SECP disposes of 98% of adjudication caseload

September 20, 2026 (MLN):  The Securities and Exchange Commission of Pakistan (SECP) has cleared its adjudication backlog, deciding 573 cases and penalising violators of the Companies Act and other applicable laws by more than Rs4.73bn.

It disposed of 98% of its adjudication caseload.

SECP Chairman Dr Kabir Ahmed Sidhu said the commission was committed to timely, transparent and evidence-based decisions in all adjudication matters.

The regulator said its adjudication function was further strengthened after his appointment, according to a press release issued.

Of the 969 Adjudication Recommendation Notes available for assessment, 953 were reviewed, and proceedings in 573 cases were concluded through reasoned orders.

The remaining recommendations for initiating legal proceedings were subsequently processed through tighter oversight and better case management, clearing the entire backlog.

The proceedings involved listed, unlisted and private companies, as well as regulated entities such as securities brokers, insurance companies and Non-Banking Finance Companies (NBFCs).

The violations pertained to the Companies Act, the Securities Act and other applicable laws and regulatory requirements.

SECP also placed particular emphasis on compliance by State-Owned Enterprises (SOEs), issuing 117 adjudication orders against them.

The major violations included failure to submit financial statements and statutory information, delays in holding annual general meetings, and non-disclosure of mandatory information.

Others were breaches of financial-reporting and corporate-governance requirements, and failure to appoint female and independent directors.

The chairman said SECP's priorities include speedy disposal of pending proceedings through effective case management, strengthening the rule of law, promoting a culture of regulatory compliance among companies, and protecting investors, particularly minority shareholders.

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