SECP fines 36 SOEs Rs3.2m for governance, reporting failures
MG News | June 06, 2026 at 04:19 PM GMT+05:00
June 06, 2026
(MLN): The Securities and Exchange Commission of Pakistan (SECP) has
concluded enforcement proceedings against 36 State-Owned Enterprises (SOEs),
imposing monetary penalties totaling Rs3.175 million through 46 adjudication
orders, with warning orders issued in 12 additional cases.
The proceedings
followed 66 Show Cause Notices (SCNs) issued by the SECP in March 2026 to 41
SOEs for violations, according to a press release issued.
The violations
included failure to submit annual audited financial statements and annual
returns within prescribed timelines, non-compliance with disclosure
requirements, and breaches of Corporate Governance Regulations.
Proceedings have
since been concluded in 58 cases.
Penalties ranged
from Rs25,000 for failure to file annual returns to Rs50,000 for failure to
file both annual returns and financial statements.
The highest
penalty of Rs225,000 was imposed for repeated non-compliance with statutory
filing requirements.
Several SOEs regularized
their compliance by filing outstanding annual returns following receipt of the
SCNs.
To support this
process, the SECP established a dedicated help desk to assist SOEs with annual
returns and other statutory filings.
Copies of
adjudication orders have been shared with the relevant Principal Accounting
Officers and the Director General of the Central Monitoring Unit for follow-up.
The SECP has
advised all SOEs to strengthen internal compliance systems and ensure timely
fulfilment of statutory obligations to avoid future enforcement action.
The following is
a company-wise breakdown of adjudication and warning orders:
|
Sr. |
Company |
Violation |
Penalty |
|
1 |
Peoples Steel
Mills Limited |
Non-Filing of
Annual Returns (S.130) |
Rs 25,000 |
|
Non-Submission
of Accounts (S.233) |
Warning |
||
|
2 |
Telephone
Industries of Pakistan Private Ltd. |
Non-Submission
of Accounts (S.233) |
Rs 50,000 |
|
Non-Filing of
Annual Returns (S.130) |
Rs 50,000 |
||
|
3 |
Pakistan
Mineral Development Corporation Private Limited |
Non-Filing of
Annual Returns (S.130) |
Rs25,000 |
|
Non-Submission
of Accounts (S.233) |
Rs 25,000 |
||
|
4 |
Pakistan Gems
& Jewellery Development Company |
Non-Filing of
Annual Returns (S.130) |
Rs 75,000 |
|
Non-Submission
of Accounts (S.233) |
Warning |
||
|
5 |
Overseas
Employment Corporation Private Limited |
Non-Filing of
Annual Returns (S.130) |
Rs 50,000 |
|
Non-Submission
of Accounts (S.233) |
Rs 50,000 |
||
|
6 |
Printing
Corporation of Pakistan Private Limited |
Non-Filing of
Annual Returns (S.130) |
Rs 75,000 |
|
Non-Submission
of Accounts (S.233) |
Rs 75,000 |
||
|
7 |
Fisheries
Development Board |
Non-Filing of
Annual Returns (S.130) |
Rs 100,000 |
|
Non-Submission
of Accounts (S.233) |
Rs 100,000 |
||
|
8 |
Federal Liver
Transplant Endowment Fund |
Non-Filing of
Annual Returns (S.130) |
Rs 225,000 |
|
Non-Submission
of Accounts (S.233) |
Rs 225,000 |
||
|
9 |
Karachi Urban
Transport Corporation Limited |
Non-Filing of
Annual Returns (S.130) |
Rs 225,000 |
|
Non-Submission
of Accounts (S.233) |
Rs 175,000 |
||
|
10 |
GENCO Holding
Company Limited |
Non-Submission
of Accounts (S.233) |
Warning |
|
11 |
PHA Foundation |
