IEL

Integrated Equities Limited (IEL) is a Pakistan-based securities brokerage firm, registered in Lahore and founded on August 27, 2019. Its official website, iel.net.pk, presents the company as a provider of equity brokerage services to both retail and institutional clients. The broker is headquartered at 1st Floor, 202-Y Commercial, Phase 3, DHA, Lahore, with additional offices in Karachi.

According to its website, IEL is a licensed entity regulated by the Securities and Exchange Commission of Pakistan (SECP) and holds a Trading Right Entitlement Certificate (TREC) at the Pakistan Stock Exchange (PSX). However, FXCanary’s independent regulatory records do not list any active regulators for this entity. This discrepancy is a key factor in our assessment of the broker’s risk profile.

IEL claims to be regulated by the SECP and to hold a PSX TREC, which would place it under the supervision of Pakistan’s securities regulator. The website includes a privacy policy and risk disclosure document referencing this regulatory status. Additionally, the broker displays a fraud awareness notice warning clients about unauthorized entities misusing its name.

Despite these claims, our verified records show no regulators on file for IEL. This absence of independently confirmed regulation means that traders cannot rely on regulatory oversight or investor compensation schemes. FXCanary recommends caution and independent verification of any licensing claims before engaging with this broker.

IEL offers a tiered fee structure based on share price, with extremely low rates for low-priced shares. For shares under PKR 10, the brokerage is 0.03 paisas per share, rising to 0.05 paisas for shares between PKR 10-30, and 0.15% for shares above PKR 30. The broker also advertises low daily rollover costs: PKR 0.01 per share for shares up to PKR 75, and PKR 0.05 maximum for premium shares.

These fees are designed to appeal to active and cost-conscious traders. The broker emphasizes transparency and claims no hidden charges. However, as a stockbroker, these fees apply to equity trading and not to forex or CFD products, which the broker does not appear to offer.

IEL provides a range of services including equity brokerage, market research, trading signals, and portfolio management. The broker offers an advanced trading platform and a mobile app with real-time data and charts. The backoffice software is powered by Smart Stock System.

While the website mentions these tools, it does not provide detailed specifications of the platforms or the range of instruments available. The focus is clearly on the Pakistan Stock Exchange, suggesting that clients can trade PSX-listed equities and related instruments. No mention is made of forex, CFDs, or international markets.

Account opening is advertised as free and fast, with a simple form requiring a mobile number. The broker claims no fees for opening an account. Client support is available via email, phone, and an online contact form. The contact details include a Lahore phone number and an email for compliance complaints.

IEL also provides investor education materials, including guides from SECP and PSX, arbitration regulations, and risk disclosure documents. This suggests a commitment to client education, though the practicality of support and responsiveness is not independently verified.

A notable feature of the IEL website is a prominent fraud awareness notice warning users about fake profiles, apps, and social media pages impersonating the broker. This indicates that the broker is aware of impersonation risks and is taking steps to inform clients. The page also lists a compliance officer and encourages reporting suspicious activities.

While this proactive stance is positive, it also highlights the prevalence of scams targeting the broker’s name. Potential clients should ensure they are dealing with the official entity via the verified domain and contact details.