ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has disposed of 98% of its adjudication caseload, issuing decisions 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 commission strengthened its adjudication function. Of 969 adjudication recommendation notes available for assessment, 953 were reviewed, while proceedings in 573 cases were concluded through reasoned orders.
The remaining recommendations for legal proceedings were subsequently processed through strengthened oversight and case management, resulting in the clearance of the entire adjudication backlog, the SECP said.
The cases involved listed, unlisted and private companies, as well as regulated entities including securities brokers, insurance companies and nonbanking finance companies. The violations involved breaches of the Companies Act, Securities Act and other applicable laws and regulatory requirements.
The commission also focused on compliance by state-owned enterprises and issued 117 adjudication orders concerning violations of corporate and regulatory requirements by SOEs.
Major violations included failure to submit financial statements and statutory information, delays in holding annual general meetings, nondisclosure of mandatory information, breaches of financial reporting and corporate governance requirements, and failure to appoint female and independent directors.
SECP Chairman Dr. Kabir Ahmed Sidhu said the commission was ensuring timely, transparent and evidence-based decisions in adjudication matters.
He said the SECP's priorities included expediting pending proceedings through effective case management, strengthening the rule of law, promoting regulatory compliance among companies and protecting investors, particularly minority shareholders.
