Press Release
VIS Reaffirms Broker Fiduciary Rating of Multiline Securities Limited
Karachi, August 20, 2026: VIS Credit Rating Company Ltd. (VIS) has reaffirmed Broker Fiduciary Rating of Multiline Securities Limited (MSL) at ‘BFR3+’. Rating of ‘BFR3+’ reflects good fiduciary standards. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on July 31, 2025.
The rating signifies sound ownership and governance and management framework as well as effective client services, business and financial sustainability, adequate internal control framework & regulatory compliance.
Multiline Securities Limited is a public unlisted company incorporated in 2001, providing equity brokerage, investment and portfolio management services to both retail and institutional clients. The Company is also a member of Pakistan Mercantile Exchange Limited (PMEX). The Company operates through its registered offices in Karachi. Also, the Company holds Trading Rights Entitlement Certificate (TREC) granted by Pakistan Stock Exchange (PSX) and is registered with SECP. External auditors of the Company belong to category ‘A’ on the approved list of auditors published by the State Bank of Pakistan (SBP).
The assigned rating takes into account Company’s ownership and governance levels, with four members representing the board. Additionally, the Company has two board committees namely Audit Committee and Risk Management Committee. Expanding the board size along with inclusion of certified and independent directors may enhance the overall governance framework and enable a diversified composition across the board committees. The Company maintains sound disclosure practices. The Company has ERP platforms for back-office operations along with online trading platforms to facilitate clients in executing transactions. However, customer grievance procedures may be further enhanced for greater visibility on website. While contingency measures are in place, these may be further enhanced by increasing the frequency of conducting disaster recovery and business continuity exercises. Continued adherence to all applicable regulations will be important for the rating.
Assessment of the Company’s financial profile reflects continued growth in the Company’s brokerage revenue, benefitting from strong activity in the equity market. Nevertheless, the Company’s cost-to-income ratio remains on higher side. Liquidity profile of the Company remains sound, while exposure to market risk is considered on the higher side. Capitalization profile of the Company remains supported by minimal debt levels along with a sizeable equity base. Going forward, diversifying revenue streams, continued enhancement in profitability profile along with maintenance of liquidity and capitalization profile will remain important for the ratings.
For further information on this rating, 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