Press Release
VIS Upgrade Broker Management Rating of Investment Managers Securities Private Limited
Karachi, November 11, 2026: VIS Credit Rating Company Ltd. (VIS) has upgraded the Broker Management Rating of Investment Managers Securities Private Limited from ‘BMR3’ to ‘BMR3+. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on October 08, 2025.
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 belong to the “B” category on SBP’s approved list of auditors.
The assigned rating takes into account the Company’s regulatory and supervisory framework, which may be further strengthened through the induction of independent and certified directors on the Board. This would promote greater board independence, enhance governance practices, and support a more balanced composition across the Board and its committees. Although internal policies are in place, further enhancement in their scope and coverage would support a more comprehensive internal control framework. The Company’s client servicing framework may be further enhanced through the adoption of digital facilitation channels, including online trading platforms, mobile applications, regular research dissemination, and timely trade alerts. Enhanced visibility of investor grievance mechanisms on the website and online accessibility of customer trading positions would further promote transparency, accessibility, and service efficiency. Furthermore, operational capabilities may be enhanced through the adoption of an integrated ERP platform to streamline workflows, improve process automation, and promote operational efficiency. Business continuity arrangements may be further reinforced through secure off-site data backups at a third-party facility and regular disaster recovery drills to ensure operational resilience. The risk management framework may be strengthened through an independent risk management function and clear segregation of internal audit and compliance responsibilities, promoting functional independence and effective oversight.
The Company’s financial profile reflects an improvement in brokerage revenue, supported by the overall positive industry trend. The resulting revenue growth has contributed to improved operational efficiency. The liquidity position remains sound, while a debt-free capital structure and manageable leverage provide support to the capitalization profile, notwithstanding the relatively small equity base. Going forward, sustained growth in earnings, alongside maintaining sound capitalization and liquidity levels, will remain key considerations for the assigned 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-2025/Broker-Management-2025.pdf
VIS Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf