Press Release
VIS Reaffirms Broker Management Rating of Taurus Securities Limited
Karachi, August 11, 2026: VIS Credit Rating Company Ltd. (VIS) has reaffirmed Broker Management Rating of Taurus Securities Limited (‘TSL’ or ‘the Company’) at ‘BMR2+’. Outlook on the assigned rating is ‘Stable’. Last rating action was announced on August 05, 2025.
The rating signifies strong compliance and risk management and external controls, sound internal control, HR and infrastructure and client relationship and adequate financial management and regulatory requirement.
TSL is a public unlisted company incorporated in 1993, providing equity brokerage services and financial/economic data research analysis. Major shareholding of the Company is vested with National Bank of Pakistan (NBP). The head office of the Company is located in Karachi, while a branch office is located in Peshawar. The Company provides both online and assisted trading services to its clients. TSL holds Trading Rights Entitlement Certificate (TREC) granted by Pakistan Stock Exchange Limited (PSX), and is registered with SECP to provide Trading & Self Clearing Services. The Company is also a license holder of Pakistan Mercantile Exchange Limited (PMEX). External auditors of the Company are BDO Ebrahim and Co. Chartered Accountants. External auditors belong to category ‘A’ on the approved list of auditors published by the State Bank of Pakistan (SBP).
The rating reflects the Company’s strong ownership and governance framework, characterized by strong sponsor support and a seven-member Board of Directors, including three independent directors. The Company’s internal control framework is considered sound; however, further enhancement in the scope of internal policies may strengthen the overall control framework. The external control framework is supported by sound disclosure levels. Client relationship and fairplay are considered sound, supported by adequate systems and infrastructure for client servicing and back-office operations. However, the Company may consider expanding its geographical footprint to broaden its market outreach. The Company has contingency measures in place to support business continuity, while its compliance and risk management framework is considered strong.
Assessment of the Company’s financial profile reflects growth in operating revenue, primarily driven by higher brokerage income, supported by strong activity in the equity market. Although the cost-to-income ratio improved, it remains on the higher side. The Company’s liquidity profile is considered adequate, while exposure to market risk remains minimal given the absence of proprietary investments. The capitalization profile is considered adequate. Going forward, continued growth in earning profile, along with improvement in operational efficiency, liquidity, and leverage indicators, will remain important for the rating.
For further information on this rating announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Broker Management Ratings:
https://docs.vis.com.pk/Methodologies-2025/Broker-Management-2025.pdf
VIS Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf