Press Release
VIS Reaffirms Broker Fiduciary Rating of TS Securities (Pvt) Limited
Karachi, February 11, 2026: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Broker Fiduciary Rating of TS Securities (Pvt.) Limited (‘TSPL’ 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 February 10, 2025.
The rating signifies adequate business & financial sustainability, ownership & governance, management framework as well as satisfactory client services, and adequate internal controls & regulatory framework.
TSPL was incorporated in 2006 under the Companies Ordinance Act 2017. The Company is engaged in stock brokerage, corporate finance, portfolio management services and trading in equity. The Company is registered with Securities & Exchange Commission of Pakistan and holds Trading Rights Entitlement Certificate (TREC) issued by Pakistan Stock Exchange Limited (PSX) for Trading and Self-Clearing Services. External auditors of the Company belong to category ‘B’ on the approved list of auditors published by the State Bank of Pakistan (SBP).
Assigned rating incorporates the Company’s ownership and governance framework, which remains constrained by a limited board size. Expanding the board may further strengthen the governance framework and facilitate the formation of additional board committees with a more diversified composition. In addition, the appointment of ‘A’-rated auditors may further support the Company’s governance framework. The rating also reflects the Company’s management and client services, which may be further enhanced through expanding the scope of the risk disclosure document and offering research materials. Additionally, the provision of prompt trade alerts may further improve client services. Contingency measures may be strengthened by outsourcing offsite backups to a third-party warehouse and increasing the frequency of disaster recovery exercises. Internal control and regulatory compliance of the Company are considered adequate. These may be further improved by expanding the scope of internal control policies, conducting periodic reviews of the order recording system, and establishing policies and systems to regulate the flow of market-sensitive information across departments, thereby ensuring client confidentiality. Rating also takes note of the non-compliance highlighted by PSX and the penalty imposed thereon. Going forward, ensuring compliance with all applicable regulations will be important from the rating’s perspective.
Assessment of the Company’s financial profile reflects sustained growth in brokerage revenue, in line with the overall positive industry trend. Also, the Company’s operational efficiency has witnessed improvement. The liquidity profile is considered sound and market risk remains low, given limited proprietary investments. The capitalization profile draws support from the Company’s debt-free balance sheet. Going forward, enhancement and diversification of revenue streams, along with maintenance of liquidity, market risk, operational efficiency, and gearing and leverage indicators, 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 Fiduciary Ratings:
https://docs.vis.com.pk/Methodologies-2025/BrokerFiduciaryRating-Nov25.pdf
VIS Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf