ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has cleared 98 percent of its backlog of pending adjudication cases, issuing decisions in regulatory proceedings related to violations of the Companies Act and other laws.
According to the SECP, a total of 573 decisions were issued for violations of the Companies Act and other laws. Fines totalling Rs4.73 billion were imposed for various legal violations.
The regulator said the proceedings were conducted against listed, unlisted and private companies. Action was also taken against brokers, insurance companies and non-banking finance companies (NBFCs).
The SECP said 117 decisions were issued against state-owned companies over violations of the Companies Act.
The cases were related to violations of the Companies Act, the Securities Act and anti-money laundering laws. Penalties were imposed on companies that failed to file financial statements and did not hold annual general meetings. Action was also taken over the concealment of statutory information and violations of corporate governance requirements, as well as for failure to appoint women and independent directors.
SECP Chairman Dr Kabir Sidhu said timely, evidence-based decisions are being ensured in all cases. He said the purpose of the actions is to enforce the law and protect the interests of investors.
