low-price calculation is made from the ambiguous unit.Source 9 |
At a glance10
Additional costs and fee changes
| Topic | Details |
|---|---|
| Third-party charges | The published sheet lists CDC/NCCPL charges and applicable taxes at actual cost, plus SMS at cost. A listed historical tax label does not establish a current tax liability.Source 9 |
| Commodity schedule | The separate sheet lists per-side commissions and contract-dependent margins, and says margin percentages can change under PMEX directions. Its commission column does not state a currency clearly enough for an unqualified cash-cost comparison.Source 12 |
| Commission-change notice | The current PSX investor guide states at least 30 days’ notice for broker tariff changes; statutory/regulatory changes are communicated within seven working days.Source 19 |
| Older account form | Its five-trading-day commission-increase clause should not be substituted for the later applicable exchange requirements.Source 10Source 19 |
Platforms and order handling
Sections ↑At a glance11
Platform comparison
| Topic | Details |
|---|---|
| Next Advantage | The main site offers mobile dealing on Android/iOS and desktop access.Source 1Source 2 |
| Finqalab | A newer digital interface with portfolio analytics, in-app payment workflows and company/market information.Source 6 |
| i-invest | The main FAQ describes this as a stock-tracking app; that description does not establish order-execution access.Source 1 |
| Trader/KATS | Assisted execution and a KATS trading room are described for corporate and high-volume clients.Source 1 |
| MT5 | The broker specifies MT5 for its separate PMEX futures service.Source 2 |
At a glance12
Order instructions and confirmations
| Topic | Details |
|---|---|
| Authorised channels | The individual agreement recognises recorded telephone, authorised written/electronic channels and documented in-person instructions.Source 10 |
| Contract note | The agreement requires confirmation by the start of the next trading day.Source 10 |
| Error report | Its stated dispute period for a contract-note error is one trading day after receipt.Source 10 |
| Price and execution risk | The risk disclosure warns that liquidity, volatility and system interruptions can prevent or delay fills.Source 10 |
At a glance13
Device and app identity
| Topic | Details |
|---|---|
| Next Advantage store listing | The official linked Android listing is published under Finqalab and describes Next Capital client trading on PSX.Source 8 |
| Finqalab app | The Finqalab site links its own Android and iOS applications.Source 6 |
| Account operator | A change of app brand does not itself replace Next Capital as the brokerage account operator.Source 5 |
Funding, withdrawals and custody
Sections ↑At a glance14
Equity-account deposits
| Topic | Details |
|---|---|
| Banking channels | Next Capital says it receives and sends client funds through banking channels.Source 1 |
| Finqalab instant-deposit route | The FAQ gives an estimate of up to 15 minutes.Source 5 |
| Manual transfer | The Finqalab estimate is up to one business day.Source 5 |
| Reconciliation | Use the authenticated account instructions and reference so the payment reaches the correct trading ledger.Source 5Source 10 |
At a glance15
Withdrawals and settlement
| Topic | Details |
|---|---|
| Finqalab request | Submit in the app; Next Capital verifies and processes payment to the client’s bank account.Source 5 |
| Individual-account obligation | The agreement provides for payment of available credit cash within one trading day of request, subject to margin requirements. This is not a guarantee of the receiving bank’s credit time.Source 10 |
| PSX settlement | Eligible trades moved to T+1 on 9 February 2026.Source 18 |
| Available cash | Unsettled proceeds, outstanding obligations and required margin affect what can be paid out.Source 10 |
At a glance16
PMEX funding is a separate workflow
| Topic | Details |
|---|---|
| Exchange funding model | The linked PMEX circular describes the Automated Direct Funds Model and a client-specific sub-collection account.Source 13 |
| Account reference | The model uses the customer’s PMEX trading-account identity, rather than an arbitrary broker or agent account.Source 13 |
| Prohibited deposits | The circular prohibits cash and third-party deposits.Source 13 |
| Document date | The linked circular is dated March 2022; its historical bank charges and processing estimates should be checked against current PMEX instructions.Source 13 |
At a glance17
Custody and transfers
| Topic | Details |
|---|---|
| Equity custody | Shares are held in the client’s CDC sub-account under Next Capital’s participant relationship.Source 1 |
| Independent CDC account | The FAQ allows moving securities to a CDC Investor Account.Source 1 |
| Physical shares | The broker offers assistance with depositing physical holdings for an existing client.Source 1 |
| Control | Sub-account transfers, pledges and withdrawals require the holder’s authorisation under the account agreement.Source 10 |
At a glance18
Unused cash and account closure
| Topic | Details |
|---|---|
| Cash profit | The standard terms provide for passing on profit earned on unutilised client funds unless the client opts out in writing.Source 10Source 19 |