Non-Filing of
Annual Returns (S.130) |
Rs 25,000 |
|
Non-Submission
of Accounts (S.233) |
Rs 25,000 |
||
|
12 |
Energy
Conservation Fund |
Non-Filing of
Annual Returns (S.130) |
Rs 50,000 |
|
Non-Submission
of Accounts (S.233) |
Rs 175,000 |
||
|
13 |
Indigenous
Research and Development Authority |
Non-Filing of
Annual Returns (S.130) |
Warning |
|
Non-Submission
of Accounts (S.233) |
Warning |
||
|
14 |
Hyderabad
Electric Supply Company Limited |
Non-Submission
of Accounts (S.233) |
Rs 25,000 |
|
15 |
Gujranwala
Electric Power Company Limited |
Non-Holding of
AGM (S.132) |
Warning |
|
16 |
Lakhra Power
Generation Company Limited |
Non-Holding of
AGM (S.132) |
Rs 75,000 |
|
17 |
Power Planning
& Monitoring Company Private Limited |
Non-Holding of
AGM (S.132) |
Rs 50,000 |
|
18 |
Tribal Areas
Electric Supply Company Limited |
Non-Holding of
AGM (S.132) |
Rs 25,000 |
|
19 |
National
Engineering Services Pakistan Private Limited |
Non-Holding of
AGM (S.132) |
Rs 50,000 |
|
20 |
National Grid
Company of Pakistan Limited (NTDC) |
Non-Holding of
AGM (S.132) |
Rs 25,000 |
|
21 |
WAPDA
Endowment Fund for Sports |
Non-Holding of
AGM (S.132) |
Rs 25,000 |
|
22 |
Pakistan
Revenue Automation Private Limited |
Non-Holding of
AGM (S.130) |
Warning |
|
Non-Submission
of Accounts (S.233) |
Warning |
||
|
23 |
Utility Stores
Corporation of Pakistan Private Limited |
Non-Submission
of Accounts (S.233) |
Warning |
|
24 |
Pakistan Steel
Mills Corporation Private Limited |
Non-Filing of
Annual Returns (S.130) |
Rs 25,000 |
|
Non-Submission
of Accounts (S.233) |
Rs 25,000 |
||
|
25 |
Saindak Metals
Limited |
Non-Filing of
Annual Returns (S.130) |
Warning |
|
26 |
Pak Libya
Holding Company Private Limited |
Non-Filing of
Annual Returns (S.130) |
Rs 25,000 |
|
Non-Submission
of Accounts (S.233) |
Rs 25,000 |
||
|
27 |
Pakistan
Television Corporation Limited |
Non-Submission
of Accounts (S.233) |
Rs 125,000 |
|
28 |
Pakistan
Railway Advisory & Consultancy Services Limited |
Non-Filing of
Annual Returns (S.130) |
Rs 25,000 |
|
Non-Submission
of Accounts (S.233) |
Rs 25,000 |
||
|
29 |
Quetta
Electric Supply Company |
Non-Submission
of Accounts (S.233) |
Rs 25,000 |
|
30 |
Sukkur
Electric Power Company Limited |
Non-Submission
of Accounts (S.233) |
Rs 25,000 |
|
31 |
Karachi
Garment City Company (Guarantee) Limited |
Non-Filing of
Annual Returns (S.130) |
Rs 150,000 |
|
Non-Submission
of Accounts (S.233) |
Rs 150,000 |
||
|
32 |
Postal Life
Insurance Company Limited |
Non-Filing of
Annual Returns (S.130) |
Rs 75,000 |
|
Non-Submission
of Accounts (S.233) |
Rs 100,000 |
||
|
33 |
National
Disaster Risk Management Fund |
Non-Filing of
Annual Returns (S.130) |
Rs 25,000 |
|
Non-Submission
of Accounts (S.233) |
Rs 25,000 |
||
|
34 |
Railway
Constructions Pakistan Limited |
Non-Filing of
Annual Returns (S.130) |
Rs 50,000 |
|
Non-Submission
of Accounts (S.233) |
Rs 50,000 |
||
|
35 |
Jamshoro Power
Company Limited |
Non-Filing of
Annual Returns (S.130) |
Warning |
|
Non-Submission
of Accounts (S.233) |
Warning |
||
|
36 |
Devolution
Trust for Community Empowerment |
Non-Filing of
Annual Returns (S.130) |
Rs 25,000 |
|
Non-Submission
of Accounts (S.233) |
Rs 100,000 |
||
|
Total
Penalties |
Rs
3,175,000 |
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