ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has cleared 98 percent of its backlog of pending adjudication cases, issuing 573 decisions involving violations of corporate and financial laws.
According to the SECP, the decisions resulted in fines totaling Rs. 4.73 billion for various violations.
The cases involved listed, unlisted and private companies, along with brokers, insurance companies and non-banking finance companies.
The regulator also issued 117 decisions involving violations of the Companies Act by state-owned enterprises.
The cases covered violations of the Companies Act, Securities Act and anti-money laundering laws.
SECP Takes Action Over Corporate Violations
The enforcement action included cases involving failure to submit financial statements and failure to hold annual general meetings.
The SECP also acted against companies for withholding material information and failing to meet corporate governance requirements.
The regulator further took action against companies that failed to appoint women and independent directors to their corporate boards.
SECP Chairman Dr. Kabir Sidhu said the commission was working to ensure timely and evidence-based decisions in all adjudication cases.
He said the enforcement measures were aimed at strengthening compliance with the law and protecting investors’ interests.
