Press Release
VIS Upgrades Broker Fiduciary Rating of Standard Capital Securities (Private) Limited
Karachi, July 27, 2026: VIS Credit Rating Company Ltd. (VIS) has upgraded the Broker Fiduciary Rating of Standard Capital Securities (Private) Limited to ‘BFR3+’ from ‘BFR3’. Rating of BFR3+ denotes good fiduciary standards. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on July 02, 2025.
The rating signifies sound client management services, while internal controls and risk management, ownership and governance and business and financial sustainability are considered adequate.
Standard Capital Securities (Private) Limited (“SCSPL” or “the Company”) was incorporated in 1998, providing full scale equity brokerage services to institutional as well as individual clients. Shareholding of the Company is vested with members of the Chamdia family including the Chief Executive Mr. Naushad Chamdia. The Company has three offices in Karachi and one in Sialkot. SCS provides both online and assisted trading services to its clients. SCSPL is a private limited company holding Trading Rights Entitlement Certificate (TREC) granted by Pakistan Stock Exchange Limited (PSX), and is registered with SECP to provide Trading & Self-Clearing Services. External auditors of the Company belong to category ‘A’ on the approved list of auditors published by the State Bank of Pakistan (SBP).
Rating upgrade takes into account improved disclosure levels, along with enhancements in management and client services, supported by prompt trade alerts to clients upon trade execution. The availability of online trading platforms and research materials on the website further supports the Company’s client service framework. However, the Company may consider further expanding its geographical footprint to enhance its market presence. The Company’s governance framework remains constrained by a three-member Board with no independent representation. Expansion of the Board, along with the inclusion of independent and certified directors, may further strengthen the governance framework and facilitate a more diversified composition across the Board committees. While contingency measures are in place, conducting more frequent disaster recovery exercises may further strengthen their effectiveness. The internal control framework may also be enhanced by broadening the scope of internal policies. Going forward, compliance with all applicable regulations will remain important from the rating’s perspective.
The assessment of the Company’s financial profile reflects continued growth in its profitability, supported by higher capital gains and increased brokerage revenue amid higher market activity. The Company’s operational efficiency remained at moderate level. Liquidity profile of the Company remained sound while market risk of the Company is elevated. The Company’s leverage continued to remain high whereas gearing remained on the lower side. The Company’s Equity base continued to expand in line with its profitability. Going forward, continued growth in profitability and revenue, along with maintaining operational efficiency, liquidity and gearing levels, will remain important for the rating.
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