The Company’s shareholding is led by Mr. Junaid Shehzad Ahmed (26.93%) and Mr. Muhammad Khurram Faraz (16.03%). Other significant shareholders include Foresight Investments (Pakistan) (Pvt.) Limited (9.2%), Mr. Muhammad Talha Razi (7.5%), Mr. Muhammad Shayan Ghayas (6.7%), and Paramount Commodities (Pvt.) Limited (5.4%). The remaining shares are held by various individuals and entities.

While the Company does not have a formalized shareholding agreement or a documented succession plan, its operations are guided by verbal understandings among key stakeholders. Leadership continuity is maintained under the stewardship of Mr. Abdul Basit, who currently serves as Chief Executive Officer (CEO) and is expected to continue leading the Company in the foreseeable future, supported by a verbal succession framework.

The primary sponsor, Mr. Junaid Shehzad Ahmed, possesses strong business acumen backed by global professional exposure and entrepreneurial ventures. His diverse portfolio spans agro-business, real estate (local and international), consultancy, and corporate finance advisory. With a solid academic and professional background, he provides the Company with valuable strategic direction and market insights.

The primary sponsors demonstrate sound financial strength, supported by their diversified business interests both within Pakistan and abroad. They have also expressed willingness to inject additional equity into the Company if required, reflecting strong sponsor support and financial backing.

The Board of Directors comprises seven members, including two independent directors, five non-executive directors, and two executive directors. The Board is chaired by Mrs. Zenobia Wasif, a non-executive director. The presence of independent and non-executive members supports effective oversight and strengthens the governance framework of the Company.

TSBL’s Board comprises professionals with diverse expertise. Mr. Abdul Basit (CEO) brings 27 years of capital markets experience, while Mrs. Zenobia Wasif (Chairperson) adds leadership strength. Mr. Khizer Hayat Farooq offers entrepreneurial and financial markets expertise, and Mr. Talat Mehmood (Retd. Wing Commander) provides governance insight. Sardar Abdul Majeed Khan (former IGP) contributes regulatory oversight, Mr. Junaid Shehzad Ahmed brings global business acumen, and Mr. Muhammad Shayan Ghayas adds capital markets and risk management expertise.

The Board demonstrates active involvement in business matters, as reflected in the quality of discussions recorded in meeting minutes. Effectiveness is further reinforced through the presence of Audit and HR & Remuneration Committees, both chaired by independent directors, ensuring strong oversight and governance.

TSBL’s external audit is conducted by Reanda Haroon Zakaria Aamir Salman Rizwan & Co., Chartered Accountants, a B-Category firm on SBP’s panel of auditors. Additionally, the internal audit function is outsourced to M. Adnan Siddique & Co., ensuring independent oversight and transparency in financial reporting.

The Management Team is headed by Mr. Abdul Basit, the CEO of the Company. He has been with the Company for the last 27 years, and holds a BSc degree from the University of the Punjab. Mr. Muhammad Ahmad is the CFO of the Company with over 20 years of relevant experience, and is a C.A. finalist while also having a Master’s degree. Mr. Zeeshan Khanani is the Head of Sales and has held leadership positions in the top brokerage houses in Pakistan.

The Company has a well-developed organizational structure. Key departments of the Company include: (i) Online Retail Brokerage, (ii) Institutional Brokerage, (iii) Risk Management (iv) Sales & Marketing, (v) Economic Research, (vi) Compliance, (vii) Customer Support, and (viii) Internal Audit. All department heads report to the CEO, while the Internal Audit department reports to the Board Audit Committee

The Company offers multiple account opening channels, including a user-friendly online trading terminal, a mobile application, and in-person services through its physical branch network. A dedicated and responsive customer support team assists clients throughout the onboarding process and provides step-by-step guidance for seamless online trading.

TSBL has a formal ‘Customer Care Policy’ that outlines a structured complaint management framework. All client complaints are initially received by the Operations Manager, who forwards them to the relevant department head for investigation and resolution. This process ensures timely handling, accountability, and systematic redressal.

