VIS Credit Rating Company Limited has reaffirmed the Broker Management Rating of BIPL Securities Limited at BMR2 plus. The outlook on the assigned rating is stable.

The previous rating action was announced on Dec. 28, 2018, said release here on Tuesday.

The rating signifies strong HR and 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 and 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.

© Pakistan Press International, source Asianet-Pakistan