Pakistan’s corporate regulator concludes 573 cases and issues 117 orders involving State-Owned Enterprises as it clears its adjudication backlog.
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has cleared almost its entire adjudication caseload, concluding proceedings in 573 cases and imposing penalties exceeding Rs4.73 billion for violations of the Companies Act and other applicable laws.
Following the appointment of SECP Chairman Dr Kabir Ahmed Sidhu, the regulator strengthened its adjudication function and accelerated the disposal of pending cases.
SECP reviews 953 adjudication recommendations
According to a news release, the SECP had 969 Adjudication Recommendation Notes available for assessment. Of these, 953 were reviewed, while proceedings in 573 cases were concluded through the issuance of reasoned orders.
The remaining recommendations relating to the initiation of legal proceedings were subsequently processed under enhanced oversight and improved case-management mechanisms, resulting in the clearance of the adjudication backlog.
The cases involved a wide range of regulated entities, including listed, unlisted and private companies, securities brokers, insurance companies and Non-Banking Finance Companies (NBFCs).
The violations covered provisions of the Companies Act, Securities Act and other applicable laws, regulations and regulatory requirements.
SECP issues 117 orders against SOEs
The SECP also placed particular emphasis on compliance among State-Owned Enterprises (SOEs), issuing 117 adjudication orders concerning violations of corporate and regulatory requirements.
Major violations identified during the proceedings included failures to submit financial statements and other statutory information, delays in holding annual general meetings, non-disclosure of mandatory information, and breaches of financial reporting and corporate governance requirements.
The proceedings also covered non-compliance with requirements concerning the appointment of female and independent directors, which are intended to strengthen board oversight and corporate governance.
Chairman stresses timely enforcement
SECP Chairman Dr Kabir Ahmed Sidhu said the Commission remained committed to ensuring that adjudication matters were decided in a timely, transparent and evidence-based manner.
He said the regulator’s priorities included the expeditious disposal of pending proceedings through effective case management, strengthening the rule of law and promoting a stronger culture of regulatory compliance among companies.
The Chairman also emphasised the importance of protecting investors, particularly minority shareholders, through effective enforcement of corporate and securities laws.
The latest action reflects the SECP’s continued focus on enforcement and corporate compliance, with the regulator seeking to ensure that companies and other regulated entities meet their statutory obligations and that regulatory violations are addressed through timely adjudication.