Press Release

VIS Upgrades Broker Management Rating of Topline Securities Limited

Karachi, May 14, 2020: VIS Credit Rating Company Ltd. (VIS) has upgraded Broker Management Rating of Topline Securities Limited (TSL) to ‘BMR2+’ from ‘BMR2’. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on February 6, 2019.

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

Assigned rating incorporates TSL’s established market position in the brokerage business while serving high net worth institutional clients (local and foreign) remains the forte of the company. Rating also factors in the improvement in regulatory and compliance framework while comfort is further drawn from low exposure to credit and market risk given high proportion of IDS in overall trading volumes and conservative proprietary book management strategy.

Board size depicts strong governance levels while formation of Risk Management committee has been noted and bodes well to international best practices. Quality of external auditors and focus on KYC is sound. Inclusion of CEO statement in annual accounts would add to external control environment. Frequency of reviewing internal IT manuals and policies may also be enhanced. Assessment of financial profile indicates improvement in profitability during HFY20; however, the same is expected to remain under pressure in view of macroeconomic challenges in the aftermath of coronavirus.

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
Deputy CEO

Applicable Rating Criteria: Broker Management Ratings 2017

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