Rating Details	Rating Type	BFR
	Dissemination Date	Current (21-Aug-26 )	Previous (21-Aug-25)
	Action	Maintain	Maintain
	Rating	BFR 2+	BFR 2+
	Outlook	Stable	Stable
	Rating Watch	-	-

Rating Rationale	Factor	Comment
	Ownership	IGI Finex Securities Limited ('IGI' or 'the Company') is a wholly owned subsidiary of IGI Holdings Limited, part of the Packages Group. Minimal shares are held by two directors and Iqra Sajjad (Company Secretary at Packages Limited) are being transferred to IGI Holdings upon completion of SECP requirements. Waqas Munir serves as nominee director by IGI Holdings.
	Governance	Following recent changes in the Board composition, the Board now comprises three directors, including the CEO and two non executive directors. The Board operates through three committees to support oversight. An independent director may further strengthen governance.
	Management and Client Services	IGI is backed by a qualified management team with a lean structure for efficiency, offering client services such as research support and online trading facilities to enhance customer experience.
	Internal Controls and Regulatory Compilance	An internal control framework is strengthened by an outsourced internal audit function. Separate departments are in place for risk management and compliance, and the Company has established all requisite policies and procedures to ensure a strong control environment.
	Business Sustainability	IGI business sustainability is supported by its affiliation with the Packages Group, with revenue rising to PKR 192 mln in 1QCY26 (SPLY: PKR 166 mln), though net profit declined to PKR 46 mln from PKR 58 mln on higher costs.
	Financial Sustainability	The absence of proprietary trading limits market risk exposure, while capitalization remains strong, supported by equity of PKR 1.2 bln and LCB of PKR 732 mln as of 1QCY26.

Key Rating Drivers

The assigned rating is anchored by the strong sponsorship of the Packages Group, providing financial strength, market credibility, and long term stability. The Company maintains a low leverage capital structure and does not undertake proprietary trading, resulting in limited financial and market risk exposure. The rating also reflects sound fiduciary practices across client servicing, compliance, research, and risk management, supported by the experienced management team. Going forward, strengthening governance through the induction of independent Board representation, enhancing internal controls and client protection mechanisms, and sustaining profitability will remain important considerations for the rating.

About the Entity
	Legal Structure	Public Unlisted
	Year of Establishment	06-Jan-94
	Type of License	Trading and Self-clearing
	Majority Ownership	IGI Holding Limited

Regulatory Disclosures	Analyst	Applicable Criteria	Related Research
	Ayesha Tayyab ayesha.tayyab@pacra.com +92-42-35869504 www.pacra.com	Assessment Framework | Broker Fiduciary Rating | Jan-26 Methodology | Rating Modifiers | Apr-26	Sector Study | Brokerage Firms | Feb-26

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