| Waiver form | The individual pack includes a waiver and reserves the client’s right to resume receiving such profit after written notice.Source 10 |
| Termination | The agreement provides for at least one month’s written notice.Source 10 |
| Closure conditions | Existing liabilities remain; pending corporate actions, pledges, dues and remaining securities must be resolved.Source 10 |
Regulation and investor protection
Sections ↑At a glance19
Regulatory records and their dates
| Topic | Details |
|---|---|
| PSX securities brokerage | TREC 048 is active and classified trading/self-clearing in the 11 June 2026 exchange register.Source 16 |
| Listed company | PSX lists Next Capital under NEXT.Source 22 |
| PMEX directory | The current exchange broker directory includes Next Capital.Source 15 |
| Historical certificate | The broker-linked futures certificate was issued 25 October 2023 for one year; it is historical evidence and is not a current renewal certificate.Source 14 |
At a glance20
Client compensation has a defined scope
| Topic | Details |
|---|---|
| Trigger | PSX declares a stockbroker in default and admits a client’s claim.Source 20 |
| Recoveries first | The process first applies assets recovered from the defaulting broker.Source 20 |
| Standard CCPF amount | Up to PKR 1 million per admitted claimant, subject to the exchange rules.Source 20 |
| Pool adjustment | Where aggregate payments at that limit fall below PKR 35 million, the stated difference is distributed pro rata to partially settled claimants.Source 20 |
| Excluded interpretation | This is a broker-default process; it does not guarantee investment prices, trading profits or every PMEX-related claim.Source 20 |
At a glance21
Leveraged-account obligations
| Topic | Details |
|---|---|
| Separate agreement | Margin financing/trading and securities borrowing require their applicable documentation.Source 10 |
| Eligibility | The broker can restrict eligible securities and require more collateral than the minimum.Source 10 |
| Margin call | The individual terms allow liquidation after failure to meet a written margin call within one trading day.Source 10 |
| Residual liability | A forced sale may leave a debt; leveraged losses can exceed the cash initially committed.Source 10 |
At a glance22
Statements and reconciliation
| Topic | Details |
|---|---|
| Quarterly ledger | The account terms require a cash/securities statement, reconciled with CDC records.Source 10Source 19 |
| CDC balance statement | The sub-account terms specify a free quarterly statement within ten days of quarter-end.Source 10Source 19 |
| Requested records | The form provides for requested CDC reports within three business days, with possible cost-based charges.Source 10Source 19 |
| Independent checks | Use CDC/NCCPL alerts and records alongside broker contract notes; report discrepancies promptly.Source 10Source 19 |
Support and complaints
Sections ↑At a glance23
Service contacts
| Topic | Details |
|---|---|
| Retail | [email protected]; +92 21 111 639 825 ext. 147.Source 4 |
| Retail mobile/WhatsApp | +92 314 6398227.Source 4 |
| Institutional desk | [email protected]; ext. 108.Source 4 |
| Research | [email protected]; ext. 129.Source 4 |
| Head office | 2nd Floor, Imperial Court Building, Dr. Ziauddin Ahmed Road, Karachi.Source 4 |
At a glance24
Complaints and suspicious messages
| Topic | Details |
|---|---|
| First escalation | Raise the issue with the company and retain the instruction, confirmation and account records.Source 4Source 10 |
| External route | The company’s notice directs unresolved complaints within SECP’s remit to SECP after the firm has first had an opportunity to resolve them.Source 4 |
| Impersonation warning | Next Capital’s current homepage warns about fake groups using Next Capital/Finqalab names and claiming a Hillhouse Capital connection. The warning concerns impersonators.Source 3 |
| Verification | Use the published company contacts to verify an unexpected message or payment instruction.Source 3Source 4 |
Research and additional services
Sections ↑At a glance25
Research coverage
| Topic | Details |
|---|---|
| Economic studies | Macroeconomic reports and special topics, including work attributed to Dr. Hafiz A. Pasha.Source 21 |
| Strategy | Market strategy, federal-budget and economic-development analysis.Source 21 |
| Companies and sectors | Fundamental, valuation and results commentary.Source 21 |
| Regular updates | Morning briefings, daily market wraps and weekly market/liquidity summaries.Source 21 |
Company and group structure
Sections ↑At a glance26
Company and platform structure
| Topic | Details |
|---|---|
| Incorporation | PSX records incorporation on 14 December 2009.Source 22 |
| Business | Shares, debt, commodities, other financial instruments and corporate-finance services.Source 22 |
| Finqalab | Its site identifies it as a subsidiary of Next Capital; its FAQ separates the technology interface from the regulated account operator.Source 6Source 5 |
| Market identity | The legal broker and TREC identity remain important when comparing apps or moving an existing relationship.Source 16Source 5 |
- Headquarters
- Pakistan
Legal entities & licences
These are source-dated records, not a blanket assessment of the broker. Read each issuer, identifier, status and scope together.
