“Just Allow CNIC-Based Investing” — Is That the Answer?
Not fully — but it points in the right direction.
A CNIC-first model:
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Removes psychological friction
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Expands first-time participation
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Matches the crypto user experience
But the real fix is:
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Centralized verification
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Single investor identity
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Portability across brokers
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Bank-led onboarding, not broker-led
Crypto didn’t eliminate KYC.
It hid it behind better design.
The UI Problem Nobody in PSX Talks About
There is another uncomfortable truth:
PSX has no consumer-grade trading interface.
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No unified exchange app
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Fragmented broker apps
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Poor UX
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Slow execution perception
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No real-time investor education
Crypto exchanges spent billions optimizing friction away.
PSX participants largely outsourced this to brokers — and stopped there.
Why This Matters for the Market (Not Just Participation)
Low participation causes:
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Shallow liquidity
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Higher volatility
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Retail panic selling
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Price manipulation narratives
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Limited domestic capital depth
It also explains why:
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Mutual funds still allocate only ~15% to equities
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Institutions dominate price discovery
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Retail flows chase momentum, not fundamentals
Markets don’t mature without broad ownership.
