What you are buying

A share is a stake in a company. Shareholders may receive dividends (part of the profit, if the shareholders' meeting decides to pay) and gain from price growth. Neither is guaranteed.

A bond is an IOU. You lend money to the state or a company, which promises to pay a coupon and return the face value on time. Bonds are more predictable than shares, but the issuer may default, and if you sell before maturity the market price may be below what you paid.

Where securities trade

The main venue is the Republican Stock Exchange "Tashkent" (UZSE). The capital market regulator is the National Agency for Perspective Projects (NAPP), which licenses professional participants.

Individuals cannot trade on the exchange directly. Every trade goes through a licensed broker. Your securities are recorded in your depo account at the Central Securities Depository, not "inside the app", so they remain yours even if the broker closes.

Buying shares step by step

  1. Choose a broker. The list of trading members is on the UZSE website. Check the licence, fees, app and support.
  2. Open a brokerage account in an office with your passport, or online in the broker's app with MyID verification. A depo account is usually opened automatically.
  3. Fund the account by card or bank transfer — note the top-up fee.
  4. Pick a security. Study the company's reports, dividend history and trading volume.
  5. Place an order — market or limit. For thinly traded shares a limit order is safer.
  6. Hold and monitor the issuer's reports every quarter or half-year.

Example. You buy 1,000 shares at 5,000 so'm — 5 million so'm, plus a 0.9% fee of 45,000 so'm. If the company pays a 400 so'm dividend per share, you get 400,000 so'm, about 8%. But if the price falls to 4,200 so'm, the paper loss is 800,000 so'm — more than the dividend. Hypothetical numbers.

Choosing a broker and checking a company

Ask a broker: is it licensed and listed as a UZSE trading member; what are the fees; can you withdraw to your own bank card and how fast; is the app clear; how does support work; which securities and IPOs are available? Before buying a share, read the issuer's disclosures on the corporate information portal and the exchange website: revenue and net profit for 3 years, debt, dividend history, trading volume and the main shareholder. No reports is an answer in itself.

Fees to check

Trading fees (around 0.4–1% per trade in popular apps as of 2026), top-up and withdrawal fees, any depo account fee and minimum fee per trade. Fees change — check the broker's current tariffs.

Bonds: government and corporate

Government securities

The Ministry of Economy and Finance regularly auctions government bonds. Since 2022 individuals are allowed to buy government securities; in practice you do it through a broker, at auction or on the secondary market. Availability depends on the broker. Low credit risk and a clear coupon, but prices fluctuate before maturity.

Corporate bonds

Issued by banks, leasing and industrial companies, with higher coupons for higher risk. Check the issuer's financials for 2–3 years, any collateral or guarantee, a credit rating if available, and early redemption terms. Bonds are not covered by the Deposit Guarantee Fund.

IPOs and SPOs

An IPO is a company's first public share offering; an SPO is a follow-on. Several large companies in Uzbekistan have run offerings aimed partly at individuals — for example, the "People's IPO" of the Uzbek Republican Commodity Exchange in autumn 2024 and the IPO of the National Investment Fund (UzNIF) on UZSE and the London Stock Exchange in May 2026.

You apply through the organising broker during the book-building period; funds are blocked; if demand exceeds supply, orders are filled partially and the rest is refunded; then shares appear in your depo account. An IPO does not guarantee growth — the price can fall below the offer price.

Taxes

  • Dividends: the base rate for residents is 5%, withheld by the company. At the time of writing, dividends on shares are exempt until 31 December 2028; NAPP has proposed extending this to 2038, but it is only a proposal.
  • Bond interest: also exempt until the end of 2028.
  • Gains from selling securities: rules depend on the security and venue — ask your broker.

Main risks

Market risk, liquidity risk (many UZSE shares trade rarely), issuer credit risk, concentration in banks and state companies, and fake "brokers" on Telegram asking you to send money to a personal card. A real broker never takes money to an employee's card.

Next step

Before opening a brokerage account, make sure you have a cushion and no expensive debt. Then open the ONPUL investment products section and compare stocks and bonds with deposits by risk and horizon. Make your own decision after studying the issuer's reports.