Rating Details	Rating Type	BFR
	Dissemination Date	Current (12-Dec-25 )	Previous (13-Dec-24)
	Action	Maintain	Maintain
	Rating	BFR 1	BFR 1
	Outlook	Stable	Stable
	Rating Watch	-	-

Rating Rationale	Factor	Comment
	Ownership	The ownership structure is viewed as strong, underpinned by the sponsoring group's established business acumen. JS Bank Limited holds approximately 93% of the Company's shareholding, providing strategic depth and long-term stability.
	Governance	JSGCL is overseen by a eight-member Board of Directors comprising three independent directors, four non-executive directors, and the executive director CEO. Governance quality is reinforced through four board committees, each chaired by an independent director, ensuring effective oversight and alignment with regulatory expectations.
	Management and Client Services	The Company maintains a well-structured organizational framework supported by an experienced management team. Dedicated department oversee by client-facing functions, including complaint management and the delivery of award wining research services.
	Internal Controls and Regulatory Compilance	JSGCL maintains a strong control environment, supported by a group-level internal audit function that reports directly to the Audit Committee. Comprehensive policies and a dedicated Head of Compliance further ensure effective adherence to regulatory requirements.
	Business Sustainability	During 1HCY25, the Company's client grew by 37%, supported by increased investors activity and higher trading volumes, which in return contributed to a 55% rise in net profit, from PKR 163 million in 1HCY24 to PKR 253 million.
	Financial Sustainability	JS Global Capital Limited maintains a strong capital base of 3.2 billion, up from PKR 2.95 billion at end-2024, with a liquid capital balance of PKR 1.3 billion. The Company's proprietary trading exposure accounts for 32% of the total equity, supporting both operational needs and strategic initiatives.

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 framework will remain important for sustaining and improving the fiduciary profile.

About the Entity
	Legal Structure	Listed
	Year of Establishment	28-Jun-00
	Type of License	Trading and Self-clearing
	Majority Ownership	JS Bank Limited

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 Methodology | Rating Modifiers | Apr-25	Sector Study | Brokerage Firms | Feb-25

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