The Securities and Exchange Commission of Pakistan (SECP) has concluded enforcement proceedings against 36 state-owned enterprises, imposing penalties totaling Rs. 3.175 million and issuing warning orders in multiple cases as part of a broader push to strengthen accountability and corporate governance across the public sector.
The regulator said it completed proceedings on 58 show cause notices issued to state-owned enterprises for violations, including the failure to file annual returns, non-submission of audited financial statements, breaches of disclosure requirements, and non-compliance with corporate governance regulations. The action follows the issuance of 66 show-cause notices to 41 state-owned enterprises in March 2026.
According to the SECP, 46 adjudication orders resulted in monetary penalties, while warning orders were issued in 12 cases. Proceedings in eight cases are still underway. The regulator stated that all companies were given adequate opportunities to respond to the notices and present their position before final decisions were made.
The minimum penalty imposed was Rs. 25,000 for failing to file annual returns, while companies that failed to submit both annual returns and financial statements faced penalties of Rs. 50,000. The highest penalty of Rs. 225,000 was imposed in cases involving repeated non-compliance with statutory filing requirements.
The enforcement campaign forms part of the government’s reform agenda aimed at improving transparency, accountability, and governance within state-owned enterprises. The SECP said it has enhanced oversight of public sector companies and continues to take measures to ensure compliance with the Companies Act and the corporate governance framework.
Several state-owned enterprises regularized their compliance after receiving show-cause notices by filing overdue annual returns. To support future compliance, the regulator has established a dedicated facilitation desk to assist state-owned enterprises with annual returns and other statutory filings.
The SECP said copies of the adjudication orders have been shared with the relevant Principal Accounting Officers and the Central Monitoring Unit for follow-up action. The regulator also urged all state-owned enterprises to strengthen internal compliance systems and ensure the timely fulfillment of statutory obligations to avoid future enforcement action.
Major Penalties and Warnings Issued by SECP
| Company | Violation | Action |
| Federal Liver Transplant Endowment Fund | Non-filing of annual returns and accounts | Rs. 225,000 + Rs. 225,000 |
| Karachi Urban Transport Corporation Limited | Non-filing of annual returns and accounts | Rs. 225,000 + Rs. 175,000 |
| Karachi Garment City Company | Non-filing of annual returns and accounts | Rs. 150,000 + Rs. 150,000 |
| Pakistan Television Corporation | Non-submission of accounts | Rs. 125,000 |
| Fisheries Development Board | Non-filing of annual returns and accounts | Rs. 100,000 + Rs. 100,000 |
| Postal Life Insurance Company | Non-filing of annual returns and accounts | Rs. 75,000 + Rs. 100,000 |
| Energy Conservation Fund | Non-filing of annual returns and accounts | Rs. 50,000 + Rs. 175,000 |
| Printing Corporation of Pakistan | Non-filing of annual returns and accounts | Rs. 75,000 + Rs. 75,000 |
| Utility Stores Corporation | Non-submission of accounts | Warning |
| Pakistan Revenue Automation Pvt Ltd | Filing and accounts violations | Two warnings |
| Saindak Metals Limited | Non-filing of annual returns | Warning |
| Jamshoro Power Company | Annual returns and accounts violations | Two warnings |