Press Release

VIS Assigns Initial Broker Management Rating to Pearl Securities Limited
 

Karachi, October 22, 2019: VIS Credit Rating Company Ltd. (VIS) has assigned initial Broker Management Rating to Pearl Securities Limited (PSL) at ‘BMR2’. Outlook on the assigned rating is ‘Stable’.

The rating signifies sound internal and external control framework, risk management, client relationship and HR & IT services while regulatory compliance levels and financial management are adequate.

Assigned rating factors in PSL’s sound internal control environment substantiated by sufficient and well-defined policies; however, sharing ‘conflict of interest policy’ with customers along with further improving employee trading guidelines would enhance overall controls. Separate department heads for Internal Audit and Compliance function would be considered in line with best practices Grading is constrained on account of business risk being concentrated in brokerage activity. Enhancement of advisory income and other services may reduce business risk and enhance revenue generation.

For further information on this rating announcement, please contact the undersigned (Ext: 201) at (021)35311861-71 or fax to (021)35311872-3.





Javed Callea
Advisor

Applicable Rating Criteria: Broker Management Ratings 2017
http://vis.com.pk/docs/BMR201701.pdf

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Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS , the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2019 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

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