Rating Details	Rating Type	BFR
	Dissemination Date	Current (19-Mar-26 )	Previous (21-Mar-25)
	Action	Maintain	Maintain
	Rating	BFR 3	BFR 3
	Outlook	Stable	Stable
	Rating Watch	-	-

Rating Rationale	Factor	Comment
	Ownership	Dr. Arslan Razaque Securities (Pvt.) Limited ("DARSPL" or the "Company") is a family concentrated business, with Dr. Arslan Razaque holding a 99.98% ownership stake. The structure is viewed positively given the strong financial position of the primary sponsor.
	Governance	The Board of Directors (BoD) of DARPL comprises three members: the CEO, Mr. Arslan Razaque, along with Mrs. Rabia Razaque and Mr. Ali Razaque. Going forward, the inclusion of an independent director may further strengthen the governance and oversight framework.
	Management and Client Services	DARSPL management and client servicing framework aligns with its operational scale. Complaints can be lodged via email, SMS, or phone. The client base mainly comprises retail customers, including Dr. Arslan family and acquaintances; expanding the retail base may further enhance client services.
	Internal Controls and Regulatory Compilance	Regulatory compliance is overseen by the Head of Compliance, while internal controls are supported by the presence of an internal auditor. However, the development of more formalized policies and internal procedures may further strengthen the overall control environment.
	Business Sustainability	The Company has a limited presence in the brokerage sector, reporting brokerage income of ~PKR 0.4mln during 1HFY25 (SPLY: ~PKR 0.5mln). Additionally, proprietary investments stood at ~PKR 92mln as of December 2025, representing ~46% of the equity base and exposing the Company to market risk.
	Financial Sustainability	Liquidity indicators are considered adequate. During 1HFY26, the Company equity base increased by 24% to PKR 201mln (June 2025: ~PKR 162mln). The Liquid Capital Balance stood at PKR 130mln as of December 2025, providing sufficient liquidity support to meet the operational requirements.

Key Rating Drivers

Fiduciary practices across client servicing, compliance, and core risk oversight remain integral to the control architecture, with incremental enhancements expected to further strengthen the overall governance and risk management environment. Going forward, deepening management capacity, refining internal control mechanisms, incrementally strengthening client protection, improving grievances mechanisms and conflict management frameworks will remain important for sustaining and improving the fiduciary profile.

About the Entity
	Legal Structure	Private Limited
	Year of Establishment	24-May-06
	Type of License	Trading and Self-clearing
	Majority Ownership	Dr. Arslan Razaque | ~99.9%

Regulatory Disclosures	Analyst	Applicable Criteria	Related Research
	Usama Ali usama.ali@pacra.com +92-42-35869504 www.pacra.com	Methodology | Rating Modifiers | Apr-25 Assessment Framework | Broker Fiduciary Rating | Jan-26	Sector Study | Brokerage Firms | Feb-26

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