SECP Issues Notices to 41 SOEs Over Compliance Failures
Intelligence report synthesized for precision. Verified source updates below.
Detailed Report
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.
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.
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.
