Rating Details	Rating Type	BFR
	Dissemination Date	Current (18-Sep-26 )	Previous (19-Sep-25)
	Action	Maintain	Maintain
	Rating	BFR 2	BFR 2
	Outlook	Stable	Stable
	Rating Watch	-	-

Rating Rationale	Factor	Comment
	Ownership	Trust Securities & Brokerage Limited ('TSBL' or 'The Company') is primarily owned by Junaid Shehzad Ahmed (24.16%), Paramount Commodities (Pvt.) Ltd. (4.97%) and Muhammad Khurram Faraz (4.12%), with the remainder held by others.
	Governance	The seven member Board, chaired by Mrs. Zenobia Wasif, includes two independent directors, with two Board committees chaired by independent directors, supporting effective oversight and governance.
	Management and Client Services	Experienced management, supported by dedicated committees, ensures effective decision making, while digital platforms enhance operational efficiency and client experience.
	Internal Controls and Regulatory Compilance	A structured control framework, supported by outsourced internal audit and dedicated risk management and compliance functions, ensures effective oversight and regulatory adherence.
	Business Sustainability	TSBL revenue base is primarily driven by equity brokerage, supplemented by commodity brokerage, with operating revenue increasing to PKR 322mln in 9MFY26 (SPLY: PKR 190mln). Profitability also improved, with net profit rising to PKR 34mln from PKR 11.6mln.
	Financial Sustainability	TSBL financial profile is supported by an equity base of PKR 866mln in 9MFY26, strengthened through a PKR 450mln right issue, alongside a liquid capital balance of PKR 573mln as of March 2026.

Key Rating Drivers

Fiduciary practices across client servicing, compliance, and risk management remain central to TSBL control framework, underpinning its BFR rating. Independent directors, dedicated compliance and risk functions, and an outsourced internal audit provide added oversight, while digital platforms further support service delivery and client engagement. Going forward, strengthening internal controls, client protection mechanisms, and grievance and conflict management frameworks will remain important, alongside enhancing research and analytical capabilities, diversifying revenue streams, and improving market positioning. Sustaining profitability, regulatory compliance, and sound fiduciary practices, together with operational efficiency, will further reinforce the Company's governance and risk management framework, deepening oversight, reinforcing stakeholder confidence, and supporting the sustainability of TSBL business and fiduciary standards over the medium term.

About the Entity
	Legal Structure	Listed
	Year of Establishment	19-Oct-93
	Type of License	Trading and Self-clearing
	Majority Ownership	Mr. Junaid Shehzad Ahmed (24.13%)

Regulatory Disclosures	Analyst	Applicable Criteria	Related Research
	Ayesha Tayyab ayesha.tayyab@pacra.com +92-42-35869504 www.pacra.com	Assessment Framework | Broker Fiduciary Rating | Jan-26 Methodology | Rating Modifiers | Apr-26	Sector Study | Brokerage Firms | Feb-26

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