The 28-year-old will not be able to play domestic or worldwide cricket for half the sentence and will be kept under observation for its duration.
Spot-fixing is where the outcome of a particular passage of play is pre-determined, as opposed to fixing the outcome of a match.
In a column for cricket.com.au in April, retired Pakistan captain Misbah-ul-Haq, who was Sharjeel's skipper at Islamabad, made his position clear on what he believed should be the fate of players found guilty of spot- or match-fixing.
However, with two-and-a-half years of the five being suspended, Sharjeel can return to global cricket by the second half of 2019. "We are not complaining against the behaviour of the tribunal members, but we are objecting to the decision".
Shegan Ijaz, counsel of Sharjeel Khan, said his client will exercise his right to appeal against what he termed as "unjust punishment".
Sharjeel, who has played in one Test, 25 ODIs and 25 T20I matches, was hailed as a "Warner" for Pakistan by former head coach, Waqar Younis who said he was very disappointed after learning about Sharjeel's PSL fixing issue.
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On the other hand, PCB legal advisor, Mr Taffazul Rizvi expressed that Sharjeel was a competent player and PCB imposed a minimum possible ban on him. "We investigated all the charges and found them correct".
Under the PCB code players can appeal rulings before an independent arbitrator within 14 days of the decision.
Both Sharjeel and Khalid Latif rejected the charges of having spot-fixed in the Pakistan Super League.
The two could face a ban of 2-5 years and a two million rupees fine.
However, the PCB said in a statement that Khan would only serve half of the ban, with the other half suspended due to "mitigating circumstances and good conduct during the hearing".
Sharjeel Khan was banned for one year.