Afras & Company

What Afras & Company does

Afras & Company (legal name: M/s. AFRAS & Company) is a privately-held Pakistani professional services firm headquartered in Office No. 402, 4th Floor, Stock Exchange Building, Pakistan Stock Exchange, Stock Exchange Road, Karachi. The firm operates as an Authorized Intermediary registered with the Securities and Exchange Commission of Pakistan (SECP) under the Intermediaries (Registration) Regulations, 2017, and as a practicing firm registered with the Institute of Cost and Management Accountants of Pakistan (ICMAP). It serves Securities & Futures Brokers, companies and promoters of proposed companies, foreign companies, and High Net-Worth Individuals with a menu of services including compliance outsourcing and internal audit staffing for brokerage houses, e-filing under the Companies Act and Securities Act, tax registration and returns filing with SRB/PRA/BRA, regulatory non-compliance advisory, and registration services for trusts and NGOs.

The firm's core proprietary technology consists of two products: a searchable PEP/Sanctions Database (accessible at afras.com.pk/User/Aml) aggregating data from FIA, NAB, OFAC, UNSC, and EU consolidated sanctions lists to meet SECP AML/KYC requirements; and a Biometric Attendance System marketed under the sub-brand bioattend.com for educational institutions and mobile-workforce entities such as audit firms, marketing companies, and managers. Supporting offerings include web development and software consultancy, with named engagements at Liaqat College of Medicine and Dentistry and the Sindh Employees Social Security Institution (SESSI). The firm runs a relationship-driven, direct-engagement B2B distribution model with quote-based pricing (no public fee schedule), targeting enterprise clients across Pakistan's securities brokerage and corporate-compliance landscape.

The 22-employee firm is partner-owned, with three named partners — Shafqat Ali (FCMA, FPFA; former Head of Risk Management and Head of Regulatory Affairs at Pakistan Stock Exchange who established PSX's Regulatory Affairs Division post-demutualization in 2012), M. Amjad Khan (former Acting MD/COO/CTO at Pakistan Mercantile Exchange and Lahore Stock Exchange), and M. Shafi Zakaria (FCMA; three-and-a-half decades across brokerage, NBFI, and manufacturing) — providing regulatory, operational, and technology authority. Revenue streams include professional services engagements, hardware sales (Biometric Attendance System), and software development fees, with the client roster dominated by approximately 22 PSX-registered securities brokers including Multiline Securities, Topline Securities, Khadim Ali Shah Bukhari Securities, and Aba Ali Habib Securities.

Name

Afras & Company

Legal name

M/s. AFRAS & Company

Website

https://afras.com.pk

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Afras & Company is a Karachi-based, SECP-registered Authorized Intermediary and ICMAP practicing firm providing compliance outsourcing, e-filing, PEP/Sanctions database access, and biometric attendance technology to Pakistan's securities brokers, listed companies, and select enterprises.

Ownership category

akta.pro rank

Product category

Regulatory Compliance Services

NAICS

Other Scientific and Technical Consulting Services (54169)

SIC

Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

Fraud Risk & Financial Crime Controls Advisory (BPAKADAL)

Keywords

• Regulatory compliance services
• Securities brokerage compliance
• AML KYC compliance
• SECP authorized intermediary
• Corporate e-filing services

Headquarters

HQ city

Karachi

HQ country

Pakistan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Compliance Outsourcing Services: Outsourcing of Compliances and Internal Audit functions by Brokerage Houses. Providing trained and qualified staff for supervising operations of Brokerage Houses.
2. E-filing Services: Filing of documents on behalf of companies and promotors under the Companies Act, 2017, Securities Act and related regulations.
3. Tax Registration and Filing: Tax registrations and returns filing with Sindh Review Board (SRB), Punjab Revenue Authority (PRA) and Baluchistan Revenue Authority (BRA).
4. Regulatory Compliance Advisory: Advisors for Regulatory non-compliances identified by regulators, Companies' compliances with PSX and CDC, statutory reporting through PUCARS.
5. Registration Services: Registration Services for Trusts, NGOs and others. New Company formation and registration.
6. Biometric Attendance System: Biometric Attendance System for Schools, Colleges and entities managing mobile work force.
7. Software Development: Software development technology consultancy and web development services for educational institutions and government entities.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

AFRAS & Company is a SECP-registered Authorized Intermediary providing compliance outsourcing, regulatory advisory, e-filing, tax registration/filing, and technology solutions to securities brokers, companies, promoters, foreign companies, and high net-worth individuals in Pakistan. It also offers a proprietary PEP/Sanctions Database for AML/KYC compliance and a Biometric Attendance System for educational institutions and mobile workforce management.

