The Securities and Exchange Commission of Pakistan (SECP) has concluded enforcement proceedings against 36 State-Owned Enterprises (SOEs), imposing monetary penalties totaling Rs 3.175 million through 46 adjudication orders, while issuing warning orders in 12 cases.
In March 2026, the SECP issued 66 Show Cause Notices (SCNs) to 41 State-Owned Enterprises (SOEs) for non-compliance with statutory reporting and corporate governance requirements, said a press release issued by the SECP on Saturday.
The violations included failure to submit annual audited financial statements and annual returns within the prescribed timelines, non-compliance with disclosure requirements, and breaches of the Corporate Governance Regulations. To date, proceedings have been concluded in 58 cases.
As part of the government’s reform agenda to strengthen transparency, accountability, and governance in the SOE sector, the SECP has enhanced its oversight of State-Owned Enterprises and is taking measures to ensure effective compliance with the Companies Act and Corporate Governance framework.
The minimum penalty imposed was Rs 25,000 for failure to file annual returns, while a penalty of Rs 50,000 was imposed for failure to file both annual returns and financial statements. The highest penalty, amounting to Rs 225,000, was imposed for repeated non-compliance with statutory filing requirements.
Collectively, penalties totaling Rs 3.175 million were imposed.
The proceedings were concluded after due process, including providing the concerned SOEs with sufficient opportunity to respond to the SCNs and present their case during hearings.
Several companies regularized their compliance by filing outstanding annual returns following the issuance of SCNs.
To facilitate compliance, the SECP also established a dedicated help desk to assist SOEs in the submission of annual returns and other statutory filings.
Copies of the adjudication orders have been shared with the relevant Principal Accounting Officers (PAOs) of the concerned SOEs and the Director General of the Central Monitoring Unit (CMU) for information and necessary follow-up.
The SECP has advised all SOEs to strengthen their internal compliance systems, ensure timely fulfilment of statutory obligations, and improve governance practices to avoid future enforcement.