ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) initiated 54 show-cause proceedings and concluded 50 current proceedings during October and November against management and companies’ auditors for various violations, it said in a statement on Thursday.

The commission mandates companies to ensure compliance in areas like inter-corporate financing, mandatory maintenance of websites and submission of quarterly reports.

The SECP, after giving the companies reminders through the media to have mandatory company websites rendering critical information to current and potential investors, initiated 17 new show-cause proceedings against those who failed to do so.

The relevant department also concluded 13 pending proceedings against delinquent companies.

The mandatory website, with the promulgation of Companies Ordinance of 2016, shall also host the placement of annual and quarterly accounts, in addition to electronic transmission to the SECP and shareholders, which shall improve the filing of annual and quarterly accounts.

The department concluded 14 proceedings initiated for delay or non-filing of quarterly accounts, penalised companies to send the message that SECP shall not tolerate holding back of critical financial information to the shareholders.

Published in Dawn, December 9th, 2016