Product overview

Afras & Company is a single unified service offering centered on regulatory compliance for Pakistan's financial sector. The core product is the PEP/Sanctions Database—a searchable database of Politically Exposed Persons and sanctions lists required by SECP for AML/KYC compliance. Supporting the core database are multiple service modules: Biometric Attendance System (a separate product for educational institutions), Compliance Outsourcing Services (for brokerage houses), E-Filing Services (SECP-authorized company registration and filings), Tax Registration and Filing Services, and Web Development Services. The company operates as an Authorized Intermediary registered by SECP under the Intermediaries (Registration) Regulations, 2017, and as a practicing firm registered with ICMAP.

Differentiator

Problem solved

Functional benefit

Brands

• Biometric Attendance System: Bio-attendance system for educational institutes, schools, colleges, and entities managing mobile work force such as audit firms, marketing companies and managers. Available at bioattend.com.

Products and services

• PEP/Sanctions Database Searchable database of Politically Exposed Persons (PEPs) and sanctions lists (FIA, NAB, OFAC, UNSC, EU) required by SECP for AML and KYC compliance, accessed via login by authorized clients such as securities brokers.
• Biometric Attendance System Biometric-based attendance tracking system for educational institutions (schools, colleges), and entities managing a mobile workforce such as audit firms, marketing companies, and managers.
• Compliance Outsourcing Services Outsourcing of compliance and internal audit functions for brokerage houses, including providing trained and qualified staff for supervising operations plus advisory services for regulatory non-compliances identified by regulators.
• E-Filing Services SECP Authorized Intermediary e-filing of documents under the Companies Act 2017, Securities Act, and related regulations for companies, promoters, and foreign companies, including new company formation, post-corporate filings, and periodic filing of forms and documents.
• Tax Registration and Filing Services Tax registration and returns filing services with Sindh Review Board (SRB), Punjab Revenue Authority (PRA), and Baluchistan Revenue Authority (BRA).
• Web Development Services Software development technology consultancy and web development services, including creation of web applications (e.g., social networking sites, e-commerce platforms) for educational institutions, government bodies, and other clients.
• Company Registration Services New company formation and registration services, registration services for Trusts, NGOs, and other entities, plus rectification of non-compliances as a SECP-authorized intermediary.

Named customers28 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature2 records

Expansion highlights4 records

Broad incumbents

• Grant Thornton Pakistan: Grant Thornton's Pakistan member firm providing audit, tax and advisory services. Competes with AFRAS for corporate compliance, statutory reporting and tax registration mandates from corporates and brokers.
• KPMG Pakistan: Big 4 firm in Pakistan offering regulatory advisory, compliance and risk consulting to financial institutions including securities brokers. Comparable as a competing compliance service provider to Pakistan's brokerage and capital markets sector.
• BDO Ebrahim & Co. BDO's Pakistan member firm providing assurance, tax and advisory services including corporate compliance. Competes with AFRAS on e-filing, tax registrations and corporate compliance work for regulated entities.
• A.F. Ferguson & Co. (PwC Pakistan): PwC's Pakistan member firm offering assurance, advisory and risk consulting to capital markets clients. Competes with AFRAS for corporate compliance, regulatory advisory and AML engagements from brokers and listed companies.
• Deloitte Yousuf Adil: Deloitte's Pakistan member firm providing risk advisory and regulatory consulting. Comparable as a broader professional services competitor for the same financial-services and corporate compliance mandates AFRAS pursues.
• EY Ford Rhodes (EY Pakistan): EY's Pakistan member firm providing regulatory, risk and AML advisory across financial services. Overlaps with AFRAS on AML/CFT compliance advisory and corporate compliance work for PSX-regulated entities.

Direct peers

• LSEG World-Check (formerly Refinitiv): Global market leader in PEP and sanctions screening data, including the World-Check database. Most directly comparable competitor to AFRAS's proprietary PEP/Sanctions database on data coverage and screening functionality.
• Dow Jones Risk & Compliance: Provider of PEP, sanctions and adverse media screening data used by financial institutions globally. Competes head-on with AFRAS's PEP/Sanctions database for KYC/AML screening workflows at Pakistani brokers.
• Bureau van Dijk (Moody's): Corporate data and beneficial ownership intelligence provider (now part of Moody's). Comparable as a higher-end alternative for entity resolution, PEP screening and corporate compliance data needs.

Emerging players

• Sayari: Emerging corporate intelligence and supply-chain risk platform with global PEP/sanctions coverage. Represents the type of modern, technology-led compliance vendor that could eventually displace regional intermediaries like AFRAS.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/afras-company9997

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Afras & Company