IPS Accounts are custodial accounts maintained with Primary Dealers for holding Government Securities (T-Bill, PIB, Sukuk) on behalf of the investor.
T-Bills, PIBs & Ijara Sukuk are script less securities which are lodged in an IPS (Investor Portfolio Services) Account
IPS Accounts are opened by Primary Dealers. The securities in these accounts are placed with State Bank of Pakistan & managed by the primary dealer. Therefore all securities are tagged, which ensures that it cannot be sold, bought or used by the bank which acts as a custodian of these securities.