Rating Details	Rating Type	BFR
	Dissemination Date	Current (19-Dec-25 )	Previous (20-Dec-24)
	Action	Maintain	Maintain
	Rating	BFR 2+	BFR 2+
	Outlook	Stable	Stable
	Rating Watch	-	-

Rating Rationale	Factor	Comment
	Ownership	IMS is majority-owned by the Bilwani family. At end 1QFY26, Ms. Erum Bilwani and Mr. M. Uraib Azneem Bilwani together hold over ~84% of the issued share capital, with AB (Pvt.) Limited holding ~8% and free float at ~7%.
	Governance	IMS is governed by a six-member BoD's, chaired by Ms. Erum Bilwani. The Board includes two independent, one executive, and three non executive directors, providing a balanced mix of oversight & operational insight.
	Management and Client Services	IMS has an experienced management team and a clear organizational structure, delivering reliable client services through standardized processes, integrated systems, and strong operational continuity.
	Internal Controls and Regulatory Compilance	IMS has a formal risk management and internal audit framework, coupled with a dedicated compliance function, ensuring adherence to regulatory requirements and a baseline control environment while supporting fiduciary reliability.
	Business Sustainability	IMS's post-merger performance is supported by favorable market activity and strengthened equity, with a strategic focus on client expansion and digital integration to sustain revenue.
	Financial Sustainability	IMS's equity strengthened to ~PKR 1.71bn, supported by internal profits, with margin-financing exposure at ~PKR 1.13bn and proprietary investments at ~PKR 498mn(~29% of equity. Short term borrowings of ~PKR 931mn fund operations, while risk and liquidity management remain adequate.

Key Rating Drivers

Sustained governance and oversight across client servicing, regulatory compliance, and core risk functions, combined with ongoing enhancement of internal controls and disciplined management of market-linked exposures, will support preservation of the fiduciary profile as IMS’s scale and activity expand.

About the Entity
	Legal Structure	Listed
	Year of Establishment	27-Sep-99
	Type of License	Trading and Self-clearing
	Majority Ownership	Erum Balwani | ~43%

Regulatory Disclosures	Analyst	Applicable Criteria	Related Research
	Noor Fatima noor.fatima@pacra.com +92-42-35869504 www.pacra.com	Assessment Framework | Broker Fiduciary Rating | Jan-25 Methodology | Rating Modifiers | Apr-25	Sector Study | Brokerage Firms | Feb-25

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