Press Release

VIS Assigns Initial Broker Fiduciary Rating to Chase Securities Pakistan (Private) Limited

Karachi, January 26, 2023: VIS Credit Rating Company Ltd. (VIS) has assigned initial Broker Fiduciary Rating of ‘BFR3’ to Chase Securities Pakistan (Private) Limited (CSPL). The assigned rating denotes good fiduciary standards and signifies sound management and client services, while ownership and governance, internal controls, regulatory compliance and business and financial sustainability are considered adequate.

Assigned rating takes into account governance framework consisting of two directors and one Board level committee. Inclusion of more board members along with independent representation may be considered to strengthen overall governance framework. Given Company is in the initial stage, internal policies and controls are in the process of being developed. While internal audit is outsourced which is viewed favorably, segregation of risk and compliance may be considered. This may also facilitate clarity in reporting lines. Management and client services are considered sound. Provision of web based online trading services are available to facilitate customers. At present, the Company’s research department is in the process of being set up and resources are being arranged which is expected to enhance customer satisfaction and retention in the long run.

Amidst slowdown in market activity during FY22, the Company was able to generate reasonable brokerage revenue in the first full year of operations, albeit incurring net losses due to higher administrative expenses. The Company’s market risk is considered to be on the lower side on account of small proprietary trading book. Liquidity and capitalization indicators are considered adequate. Going forward, augmentation of revenues while managing cost to income ratio and gearing profile will remain important for rating.

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 M/s. UHY Hassan Naeem & Co. Chartered Accountants. External auditors belong to category ‘B’ on the approved list of auditors published by the State Bank of Pakistan (SBP).

For further information on this rating announcement, please contact Ms. Sara Ahmed (Ext: 207) at (021) 35311861-66 or email at

Sara Ahmed

Applicable Rating Criteria: Broker Fiduciary Ratings 2021:

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS , the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2023 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .