SECP disposes of 98% adjudication caseload, imposes Rs4.73bn in penalties

The Securities and Exchange Commission of Pakistan has cleared 98% of its adjudication caseload, according to a statement it issued on Saturday as reported by Business Recorder. The regulator issued decisions in 573 cases and imposed penalties above Rs4.73 billion for breaches of the Companies Act and other laws.

Reviewers examined 953 of 969 adjudication recommendation notes, and the remaining recommendations for legal action were processed, which cleared the full backlog of pending matters. Those proceedings covered listed, unlisted and private companies, along with securities brokers, insurers and Non-Banking Finance Companies, while 117 adjudication orders targeted state-owned enterprises.

Common violations included late filing of financial statements, delayed annual general meetings, failing to disclose mandatory information and not appointing women or independent directors. SECP Chairman Dr Kabir Ahmed Sidhu said the commission is focused on timely, evidence-based decisions and on protecting minority shareholders.