41 State-Owned Companies Face SECP Enforcement Over Compliance Violations

The Securities and Exchange Commission of Pakistan (SECP) has initiated a sweeping enforcement drive against 41 state-owned enterprises (SOEs) for failing to comply with statutory obligations. The regulator cited issues including missing audited financial statements, unfiled annual returns, skipped Annual General Meetings (AGMs), and leadership gaps such as absent Chief Executive Officers and boards lacking female representation. Notable entities under scrutiny include Pakistan Steel Mills Corporation, Pakistan Television Corporation, WAPDA Endowment Fund for Sports, and the Federal Government Employees Housing Foundation, among others. SECP has issued 66 notices, including 41 show-cause notices, warning that non-compliance could result in legal action and penalties. To enhance oversight, the regulator has established a dedicated monitoring wing to track SOE governance, while publicly naming non-compliant companies on its website to ensure transparency and accountability. The initiative reflects the SECP’s broader effort to strengthen corporate governance, promote financial discipline, and address longstanding issues of delayed reporting and weak management in Pakistan’s public sector, reinforcing the importance of accountability, inclusivity, and timely disclosure.