Mr. Muhammad Owais holds a majority stake of approximately 97% in the Company, while Mrs. Atiqa Zafar owns the remaining 3% of shares.

The concentrated ownership lends stability; however, formalizing a succession plan would further strengthen long-term governance continuity.

The primary sponsor demonstrated strategic foresight by historical instances of injecting equity at opportune time, enabling the Company to capitalize on favorable market conditions. The Company’s sponsor possesses the relevant educational background and ample industry understanding. The overall assessment of the strategic thinking proficiency of sponsors is comfortable.

The sponsors possess substantial net worth and have the capacity to inject additional capital as the Company’s operations expand. This underscores their commitment to the business, providing a strong financial safety net and reinforcing investor confidence in the Company’s long-term viability and growth potential.

The Company’s board consists of three directors, including the CEO, Mr. Ahmed Nabeel. Mr. Umair Arif, Head of Compliance, serves as an executive director, while Mr. Muhammad Haris is a non-executive director.

The board has the requisite skills and experience to effectively oversee capital market operations. On average, the members bring approximately 20 years of experience in finance and capital markets.

To maintain an effective control environment and ensure compliance with reporting standards, the Company has established several board-level committees, including the Audit Committee, HR Committee, Risk Management Committee, and Investment Decision-Making Committee.

SSL has appointed Nasir Javed Maqsood Imran & Company, Chartered Accountants, as its external auditor. The firm is categorized under the ‘B’ category of the State Bank of Pakistan’s panel of auditors and has issued an unqualified opinion for FY25.

The CEO, Mr. Ahmed Nabeel, the CFO, Mr. Muhammad Umair Arif, and the COO, Mr. Muhammad Imran Arif, form the senior management team of SSL. Mr. Ahmed Nabeel has extensive and diversified experience in the capital market, spanning over twenty-five years. Mr. Muhammad Umair, who holds a Master’s degree, has been with the company since 2015, serving as both CFO and Company Secretary. He also heads the Compliance Department. Basharat Ullah was appointed as the Head of the Research Department, bringing with him 20 years of experience.

The Company has an adequate organizational structure with an experienced management team and a balanced mix of professionals from the finance industry. The functions of the Company are mainly divided into 1) Sales 2) Research 3) Operations (Settlement, CS & IT) 4) HR 5) Compliance, and 6) Internal Audit.

SSL offers clients access to trading through a mobile app and online platform, complemented by periodic & on demand provisions of technical and fundamental research reports.

The Company has an adequate complaint management system supported by an adequately defined policy. Complaints can be made via email, calls, and website.

The Company has integrated database platforms and can generate real-time MIS reports on a timely basis, enabling efficient decision-making and improved operational oversight.

SSL has well-defined Disaster Recovery and Business Continuity Plans, supported by comprehensive policies. These systems are tested bi-annually, with a secondary data storage site maintained at a separate location. The effectiveness of the Disaster Recovery Plan was demonstrated when an unfortunate fire affected the location of Company’s previous head office, despite the incident, SSL’s clients experienced no disruption in services.

The Company maintains an in-house internal audit department to ensure operational efficiency and effective evaluation of internal controls. This department is responsible for implementing and monitoring the Company’s policies and procedures. The Audit Committee oversees significant risk areas identified by management and internal or external auditors, along with the controls established to mitigate those risks. The establishment of an independent risk management department would further enhance the overall risk management framework.

The Compliance Department regularly monitors the Company’s controls and systems to ensure that all functions operate in accordance with applicable policies and procedures. A Research Analyst Policy has also been established to guide relevant activities. Separation of compliance and finance functions is encouraged to further strengthen governance.

Pakistan’s macroeconomic conditions remained broadly stable through FY25 and 1QFY26, creating a supportive environment for capital market activity and the brokerage industry. FY25 reflected a phase of steady recovery, driven by IMF-backed reforms, easing inflation, and an improved external position. Real GDP grew by ~2.7%, supported by expansion in industry (~4.8%) and services (~2.9%), while per capita income increased to ~USD 1,824. Average inflation dropped sharply to ~4.5% from 23.4% in FY24, allowing the State Bank of Pakistan (SBP) to lower the policy rate from 20.5% to 11% by the end of the fiscal year. During 1QFY26, stabilization momentum continued, with average inflation easing further to ~4.2% and the PKR appreciating by ~0.9% FYTD. External indicators strengthened, as exports rose by ~11% YoY to USD ~6.7bn, remittances increased by ~7% YoY to USD ~6.35bn, and foreign exchange reserves reached ~USD 19.8bn by end-Sep’25. The SBP maintained the policy rate at 11%, supporting stable real returns and a favorable investment climate. Improving macro fundamentals, stable monetary policy, and renewed investor confidence have translated into higher trading activity at the Pakistan Stock Exchange (PSX). Market sentiment has also been supported by the expectation of upcoming Initial Public Offerings (IPOs), indicating renewed corporate interest in listings and deepening investor participation in the equity market.

SSL primarily offers equity brokerage services, complemented by on demand provison of research support for its clients. The Company’s clientele is categorized into three segments: i) High Net Worth Individuals (HNWI) / Retail Clients, ii) Financial Institutions and Corporates, iii) Foreign/Non Resident.

SSL reported operating revenue of ~PKR 190.34mln in FY25, compared to ~PKR 118.83mln in FY24, driven by sustained market activity. Net profit stood at ~PKR 37.49mln for FY25 (FY24: ~PKR 51.46mln). Commission on equity brokerage remains the principal revenue stream.

SSL maintains stringent KYC and AML procedures in line with SECP regulations, ensuring thorough client verification and continuous monitoring of transactions. High-risk clients are subject to enhanced scrutiny, and staff receive regular AML training under the supervision of the Compliance Head, Mr. Muhammad Umair Arif. Credit facilities are extended against secured collateral, with limits set according to client profiles and trading history. As of FY25, ~52% of receivables were under 30 days, highlighting the need for continued emphasis on timely recoveries and credit discipline.

The Company continues to maintain a modest proprietary book. As of end-FY25, the proprietary investment stood at ~PKR 18.29 million, carrying an unrealized loss of ~PKR 5.15 million, resulting in a net market value of ~PKR 13.13 million. This represents approximately 4.3% of total equity on a cost basis and ~3.1% on a net market value basis, against an equity base of PKR 423.33 million. The net value reflects a decline from ~PKR 23 million at end-Jun’24; despite an improving market environment, the movement suggests either partial liquidation of positions or exposure to underperforming scrips. Proprietary activity remains limited in scale, and introducing a formal proprietary trading policy could further streamline structured oversight and strengthen governance around these exposures.

As of FY25, SSL reported current assets of ~PKR 631.65mln against current liabilities of ~PKR 249.13mln, reflecting a strong liquidity position. The available liquid assets are adequate to cover short-term obligations, ensuring comfortable working capital headroom.

SSL maintains adequate capitalization, with equity of ~PKR 423.33mln as of Jun’25. The regulatory Liquid Capital Balance improved from ~PKR 134mln in Jun’24 to ~PKR 193.88mln in FY25, reflecting enhanced risk absorption capacity and regulatory compliance.