Rating Details	Rating Type	BFR
	Dissemination Date	Current (19-Sep-25 )	Previous (19-Sep-24)
	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 (26.9%), Muhammad Khurram Faraz (16%), Foresight Investments (9.2%), and Muhammad Talha Razi (7.5%), with the remainder held by others.
	Governance	The Board, chaired by Mrs. Zenobia Wasif, comprises seven members, including independent directors, whose presence strengthens oversight, accountability, and governance.
	Management and Client Services	TSBL experienced management, supported by committees, ensures effective decision-making and efficiency. Its mobile app and online trading platform enhance service delivery and client experience.
	Internal Controls and Regulatory Compilance	TSBL has Audit and HR & Remuneration committees to ensure compliance and governance, supported by outsourced internal audit and independent directors for enhanced transparency.
	Business Sustainability	TSBL topline is primarily driven by equity brokerage, generating ~PKR 190 mln in brokerage revenue during 9MFY25 (SPLY: ~PKR 163 mln). The Company reported a net profit of ~PKR 11 mln compared to ~PKR 84 mln in the SPLY.
	Financial Sustainability	TSBL financial sustainability is supported by an equity base of PKR 374 mln in 9MFY25 (SPLY: PKR 363 mln). Stable equity growth reflects adequate capitalization and balance sheet strength.

Key Rating Drivers

TSBL’s BFR rating reflects increasing pressure as the Company’s performance continues to trail broader industry momentum. Revenues have posted growth; however, the pace has remained subdued compared to the strong expansion witnessed across the sector, resulting in modest profitability levels. The Company’s business profile is anchored by experienced sponsors, a stable yet comparatively modest equity base, and sound governance practices reinforced through independent board oversight and outsourced internal audit. Operational resilience is supported by a seasoned management team and adequate client servicing platforms. Despite these strengths, the absence of revenue diversification and a continued reliance on brokerage income limit the potential for rating progression. If these dynamics persist, TSBL’s relative standing versus peers may come under pressure. Enhancing market positioning, broadening income streams, and increasing profitability will be vital to preserve the current rating trajectory.

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 (27%)

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

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