Rating Details	Rating Type	BFR
	Dissemination Date	Current (11-May-26 )
	Action	Initial
	Rating	BFR 2
	Outlook	Stable
	Rating Watch	-

Rating Rationale	Factor	Comment
	Ownership	Adam Securities Limited ('ASL' or the 'Company') is closely held by Ms. Iqra Noman (50.0%) and Mr. Noman (48.9%), ensuring concentrated sponsor alignment.
	Governance	The Board of ASL comprises five members, including the CEO and two independent directors. Three board committees are in place, each chaired by an independent director, ensuring sound governance and effective decision-making.
	Management and Client Services	Led by a CEO with over 28 years of banking and Islamic finance experience. Client servicing is supported by VisionMax ERP platform, catering to a substantial retail and institutional client.
	Internal Controls and Regulatory Compilance	Control framework is mature, featuring offsite backups, formal KYC/CDD policies, and full implementation of AML/CFT guidelines per SECP requirements. An established Audit and Risk Management Committee reinforces functional independence.
	Business Sustainability	The Company maintains sound market presence, reporting brokerage income of ~PKR 169.7mln in 9MFY26 alongside an active ready-future trading desk. Proprietary investments stood at ~PKR 1.5bln as of Mar'26, representing ~71% of equity, though market risk is substantially mitigated by the hedged nature of ready-future transactions and fixed-income fund allocations.
	Financial Sustainability	Liquidity indicators remain strong. As of Mar'26, the equity base expanded to PKR 2.07 billion (Dec'25: PKR 1.93 billion), supported by a virtually debt-free balance sheet with no short-term running finance outstanding at quarter-end. Financial flexibility is further underpinned by a liquid asset buffer of PKR 1.69 billion and sustained profitability, with profit after taxation of PKR 328.3 million for the quarter, reinforcing the Company's strong financial profile.

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	Public Unlisted
	Year of Establishment	02-Jun-01
	Type of License	Trading and Self-clearing
	Majority Ownership	Ms. Iqra Noman (50%)

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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