SECP Issues Notices to 41 SOEs Over Compliance Failures

The Securities and Exchange Commission of Pakistan has issued 66 show cause notices to 41 state-owned enterprises for failing to comply with corporate reporting and governance requirements, as part of efforts to strengthen oversight of the public sector corporate landscape.

According to the regulator, 33 SOEs failed to submit their annual audited accounts, while 26 companies did not file their annual returns. In addition, seven enterprises did not hold their Annual General Meetings. The Commission has scheduled hearings for the non-compliant entities and said penalties may be imposed after completion of the legal process.

Among the notable entities named for compliance lapses are Pakistan Steel Mills Corporation Limited, Pakistan Television Corporation Limited, Pakistan Tourism Development Corporation Limited, Utility Stores Corporation of Pakistan and National Engineering Services Pakistan.

Ad Powered By Advergic
  Loading ad . . . 
 Ad - Continue scrolling to read

ALSO READ

Govt Plans Fuel Subsidy for Motorcyclists, Rickshaw Drivers After Price Hike

Several power sector entities were also listed, including Jamshoro Power Company Limited, Lakhra Power Generation Company Limited, Hyderabad Electric Supply Company and Quetta Electric Supply Company.

Sr No	SOE Name	Section 130 (Non-Filing of Annual Returns)	Section 233 (Non-Submission of Annual Accounts)	Section 132 (Non-holding of AGM)
1	POSTAL LIFE INSURANCE COMPANY LIMITED	Yes	Yes	No
2	PAK LIBYA HOLDING COMPANY (PVT) LIMITED	Yes	Yes	No
3	ENERGY CONSERVATION FUND	Yes	Yes	No
4	DEVOLUTION TRUST FOR COMMUNITY EMPOWERMENT	Yes	Yes	No
5	FEDERAL LIVER TRANSPLANT ENDOWMENT FUND	Yes	Yes	No
6	PAKISTAN GEMS AND JEWELLERY DEVELOPMENT COMPANY	Yes	Yes	No
7	KARACHI GARMENT CITY COMPANY	Yes	Yes	No
8	WAPDA ENDOWMENT FUND FOR SPORTS	No	No	Yes
9	FISHERIES DEVELOPMENT BOARD	Yes	Yes	No
10	NATIONAL DISASTER RISK MANAGEMENT FUND	Yes	Yes	No
11	PHA FOUNDATION	Yes	Yes	No
12	FEDERAL GOVERNMENT EMPLOYEES HOUSING FOUNDATION	Yes	Yes	No
13	OVERSEAS PAKISTANIS FOUNDATION	Yes	Yes	No
14	PAKISTAN STEEL MILLS CORPORATION (PRIVATE) LIMITED	Yes	Yes	No
15	PEOPLES STEEL MILLS LIMITED	Yes	Yes	No
16	KARACHI URBAN TRANSPORT CORPORATION LIMITED	Yes	Yes	No
17	PAKISTAN TEXTILE CITY LIMITED	Yes	Yes	No
18	SUKKUR ELECTRIC POWER COMPANY LIMITED	No	Yes	No
19	GENCO HOLDING COMPANY LIMITED	No	Yes	No
20	OVERSEAS EMPLOYMENT CORPORATION (PVT.) LIMITED	Yes	Yes	No
21	PAKISTAN MINERAL DEVELOPMENT CORPORATION	Yes	Yes	No
22	PAKISTAN RAILWAY ADVISORY & CONSULTANCY SERVICES LIMITED	Yes	Yes	No
23	PAKISTAN REVENUE AUTOMATION (PRIVATE) LIMITED	Yes	Yes	No
24	PAKISTAN TELEVISION CORPORATION LIMITED	No	Yes	No
25	PAKISTAN TOURISM DEVELOPMENT CORPORATION LTD.	No	Yes	No
26	PRINTING CORPORATION OF PAKISTAN (PRIVATE) LTD.	Yes	Yes	No
27	RAILWAY CONSTRUCTIONS PAKISTAN LIMITED	Yes	Yes	No
28	STATE ENGINEERING CORPORATION (PRIVATE) LIMITED	Yes	Yes	No
29	TELEPHONE INDUSTRIES OF PAKISTAN (PVT.) LIMITED	No	Yes	No
30	UTILITY STORES CORPORATION OF PAKISTAN	No	Yes	No
31	TRIBAL AREAS ELECTRIC SUPPLY COMPANY LIMITED	No	No	Yes
32	LAKHRA POWER GENERATION COMPANY LIMITED	No	No	Yes
33	HYDERABAD ELECTRIC SUPPLY COMPANY LIMITED	No	Yes	No
34	QUETTA ELECTRIC SUPPLY COMPANY LIMITED	No	Yes	No
35	NATIONAL TRANSMISSION AND DESPATCH COMPANY	No	No	Yes
36	JAMSHORO POWER COMPANY LIMITED	Yes	Yes	No
37	INDIGENOUS RESEARCH AND DEVELOPMENT AGENCY (IRADA) (PRIVATE) LIMITED	Yes	Yes	No
38	GUJRANWALA ELECTRIC POWER COMPANY LIMITED	No	No	Yes
39	NATIONAL ENGINEERING SERVICES PAKISTAN (PRIVATE) LIMITED	No	No	Yes
40	SAINDAK METALS LIMITED	Yes	No	No
41	POWER PLANNING & MONITORING COMPANY (PVT.) LTD.	No	No	Yes

Separately, the regulator noted that State Life Insurance Corporation of Pakistan has not yet submitted its audited financial statements for the year ended December 31, 2024. The SECP has directed the company’s chief executive to immediately file the accounts, warning that regulatory action may follow if the requirement is not met.

The review also identified governance gaps in several enterprises. According to the Commission, 48 SOEs currently have no female representation on their boards despite regulations requiring the inclusion of women directors. In addition, four state-owned companies are operating without appointed chief executive officers.

To improve oversight, the SECP said it is developing a comprehensive enforcement plan and establishing a dedicated monitoring wing at its head office to track compliance and governance standards across the state-owned enterprise sector.