PSX introduces new regulatory amendments on penalty, shariah reporting

November 28, 2025 (MLN): The Pakistan Stock Exchange (PSX) has implemented significant amendments to its regulations, introducing new requirements for public disclosure of penalties imposed on non-compliant companies and mandating Shariah-related reporting for eligible listed entities.

The changes have been approved by the Securities and Exchange Commission of Pakistan (SECP) under Section 7 of the Securities Act, 2015, PSX announced on Thursday.

Public Disclosure of Disciplinary Actions

Under the newly added Clause 5.21B of Chapter 5 of the PSX Regulations, the exchange will now publicly disseminate information on disciplinary actions taken against listed companies.

This includes actions finalized after providing the company an opportunity to be heard and the issuance of an enforcement order.

PSX will also publish a quarterly consolidated report on its website, detailing all disciplinary measures taken during the previous two years. The report will follow the format outlined in Annexure A of the amended regulations.

These amendments took effect on November 24, 2025.

Mandatory Shariah Disclosure Reporting

PSX has further introduced Shariah-related reporting obligations through Clause 5.6.9A (Chapter 5) and Clause 5A.13(e) (Chapter 5A).

Under the revised framework:

• All listed companies and issuers of listed securities meeting the criteria in Clause VII of Part I of Schedule IV of the Companies Act, 2017 are required to submit Shariah disclosures to PSX.

• These disclosures must accompany the company’s half-yearly and annual financial statements.

• PSX will publish a list of companies required to comply with the new Shariah reporting regulations.

• Non-compliance will attract a penalty of PKR 100,000 and an additional PKR 2,000 per day for continuing delays.

The new Shariah disclosure requirements will apply from each company’s upcoming half-year and financial year closing, and remain applicable thereafter.

Updated Regulations Available Online

PSX stated that the updated regulations have been uploaded under the "Legal Framework" section of its website. Listed companies and issuers covered under the new criteria must ensure full compliance with the amended rules.

The exchange underscored that the changes are part of its efforts to enhance transparency, reinforce governance standards, and strengthen investor confidence in the capital market.

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