Next Capital Limited
No separate licence entry is recorded in this panel.
Practical considerations
Sections ↑At a glance27
The distinctions that matter when choosing an account
| Topic | Details |
|---|---|
| Initial cash versus fee | PKR 5,000 is the main FAQ’s equity funding minimum; PKR 476 is a separate charge described for the Finqalab opening route.Source 1Source 5 |
| Stocks versus futures | PSX share ownership and leveraged PMEX futures have different custody, funding and risk arrangements.Source 1Source 2Source 13 |
| Published rate versus ambiguous unit | The 0.25% higher-price equity band is clear; obtain clarification of the low-price and rollover figures before using them in a cost comparison.Source 9 |
| Sukuk risk | An Islamic investment structure does not remove issuer, liquidity or market risk; “risk-free” marketing should not be treated as a guarantee.Source 7 |
Select the service first: direct equity brokerage, the Finqalab interface or separately documented PMEX futures. The main equity funding minimum, Finqalab opening charge and PMEX funding route apply to different processes. Obtain a corrected written unit for the low-price equity and rollover tariff lines before estimating those charges.[1][5][2][9][14]
Sources & further reading
- Equity FAQ: platforms, joint accounts, custody and PKR 5,000 funding Next Capital · Accessed 27 Oct 2026
- Retail investing: PSX tools and PMEX futures Next Capital · Accessed 27 Oct 2026
- Current homepage and impersonation warning Next Capital · Accessed 27 Oct 2026
- Retail, institutional and research contacts Next Capital · Accessed 27 Oct 2026
- Finqalab account operator, opening charge and payment timings Finqalab · Accessed 29 Oct 2026
- Finqalab platform and company relationship Finqalab · Accessed 27 Oct 2026
- Sukuk product description Finqalab · Accessed 27 Oct 2026
- Next Capital / Next Advantage Android listing Finqalab / Google Play · Accessed 27 Oct 2026
- Published equity commission schedule, file labelled July 2025 Next Capital · Accessed 27 Oct 2026
- Individual account agreement, September 2024 version Next Capital · Accessed 27 Oct 2026
- Sahulat account form, September 2024 version Next Capital · Accessed 27 Oct 2026
- Commodity commission sheet linked from the retail page Next Capital · Accessed 27 Oct 2026
- PMEX Automated Direct Funds Model circular, 29 March 2022 Pakistan Mercantile Exchange · Accessed 27 Oct 2026
- Historical one-year futures-broker renewal issued 25 October 2023 SECP / Next Capital · Accessed 27 Oct 2026
- Current PMEX broker directory: Next Capital Pakistan Mercantile Exchange · Accessed 27 Oct 2026
- PSX TREC register dated 11 June 2026 Pakistan Stock Exchange · Accessed 29 Oct 2026
- Sahulat account reforms announced 2 April 2026 Pakistan Stock Exchange · Accessed 29 Oct 2026
- Completed T+1 settlement transition: release of 10 February 2026 Pakistan Stock Exchange · Accessed 29 Oct 2026
- Investor account, tariff, custody and reporting requirements Pakistan Stock Exchange · Accessed 27 Oct 2026
- Centralized Customers Protection Compensation Fund Pakistan Stock Exchange · Accessed 29 Oct 2026
- Equity and economic research services Next Capital · Accessed 27 Oct 2026
- NEXT listed-company profile and disclosures Pakistan Stock Exchange · Accessed 27 Oct 2026
This profile reports dated public information, including broker-published services and terms. It does not independently test or guarantee execution, pricing or withdrawals. Inclusion is not an endorsement. Permissions and protections apply only to the named legal entity, service and client category; check the current official records and your contract.