KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has successfully eliminated its adjudication backlog by resolving 573 cases and imposing fines exceeding Rs 4.73 billion for various regulatory violations. Under the leadership of Chairman Dr. Kabir Sidhu, the commission reviewed 953 out of 969 adjudication recommendation notices, clearing 98% of its pending caseload through enhanced monitoring and efficient case management. The penalties targeted listed, unlisted, and private companies, alongside securities brokers, insurance firms, and non-banking finance companies (NBFCs), with special focus directed toward 117 rulings addressing corporate non-compliance by state-owned enterprises. The legal actions primarily tackled breaches of the Companies Act, securities laws, and Anti-Money Laundering (AML) frameworks, including the failure to submit financial statements and statutory returns, delays in holding annual general meetings (AGMs), non-compliance with corporate governance and financial reporting standards, and the omission of mandatory disclosures and the appointment of female and independent directors. Concluding the drive, Chairman Dr. Kabir Sidhu emphasized that SECP remains dedicated to transparent, evidence-based, and timely decision-making, aiming to foster a robust corporate compliance culture and safeguard the interests of investors, particularly minority shareholders.
