SECP Slaps Rs. 4.7 Billion Fines in 573 Cases

The Securities and Exchange Commission of Pakistan (SECP) has cleared 98 percent of its backlog of pending adjudication cases, issuing 573 decisions on violations of the Companies Act and other laws. Fines totaling Rs. 4.73 billion were imposed for various violations, according to the SECP. The decisions covered cases involving listed, unlisted, and private companies, as well as brokers, insurance companies, and non-banking finance companies. The SECP also issued 117 decisions concerning violations of the Companies Act by state-owned enterprises. The cases involved violations of the Companies Act, Securities Act, and anti-money laundering laws. ALSO READ October Electricity Bills May Increase The regulatory 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 violating corporate governance requirements. Enforcement action was also taken over the failure to appoint women and independent directors to corporate boards, the regulator said. SECP Chairman Dr. Kabir Sidhu said the commission was ensuring timely and evidence-based decisions in all cases. He said the enforcement actions were aimed at strengthening compliance with the law and protecting the interests of investors.