Rating Details	Rating Type	BFR
	Dissemination Date	Current (14-Jul-26 )
	Action	Initial
	Rating	BFR 4+
	Outlook	Stable
	Rating Watch	-

Rating Rationale	Factor	Comment
	Ownership	SIA Equities (Pvt.) Limited ('SIA' or the 'Company') is a family-owned enterprise, with control concentrated in Mrs. Sana Imran (~60%) and Mr. Imran Raees (~38.5%), alongside minority interests held by Ms. Shabnam Ashi, Mr. Ahsan Hashmi (CEO), and Mr. Imran Arif.
	Governance	Governance reflects the Company's early-stage profile, a four-member Board with independent representation, which meaningfully strengthen fiduciary oversight.
	Management and Client Services	Management is appropriately scaled, with a five-member team under the CEO. Client engagement spans email, SMS, and telephone channels, serving a retail and HNWI base, with broader retail penetration offering measured growth potential.
	Internal Controls and Regulatory Compilance	The control framework is sound relative to current scale. Clearer delineation between compliance and secretarial functions, alongside greater independence of key control roles, remain constructive priorities.
	Business Sustainability	The Company holds a nascent brokerage presence, recording ~PKR 7mln in income during 9MFY26. Proprietary investments of ~PKR 5mln (~19% of equity) as of March 2026 warrant monitoring given inherent market risk exposure.
	Financial Sustainability	Liquidity is assessed as adequate. The equity base grew 8% during 9MFY26 to PKR 27mln (June 2025: ~PKR 25mln), with financial stability underpinned by sponsor support via a letter of comfort.

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	Private Limited
	Year of Establishment	24-May-24
	Type of License	Trading Only
	Majority Ownership	Ms. Sana Imran | ~60%

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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