The SECP show-cause notices, issued in early September, target 28,761 companies that allegedly failed to disclose their ultimate beneficial owners (UBOs), according to reports.
The Securities and Exchange Commission of Pakistan gave the companies 30 days to file Form 19 and submit a certified true copy as proof of compliance. Companies that do not comply may face penal proceedings under the Companies Act, 2017.
What the SECP show-cause notices require
Under Section 123A of the Companies Act, 2017, read with Regulation 48(5) of the Companies Regulations, 2024, every registered company must identify and report its UBO on Form 19. A UBO is a person who owns or controls a company directly or through another entity. That includes anyone holding at least 25 percent of the shares or voting rights, or exercising control by other means.
Pakistan had 301,615 registered companies at the end of June 2026, so the notices cover nearly one in ten firms on the register.
How the notices were delivered
The notices were sent electronically through the Notice tab in each company’s eZfile account. Chief executives and authorised representatives were also alerted by email and SMS. The regulator set up a help desk at ubo.compliance@secp.gov.pk to assist with filings.
UBO disclosure is meant to improve corporate transparency and help prevent money laundering, concealment of assets and illicit financial flows. The drive also comes as the SECP steps up enforcement more broadly. It reported more than Rs4.73 billion in penalties on companies between February and June 2026.
The reports did not say how many of the 28,761 companies had complied by the deadline, or whether any penalty proceedings had begun.
Source: The Nation
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