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ISLAMABAD, Jul 7 (APP):The Securities and Exchange Commission of Pakistan (SECP) remains committed to fostering a proactive compliance culture, concluding 1,761 adjudication proceedings in the financial year 2024-25.
Aggregate penalties of Rs. 425 million were imposed, reflecting SECP’s dedication to upholding the integrity and transparency of Pakistan’s financial markets and corporate sector, said a press release issued here on Monday.
The adjudicated cases included 267 publicly listed companies, with major non-compliances involving unauthorized investments in associated companies, weak corporate governance, and financial reporting lapses.
Enforcement actions were also taken against 49 Non-Banking Finance Companies (NBFCs). Additionally, SECP addressed 43 companies for non-compliance with the AML/CFT Regulatory Framework, imposing judicial penalties.
In the brokerage sector, SECP resolved 27 cases related to violations of takeover laws, issuing regulatory directives for rectification alongside penalties.
The insurance sector saw 14 concluded proceedings, with penalties imposed on insurers for failing to meet reinsurance arrangements, solvency thresholds, and collateral requirements for insurance guarantees.
Extending its enforcement efforts to the unlisted segment, SECP issued 679 penalty orders for breaches of mandatory statutory requirements.
In line with its goal of promoting compliance, SECP also closed 682 cases where defaults were rectified, without monetary penalties.
SECP continues to safeguard the interests of the public, minority shareholders, unitholders, policyholders, and creditors through effective enforcement of its laws.
As the financial landscape evolves, SECP will further refine its regulatory strategies to ensure a fair and secure marketplace for all stakeholders.