Press Release
VIS Upgrades Broker Fiduciary Rating of Darson Securities (Private) Limited
Karachi, May 12, 2026: VIS Credit Rating Company Ltd. (VIS) has upgraded the Broker Fiduciary Rating of Darson Securities (Private) Limited (‘DSL’ or ‘the Company’) to ‘BFR3++’ from ‘BFR3+’. Rating of BFR3++ denotes good fiduciary standards. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on April 22, 2025.
The rating signifies adequate business and financial sustainability as well as satisfactory ownership and governance framework. Internal controls and regulatory compliance are considered sound while management and client services are strong.
DSL is operating for over 20 years, providing brokerage services to both retail and foreign institutional clients. DSL’s operations are run through its corporate office in Karachi while the Company’s registered office is in Lahore. The Company has a network of 10 branches spread nationwide. It has also received approval from the Securities and Exchange Commission of Pakistan (SECP) to launch an Islamic brokerage window. DSL holds a Trading Right Entitlement Certificate (TREC) issued by the Pakistan Stock Exchange Limited (PSX) since 2000 for Trading and Self Clearing Services. External auditors of the Company are on ‘A’ category on the approved list of auditors published by the State Bank of Pakistan.
Assigned rating takes into account the Company’s strong management and client services, supported by the provision of multiple trading channels and availability of research reports that assist clients in formulating investment strategies. It also incorporates the Company’s sound internal control and regulatory compliance framework, underpinned by well-defined policies and independent functioning of audit and compliance departments. The Company’s ownership and governance structure is considered adequate; improvement may be achieved through expansion of the board size and inclusion of independent and certified directors. Rating also takes note of the corrective actions undertaken by the Company, against non-compliances highlighted by PSX. Going forward, adherence to all applicable regulatory requirements will remain important for the assigned rating.
Rating upgrade reflects improvement in the Company’s financial profile, supported by a consistent increase in revenue during FY25 and 3MFY26. Consequently, the Company’s operational efficiency has depicted improvement. Liquidity profile remains adequate, while market risk is fairly contained. The Company’s capitalization profile is supported by nominal debt levels and a steady increase in equity base, although the leverage has risen. Going forward, diversification and enhancement in revenue base, along with improvement in operational efficiency will remain important for 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%202024/Broker-Fiduciary-Rating.pdf
VIS Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf