These Terms of Service ("Terms") govern your use of the portfolio management, investment advisory, and related financial services provided by Milestone Consults ("we," "our," or "us"), a SECP-certified financial services firm registered and operating in Lahore, Pakistan. By engaging our services, you agree to be bound by these Terms.
1. Acceptance of Terms
By accessing our website, opening an account, or using any of our services, you acknowledge that you have read, understood, and agree to be bound by these Terms. If you do not agree with any part of these Terms, you must not use our services. These Terms constitute a legally binding agreement between you and Milestone Consults and are supplementary to any client agreement executed upon account opening.
2. Services Description
Milestone Consults provides the following financial services, subject to SECP licensing and regulatory requirements:
- Portfolio Management: Discretionary and non-discretionary management of investment portfolios comprising equities, fixed-income securities, and other instruments listed on the Pakistan Stock Exchange (PSX).
- Investment Advisory: Personalized investment recommendations based on your financial goals, risk tolerance, and market analysis.
- Systematic Investment Plans (SIP): Structured investment programs enabling regular, disciplined investing.
- Tax Advisory: Guidance on Capital Gains Tax (CGT) implications and tax-efficient investment strategies.
- Financial Planning: Comprehensive financial planning including retirement planning and wealth preservation strategies.
All services are provided in accordance with the SECP Non-Banking Finance Companies and Notified Entities Regulations and relevant circulars.
3. Investment Risks
Important Risk Disclosure
All investments carry inherent risks, including the potential loss of principal. Past performance is not indicative of future results. The value of investments and the income derived from them may go down as well as up.
- Market Risk: Securities traded on the PSX are subject to market volatility, economic conditions, and geopolitical events that may cause significant fluctuations in value.
- Liquidity Risk: Certain securities may be difficult to sell at a desired price or time, particularly in volatile market conditions.
- Currency Risk: Investments denominated in or linked to foreign currencies may be affected by exchange rate fluctuations.
- Regulatory Risk: Changes in government policies, tax laws, or SECP regulations may adversely affect investment returns.
- Concentration Risk: Portfolios concentrated in specific sectors or securities are subject to higher volatility.
Milestone Consults does not guarantee any specific investment returns. You should carefully consider your investment objectives, financial situation, and risk tolerance before making any investment decisions.
4. Fees and Charges
Our fee structure is transparent and disclosed prior to account opening:
- Management Fee: An annual fee of 1-2% of assets under management, calculated and charged quarterly.
- Performance Fee: 10% of returns exceeding the KSE-100 benchmark, subject to a high-water mark provision.
- Transaction Costs: Brokerage commissions, CDC charges, and applicable taxes as incurred during trade execution.
- Exit Charges: No exit fees for standard withdrawals. Early termination of fixed-term investment plans may be subject to charges as specified in your client agreement.
All fees are subject to applicable taxes including Sales Tax on Services and Federal Excise Duty as mandated by Pakistani tax laws. Fee schedules are detailed in the client agreement and may be revised with 30 days prior written notice.
5. Client Obligations
As a client of Milestone Consults, you agree to:
- Provide accurate, complete, and up-to-date personal and financial information as required for KYC compliance.
- Promptly notify us of any material changes to your financial circumstances, investment objectives, or contact information.
- Maintain the confidentiality of your account credentials and client portal login details.
- Comply with all applicable Pakistani laws, including tax obligations related to your investments.
- Review portfolio statements and reports in a timely manner and report any discrepancies within 15 business days.
- Not use our services for money laundering, terrorist financing, or any other unlawful purpose.
6. Limitation of Liability
To the maximum extent permitted by Pakistani law:
- Milestone Consults shall not be liable for any investment losses arising from market movements, economic conditions, or factors beyond our reasonable control.
- Our total liability for any claim arising from our services shall not exceed the total fees paid by you in the 12 months preceding the claim.
- We shall not be liable for indirect, consequential, incidental, or punitive damages, including loss of profits or anticipated returns.
- We are not responsible for delays, failures, or losses caused by force majeure events, including natural disasters, government actions, market closures, or system failures beyond our control.
- Information and market commentary provided are for informational purposes and do not constitute a guarantee of future performance.
7. SECP Compliance
Milestone Consults is a registered entity with the Securities and Exchange Commission of Pakistan (SECP). We operate in full compliance with the SECP Act 1997, the Non-Banking Finance Companies (Establishment and Regulation) Rules, and all applicable SECP regulations and circulars. Our operations are subject to regular inspections and audits by SECP. Clients may verify our registration status through the SECP website or by contacting SECP directly. Any complaints regarding our services may be escalated to SECP if not resolved through our internal dispute resolution process.
8. Dispute Resolution
In the event of any dispute arising from or related to these Terms or our services:
- Internal Resolution: Parties shall first attempt to resolve the dispute through our internal complaint handling mechanism. Written complaints should be addressed to our compliance officer at contact@milestoneconsults.com.
- Mediation: If not resolved within 30 days, either party may refer the matter to mediation under the Arbitration Act 1940.
- SECP Complaint: Clients may file a complaint with SECP at any stage if they believe regulatory violations have occurred.
- Arbitration: Unresolved disputes shall be referred to binding arbitration in Lahore, Pakistan, in accordance with the Arbitration Act 1940.
9. Governing Law
These Terms shall be governed by and construed in accordance with the laws of the Islamic Republic of Pakistan, including but not limited to the Contract Act 1872, the SECP Act 1997, the Companies Act 2017, and the Securities Act 2015. The courts of Lahore, Pakistan shall have exclusive jurisdiction over any legal proceedings arising from these Terms.
10. Amendments
Milestone Consults reserves the right to amend these Terms at any time. Material changes will be communicated to clients via email or through the client portal at least 30 days before they take effect. Continued use of our services after the effective date of any amendments constitutes your acceptance of the revised Terms. If you do not agree with any amendments, you may terminate your account by providing written notice before the changes take effect.