ISLAMABAD, June 6: The Securities and Exchange Commission of Pakistan (SECP) has issued 20 orders, six show-cause notices and six warning letters to various companies and individuals for contravening certain securities and corporate laws in May.

The vigorous approach adopted by the commission was to ensure investors’ protection and strengthen enforcement procedures for developing transparent and efficient stock market, an SECP press release said on Thursday.

It said the commission’s Securities Market Division (SMD) was practising vigilant supervision and stringent oversight of the securities market in this regard.

Three orders were issued against listed companies for violating listing regulations of the Karachi Stock Exchange (KSE).

The SMD passed an order against the Sui Northern Gas Pipelines Limited (SNGPL) for non-disclosure of material information regarding financial results of the company and imposed a penalty of Rs1 million.

Another order was passed against the National Refinery Company Limited for disseminating incorrect financial results to the KSE. A penalty of Rs500,000 was also imposed on the company.

Ecopack Limited was fined Rs25,000 for late dissemination of half-yearly results to the exchange.

Fourteen orders were passed against directors/beneficial owners of listed companies for late filing of the returns of beneficial ownership under section 224 of the Companies Ordinance 1984.

In this regard, orders were issued against two directors/ beneficial owners of KASB Bank Limited, four beneficial owners of Asia Insurance Company Limited, two beneficial owners of Fateh Industries Limited, three beneficial owners of Fateh Sports Wear Limited, two beneficial owners of TPL Trakker Limited and a beneficial owner of TPL Direct Insurance Limited.

The press release added that the SMD also issued an order against Avais Hyder Liaquat Nauman Chartered Accountants for calculation of wrong net capital balance of a brokerage house. Orders were also issued against Intermarket Securities Limited, Member KSE and Muhammad Hashim, Member PMEX for submitting wrong information to the SECP.

During the month, five show-cause notices were issued to KSE brokers and their auditors for violating the Securities and Exchange Ordinance, 1969. Another listed company was issued show-cause notice for violating listing regulations.

Three warning letters were issued to chairmen of Murree Brewery Company Limited and Honda Atlas Cars Pakistan Limited for not abiding by the listing regulations. Moreover, two individual investors were issued warning letters for wash trade.