SECP adjudicates 1,849 violations, imposes fines Rs 962 million

ISLAMABAD, Feb 10: The Securities and Exchange Commission of Pakistan (SECP) has taken robust action against corporate misconduct, adjudicating a total of 1,849 cases for violations of regulatory standards in the first half of the current financial year.

With fines totaling approximately Rs 962 million, the SECP's crackdown aims to uphold compliance and transparency within the corporate sector. Notably, during the same period from July to December, the SECP issued judgments in 11 cases concerning illegal collection of public deposits, resulting in penalties amounting to around Rs. 58 crore and disqualification of directors for five years.

Furthermore, regulatory orders were issued against listed companies, resulting in fines totaling Rs 17.5 million for improper investments. The digital landscape also faced scrutiny, with fines amounting to Rs 1.3 crore imposed on seven companies within the sector.

The SECP's vigilance extended to insurance companies and Takaful operators, initiating adjudication proceedings in eight cases related to various infractions such as inadequate account maintenance, breaches of credit and guarantee, and insufficient security provisions.

This stringent enforcement underscores the SECP's commitment to maintaining integrity and accountability within Pakistan's financial markets.