Press Release
VIS Reaffirms Broker Fiduciary Rating of Taurus Securities Limited
Karachi, August 11, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the Broker Fiduciary Rating of Taurus Securities Limited (‘TSL’ or ‘the Company’) at ‘BFR3++’. Rating of BFR3++ denotes good fiduciary standards. Outlook on the assigned rating is ‘Stable’. Last rating action was announced on August 05, 2025.
The rating signifies strong ownership and governance and internal controls, sound management and client services and adequate business and financial sustainability.
TSL is a public unlisted company incorporated in 1993. The Company provides equity brokerage services along with financial/economic data research analysis. Major shareholding of the company is vested with National Bank of Pakistan (NBP), a state-owned entity and one of the largest commercial banks in Pakistan. The head office of the Company is located in Karachi, while a branch office is also present in Peshawar. The Company provides both online and assisted trading services to its clients. TSL holds Trading Rights Entitlement Certificate (TREC) for Trading & Self Clearing Services granted by Pakistan Stock Exchange Limited (PSX) and is also a license holder of Pakistan Mercantile Exchange Limited (PMEX). External auditors of the Company are M/s 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 also maintains sound disclosure levels. Management and client services are considered sound, with adequate systems and infrastructure in place to facilitate clients and support back-office operations. However, the Company may consider expanding its geographical footprint to broaden its market outreach. Contingency measures are in place, while the Company’s internal controls and regulatory compliance are considered strong. Nevertheless, the Company may consider further enhancing the scope of its internal policies to strengthen the internal control framework.
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 Fiduciary Ratings:
https://docs.vis.com.pk/Methodologies-2025/BrokerFiduciaryRating-Nov25.pdf
VIS Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf