What if I am unable to view the Market Screen?
If you are having a problem in viewing Taurus Live Market Screen. Check the details given below
Market
Screen requires JVM latest/compatible version installed on your system.
To check, click the link below. It will automatically detect your system
configuration to install the latest java run time environment if it is
required.
http://www.java.com/en/download/windows_automatic.jsp
Other Internet Explorer Settings
Also check the following settings in your IE browser
Click "Tools" on the menu bar, then select "Internet Options".
Click on the "Security" tab.
For the Internet Zone, be sure that the Security level is set to "Medium" or below.
If you
have chosen to customise your Security settings for the internet
zone, be sure that under the Java Heading "Java Permissions" is NOT set
on
"Disable Java". You will want to select one of the three safety levels
instead. Also, be sure that under the Scripting heading "Scripting of
Java
Applets" is set to "Enable" or "Prompt".
Next,
click on the "Advanced" tab.
Scroll down until you see the sub-heading "Java (Sun)"
Check the box next to "Use Java 2XXXXXXX"
OR
Scroll
down until you see the sub-heading "Microsoft VM".
Check the boxes next to "Java logging enabled" and "Java console
enabled"
*Note: if you have checked the box next to "Java JIT compiler enabled"
and
are experiencing freezing problems,
uncheck that box.
If you are still having problem with Market Screen, please
contact
Taurus IT Department.
Opening an account with Taurus Securities Limited (TSL) consists of the
following simple steps:
1.You read,
understand and accept our
Terms and Conditions before submitting an application.
2.You submit an Individual or
Joint Account Application in any one of the following ways:
a. At our
Offices, or
through one of our sales representatives; or
b. Download,
complete and mail the web Individual/Joint Account Application to
our mailing address; or
c. Request an
Account Application Pack through
the mail
3.You enclose the minimum deposit along with your application. The deposit may be in the form of shares registered in your name, or cash. (see question on minimum deposit)
4.The
Application should be mailed to our following address:
New Accounts
Taurus Securities Ltd.
Suite 604, 6th Floor
Progressive Plaza
Beaumont Road
Karachi-75530
Pakistan.
5.Upon
receipt of fully completed application forms, and the minimum deposit,
your account is opened and activated. We inform you through a letter
that contains your Account Name and Number and the name of your TSL
Relationship Manager.
6.You start trading in the account.
An account for one person. Trading instructions will only be accepted from the account holder or his/her authorized representative. All trades will be registered in the name of the account holder. Payments will be made as per current TSL practice.
What is a joint account?
An account for two persons. Trading instructions will be accepted from
either person, or their authorized representative.
However, all trades will be registered in the name of both account
holders.
Payments will be made as per current TSL
practice.
Account
holders must maintain a minimum deposit in the form of cash and/or
shares at all times. Our current minimum deposit requirement is
Rs25,000. You can make the minimum deposit with any combination of the
following:
- By cheque,
funds transfer, demand draft or payment order, in favour of Taurus
Securities Ltd.
- By transfer of shares into our account with the CDS. (For shares deposit you will need to provide us with CDS transfer instruction details in the Individual/Joint Account Application).
Clients allowed by TSL to trade in excess of their cash or portfolio balances are required to maintain a margin deposit in order to cover the level of trading exposure. The margin is the client's equity in the value of the portfolio or trading position. The client's trading limit is set at a multiple of the margin deposit. Margins can be in the form of cash and/or shares. However, margin shares must be on our list of marginable stocks.
Your cash
balance will be held by TSL, and will be reflected in your account
statement.
What types of accounts can be opened with TSL?
The following
types of accounts can be opened:
-
Individual account
-
Joint account
for two persons
- Institutional accounts for joint stock companies, mutual funds, trusts etc. (must be opened in person at our offices)
What does the account application pack contain?
The complete
set of account opening forms consists of:
1.Individual/Joint or Institutional Account Application.
2.Account Opening Form for Sub-account in CDS.
The above
forms require you to provide basic client information and trading
instructions. These details are meant to help facilitate client trading
and allow beneficiaries to claim investments conveniently.
In addition to basic information, we require some form of documentary
identification: for retail accounts this is a copy of your attested CNIC
(or passport); for joint stock companies this includes copies of
founding documents, board resolution etc., in compliance with domestic
law.
Are there any monthly fees on my accounts?
At present
there are no such charges.
Can I authorize someone else to trade in my account on my behalf?
Yes. This can be granted by nomination through a Letter of Authority (LOA). A LOA addressed to Taurus Securities Ltd. is provided with the account application pack.
You can begin trading as soon as we notify you that your account has been activated and is ready for trading. A Relationship Manager (RM) will be allocated to look after all your trading needs including research, order execution and account settlement. You simply have to contact your RM in order to begin trading. The name and contact details of your RM will be included in the account activation notification.
Orders can be
placed through a simple telephone call to your RM. All client orders
received at our offices in Karachi and Peshawar are routed to the
Karachi trading room and executed on the Pakistan Stock Exchange.
Your
payments/delivery to us
You are required to transfer funds to Taurus against purchases, and
deliver shares against sales, at least one business day before the
settlement date notified in the trade contract sent to you. Payments may
be made by cheque, funds transfer,
demand draft or payment order in favour of Taurus Securities Ltd.
Payment instruments should be mailed to our following address:
Settlement Department
Taurus Securities Ltd.
Suite 604, 6th Floor
Progressive Plaza
Beaumont Road
Civil
Lines
Karachi-75530
Pakistan.
Our
payments/delivery to you
For shares settled through the CDS, Taurus
will normally deliver purchased shares to you within one business day
from the settlement date, subject to receipt of shares from the NCCPL.
Shares traded in paper form are normally
delivered within two business days from the settlement date, subject to
receipt of shares from the Clearinghouse of the PSX.
Payment of sales proceeds is normally made one business day from the
settlement date, upon receipt from the NCCPL. Unless we receive other
instructions from you, we will credit sale proceeds to your account
balance with us, and deliver purchased shares into your CDS Sub-Account/
Investor Account.
All payments will be made by crossed cheque only. Cheques will be
issued in favour of the individual account holder, while joint account
payments will be made jointly, or to either account holder, in
accordance with instructions given in the application form.
You can trade in all stocks listed on the PSX. On a discretionary basis, TSL may be able to arrange trades in other tradable securities through third parties. In the case of paper shares, please note that you can only sell those shares that are either registered in your name, or purchased through TSL.
Am I able to place an order when the market is closed?
Yes, but the
order will only be placed the next trading day. Current PSX rules do not
allow after hours trading.
Am I able to change or cancel an order?
Yes, an order
can be changed or cancelled by informing your RM, provided the order
has not been executed.
How will I be notified of trade executions?
Your RM will notify you of trade executions through same day verbal confirmations, followed by a contract mailed on the next business day.
What is the Central Depository Company (CDC)/Central Depository System (CDS)?
The CDC is a company that operates an electronic share register called the Central Depository System (CDS). The CDS eliminates the need for physical movement of share certificates. It has also solved investor problems related to stock handling on the settlement date, registration of shares, and exercise of corporate action benefits. Clients availing of our custodial services can open a CDS sub-account with Taurus, for which a form is included in the account application pack. Alternatively, they may wish to directly open an Investor Account with the CDC; for details, contact the CDC at: 0800-23275-900 ; website: www.cdcpakistan.com.
How do I transfer my holdings in the CDS to a broker?
You are required to transfer your holding to the broker's CDS account. If you have a CDS Investor Account you can issue transfer instructions. Alternatively, you can instruct your custodian/existing broker holding shares on your behalf to transfer those shares. You will be able to trade those shares once the receiving broker acknowledges receipt.
How can I collect dividends on my shares?
Stock dividends (bonus shares): The issuing company will credit
your Investor Account/Sub-Account with the CDS by the number of shares
you are entitled to.
Cash dividends: The issuing company will dispatch the dividend
warrant directly to your mailing address provided in the CDS Investor
Account/Sub-Account opening form. Alternatively, if you have an
arrangement with a bank providing custodial services, you can also give
a mandate to that custodial bank to collect dividends on your behalf.
You will need to complete the relevant sections of the
Account Opening Form for Sub-Account in CDS for this purpose.
(Tick 'yes' to the question on Dividend Mandate, and fill in particulars
for Disposal of Dividend Warrants)
How much does it cost to buy and sell shares?
Our current
commission structure is provided with the Account Application.
When, and how, will I receive my trade contracts and account statements?
Trade
contracts are mailed to the client's given correspondence address the
next business day.
A summarized account statement is provided to clients on a periodic
basis by e-mail, fax or courier as per client preference. The summarized
account statement contains information on the current cash position,
stock portfolio and outstanding transactions.
What taxes will I be liable to as an equity investor?
- The
following taxes have been levied on equity investors through various
Finance Bills:
Withholding tax @ 0.01% on the sale value of shares. FED on Commission Amount @ 16 %.
- Capital
gains is applicable on holding period. Holding period beyond 12 months
is exempt from tax.
- Stock dividends are treated as taxable income under Pakistan tax law.
- Dividend
income is subject to withholding tax; the paying company deducts the tax
at source at various rates based on the recipient's status.
- Certain
Muslim investors are subject to Zakat (an Islamic wealth tax) on the
value of their equity holdings as on the first day of the Holy Month of
Ramadan. The paying company deducts the Zakat amount from the next
dividend payment to shareholders.
Please note TSL does not purport to provide tax advice.
For further details you should seek professional tax guidance.
What if I hold shares but do not have a broker?
You will need
to open an
account with a broker licensed to trade on the exchange on which
your stock is listed (or on your preferred exchange if the stock has
more than one listing).
Am I able to trade paper shares?
Yes, provided they are still traded in paper form in the market. In the Pakistan market, certain shares are still traded in paper form despite the introduction of an electronic share register, the CDS. In order to tender valid delivery, paper shares must be accompanied by a signed transfer deed duly verified by the registrar of the issuing company.
What do I do with shares settled through CDS that I possess in paper form?
You are required to deliver paper shares accompanied by verified transfer deeds to your broker for induction into the CDS. Your broker will perform all necessary formalities on your behalf for a fixed fee that covers the cost of the share transfer fee, CDS deposit fee and other incidental charges. You can trade those shares once your broker provides you an induction notification.
There is
presently no statutory government established fund that compensates
investors for monetary loss suffered through broker defaults. The
PSX
has established an Investors Protection Fund under the Investors
Protection Fund Regulations. Details may be obtained from the
PSX.
The choice of broker is an investor's primary safeguard. At TSL, client
interest is protected through:
- In-depth
research
- Efficient
execution
-
Integrity/client confidentiality
-
Institutional capital backing
- Internal
controls/compliance
- Quality of human resources
