Press Release

VIS Reaffirms Broker Management Rating of BIPL Securities Limited

Karachi, March 31, 2020: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Broker Management Rating of BIPL Securities Limited (BIPLS) at ‘BMR2+’. Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on December 28, 2018.

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

Reaffirmation of rating continues to factor in BIPL’s sound board level governance while performance benchmarks of compliance and HR & IT infrastructure services have sustained to prior year levels. Downgrading of existing external auditor’s category during 2018 has affected the overall external control environment. On internal controls front, holding period needs to be extended in employee trading guidelines while blackout periods for institutional and corporate trade are practiced. Control functions are autonomous and compliance of regulations is considered sound. The company does not maintain a propriety book which is aligned with best international practices.

Despite negative bottom-line, improvement has been observed in overall earning profile in 2019. Income generated from dividends and leverage financing has witnessed a decline on a timeline basis. Going forward, diversity in income stream from other than brokerage would lower operational risk.

For further information on this rating announcement, please contact Mr. Muhammad Tabish (Ext: 202) or the undersigned (Ext: 306) at (021) 35311861-66 or email at

Faryal Ahmad Faheem
Deputy CEO

Applicable Rating Criteria: Broker Management Ratings 2017

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 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 2020 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

VIS Credit Rating Company Limited