TSBL utilizes fully integrated front and back-end systems from SECP-approved vendor Vision Max, enabling real-time monitoring for compliance and risk management, and ensuring strict adherence to margin requirements.

TSBL has a business continuity framework with on-site, off-site, and cloud-based backups. Off-site servers and weekly external data backups enhance resilience and safeguard critical information against disruptions.

TSBL has a dedicated Risk Management Committee that reviews the Company’s risk appetite, policies, and control mechanisms. The outsourced internal audit function further strengthens the framework by providing independent oversight and mitigating risks associated with operational and control lapses, thereby enhancing overall resilience.

TSBL’s compliance department ensures adherence to all PSX requirements and SECP regulations, including AML/CFT standards, alongside professional practices and internal policies. This structured compliance framework supports regulatory alignment, strengthens controls, and reinforces the Company’s commitment to ethical and transparent operations.

The brokerage industry in Pakistan has strengthened in FY25, supported by improved investor sentiment, higher trading volumes, and regulatory reforms aimed at broadening market participation. The KSE-100 Index recently crossed the 150k mark, reflecting equities’ position as the best-performing asset class amid monetary easing and improving macroeconomic stability. At the same time, digital innovation and online trading platforms continue to expand retail outreach. Despite these favorable dynamics, the sector remains exposed to political uncertainty, external vulnerabilities, and regional tensions, which may weigh on market activity and investor confidence.

Trust Securities & Brokerage Limited ("TSBL" or "The Company") was incorporated as a Public Limited Company on October 19, 1993. It is listed on the Pakistan Stock Exchange Limited (PSX) and holds the status of a Trading Right Entitlement Certificate (TREC) holder, along with membership of the Pakistan Mercantile Exchange Limited (PMEX). Over the years, the Company has established itself as a recognized market participant, leveraging its regulatory affiliations to provide clients with access to both equity and commodity markets. The Company operates through eight branches, including its Head Office in Karachi. Its core business lies in equity brokerage, complemented by commodity brokerage services. Holding the status of a “Trading and Self-Clearing”, the Company independently executes and settles trades, ensuring greater efficiency and control.

TSBL’s revenue profile remains concentrated in equity and commodities brokerage, with operating revenue solely derived from commission income. During 9MFY25, the Company generated brokerage commission of ~PKR 190mln, reflecting growth from ~PKR 163mln in the SPLY, driven by higher market activity. However, profitability witnessed a sharp decline, with net profit standing at ~PKR 11mln against ~PKR 84mln in the SPLY, primarily due to rising operating costs and pressure on margins. While the revenue base demonstrates resilience, limited diversification beyond commission income exposes the Company to earnings volatility. Building ancillary income streams, such as advisory, research, or margin-based services, could strengthen financial sustainability and improve long-term growth prospects.

In line with the Company’s Risk Management Policy, the Risk Management department conducts daily monitoring of client margin requirements to proactively identify potential shortfalls. The integrated Risk Management System provides real-time alerts on any possible breaches, enabling timely interventions. Appropriate corrective measures are undertaken immediately to mitigate credit exposure, thereby ensuring prudent risk containment and safeguarding the Company’s financial position.

The Company has constituted an active Investment Committee (IC) that oversees market exposures and formulates strategies to mitigate associated risks. Currently, the absence of a proprietary trading book significantly reduces direct market risk, while the IC’s regular monitoring ensures that any potential exposures are prudently managed. This framework provides an added layer of protection against adverse market volatility.

The Company’s liquidity profile remains comfortable, with current liabilities recorded at ~PKR 480mln as of 9MFY25 (SPLY: ~PKR 311mln). These obligations are sufficiently covered by current assets of ~PKR 779mln (SPLY: ~PKR 624mln), translating into a current ratio of ~1.6x (SPLY: ~2.0x). While the ratio has moderated due to higher short-term liabilities, it continues to indicate adequate coverage, mitigating liquidity risk.

TSBL maintains an adequate capitalization profile, with Liquid Capital Balance (LCB) standing at ~PKR 206mln as of 9MFY25. The Company’s equity base of ~PKR 374mln further supports its risk absorption capacity and provides a stable financial cushion for business operations.