Press Release
Karachi, September 03, 2026: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Broker Fiduciary Rating of AKD Securities Limited (AKDSL) at ‘BFR2++’. Rating of BFR2++ denotes strong fiduciary standards. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on July 29, 2025.
The rating signifies strong regulatory compliance, client ownership and governance, management and client services and business and financial sustainability while internal controls and regulatory compliance are sound.
Listed on the Stock Exchange, AKDSL is licensed to operate as securities broker, consultant to the issue, and underwriter from the Securities Exchange Commission of Pakistan and holds a Membership card of Pakistan Mercantile Exchange Limited. The principal activities of the Company are brokerage of shares and/or commodities/ money market / forex trading, financial research, book building, underwriting, investments in securities/commodities, corporate advisory and consultancy services. AKDSL is registered with Securities & Exchange Commission of Pakistan (SECP) and holds a Trading and Self-Clearing (TSC) license and Trading Rights Entitlement Certificate (TREC) granted by Pakistan Stock Exchange Limited (PSX). Moreover, the company also holds underwriting and corporate advisory licenses. External auditors of the company are RSM Avais Hyder Liaquat Nauman Chartered Accountants. External auditors are from Category ‘A’ of State Bank of Pakistan’s list of auditors.
The assigned rating reflects the Company’s governance structure, comprising a seven-member board of directors, with two independent directors, and the presence of three committees, namely audit, investment, and human resource. The Company maintains strong disclosure standards. The Company's management and client service functions are considered sound, supported by an ERP platform for back-office operations and online trading platforms to facilitate seamless execution of client transactions. The Company also provides research reports to assist clients in making informed investment decisions. However, the Company may consider further strengthening the documentation of its systems and procedures. Contingency measures are in place to support business continuity. However, maintaining off-site data backups with a third-party service provider may further strengthen these arrangements. Internal controls and regulatory compliance of the Company are considered sound. Continued adherence to all applicable regulations will remain important for the rating.
Rating also incorporates the Company’s financial profile. During FY25 and 9MFY26, the Company’s operating revenue posted strong growth, driven primarily by a sizeable growth in the Company’s brokerage revenue, in line with the positive industry trend, followed by higher unrealized and realized investment gains. The Company’s cost-to-income ratio is considered at fair level. Liquidity profile of the Company is considered sound and exposure to market risk is considered moderate. Growth in the Company’s equity size along with low debt profile provides support to the Company’s capitalization profile. Going forward, maintenance of operational efficiency, liquidity, and capitalization profile will be important for the rating.
For further information on this rating, please contact 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