Press Release
VIS Reaffirms Broker Fiduciary Rating to Fortune Securities Limited
Karachi, September 29, 2026: VIS Credit Rating Company Ltd. (VIS) has reaffirmed Broker Fiduciary Rating of Fortune Securities Limited at ‘BFR3’. Rating of ‘BFR3’ denotes good fiduciary standards. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on September 17, 2025.
The rating signifies adequate business & financial stability as well as adequate ownership & governance framework. Management & client services, and internal controls & regulatory framework are considered sound.
FSL is a public unlisted company incorporated in 1994. Holding TREC (Trading Right Entitlement Certificate) for Trading and Self-Clearing Services granted by Pakistan Stock Exchange Limited (PSX), the Company is principally engaged in brokerage of shares, securities, commodities and other financial instruments. Major shareholding of the FSL is vested with Anis Ur Rahman, who serves as the Chief Executive Officer of the Company. FSL runs its operations through its registered office in Karachi. 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 considers the Company’s ownership and governance structure, with concerns relating to board representation. Broadening the Board’s composition through the inclusion of independent and certified directors may enhance governance framework and promote greater diversity across Board committees. Management and client servicing are considered sound, supported by online trading platforms, which support efficient trading activities. Greater prominence of grievance procedures on the Company’s website may enhance their overall visibility and accessibility. Contingency arrangements may be strengthened through maintaining offsite backups at a third-party facility. Though the Company has established internal policies; enhancement of their scope however can further strengthen internal controls. Wider communication of the conflict-of-interest policy to staff and customers may further reinforce control effectiveness. Going forward, adherence to all applicable regulations will remain important for the rating.
The financial profile reflects an improvement in brokerage income, consistent with the positive trend observed across the industry. Operational efficiency has also improved as also, the Company’s liquidity profile reflects improvement, while market risk remains limited with limited proprietary trading transactions. The Company’s capitalization profile remains supported by low debt, despite a relatively low equity base. Going forward, growth in revenue and profitability, along with strengthening of the liquidity and capitalization profile, will be important for the rating.
For further information on this rating, please 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