Press Release
VIS Reaffirms Broker Fiduciary Rating of Chase Securities Pakistan (Private) Limited
Karachi, July 13, 2026: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Broker Fiduciary Rating of Chase Securities Pakistan (Private) Limited (“CSPL” or “the Company”) at ‘BFR3+’. Rating of BFR3+ denotes good fiduciary standards. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on June 18, 2025.
The rating signifies sound management and client services, and ownership and governance, while business and financial sustainability, and internal controls and regulatory compliance, are considered adequate.
CSPL was incorporated in 2021 as a private limited company. CSPL is principally engaged in the brokerage of shares. The Company caters mainly to domestic institutional and retail clients. At present, CSPL operates through its head office based in Karachi, where it provides both assisted and online trading services. The Company holds 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 are listed as category A auditors on the approved list of auditors published by the State Bank of Pakistan (SBP).
Assigned rating takes into account the Company’s governance framework, comprising a four-member Board of Directors with one independent director and four board committees, albeit with overlapping membership across the committees. Expansion of the board may further strengthen the governance framework and ensure a more diversified composition across the board committees. Management and client services are considered sound, supported by an ERP platform for back-office operations and the availability of online trading platforms. However, client services may be further strengthened through greater visibility of grievance procedures on the website and implementation of an SMS-based complaint lodging mechanism. While contingency measures are in place, increasing the frequency of disaster recovery exercises may further strengthen the Company’s business continuity framework. The internal control framework may also be enhanced through more frequent reviews of the order recording system. Rating takes note of the non-compliances highlighted by PSX and the associated penalties imposed. Going forward, compliance with all applicable regulations will remain important from the rating’s perspective.
Assessment of the Company’s financial profile reflects growth in operating revenue, driven by higher brokerage income amid the overall positive industry trend. Consequently, the Company’s cost-to-income ratio improved. Exposure to market risk is considered minimal, given the Company’s limited proprietary investments. On the other hand, the liquidity profile has weakened. While gearing and leverage indicators remain on the higher side. Nevertheless, the Company’s financial profile continues to derive comfort from ongoing sponsor support in the form of short-term loans. Going forward, continued sponsor support, along with maintenance of operational efficiency and improvement in gearing, leverage, and liquidity indicators, will remain important for the rating.
For further information on this ratings announcement, 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