Press Release
VIS Reaffirms Broker Management Rating of Investment Managers Securities Private Limited
Karachi, October 08, 2025: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Broker Management Rating of Investment Managers Securities Private Limited at ‘BMR3’. Outlook on the assigned rating is ‘Stable’. Last rating action was announced on September 06, 2024.
The rating signifies sound external control framework while regulatory compliance levels, financial management, HR & IT services, internal control framework, risk and compliance levels as well as client relationship and fair play are considered adequate.
Investment Managers Securities Private Limited (IMSPL) was incorporated in 2006. The Company is engaged in the provision of equity brokerage services to retail and institutional clients. The Company holds a Trading Rights Entitlement Certificate (TREC) for providing trading and self-clearing services granted by Pakistan Stock Exchange Limited. External auditors of the Company belongs to the B category on SBP’s approved list of auditors.
Assigned rating takes into account the Company’s regulatory and supervisory framework, which may be further improved by inducting independent and certified members on the Board, thereby ensuring a more diversified composition across the board committees. While internal policies are in place, their scope may be further expanded to strengthen the internal control framework. Rating also takes note of the Company’s client services, where the client experience may be enhanced through the introduction of facilitation tools such as online trading platforms, mobile trading applications, research reports, and prompt trade alerts. Similarly, improving the visibility of investor grievance mechanisms on the Company’s website, along with providing online access to customer trade positions, may further strengthen client servicing. Furthermore, HR and infrastructure may be upgraded through implementation of a fully integrated ERP platform to improve efficiency and process integration. While contingency measures are in place, these may be further strengthened by maintaining backups at a third-party warehouse and increasing the frequency of disaster recovery exercises. The compliance and risk management framework may also be enhanced through the establishment of an independent risk management function and segregation of the internal audit and compliance departments.
Assessment of the Company’s financial profile reflects improvement in the Company’s brokerage revenue in line with overall positive industry trend. Consequently, the Company’s operational efficiency improved to a moderate level. The liquidity profile is considered sound. While the equity base remains small, the absence of debt and manageable leverage continue to support the Company’s capitalization profile. Going forward, further improvement in the earnings profile, and maintaining capitalization and liquidity profile will remain 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 Management Ratings:
https://docs.vis.com.pk/Methodologies%202024/Broker-Management.pdf
VIS Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf