The Securities and Exchange Commission of Pakistan (SECP) on Tuesday said 88% of licensed companies in the financial sector have published their annual audited financial statements on a public portal operated by the Pakistan Stock Exchange (PSX), making the reports accessible to investors and other stakeholders.
In a statement, the regulator said the disclosures were made in compliance with directives issued in January last year, requiring all licensed financial sector companies that are not listed on the stock exchange to upload their annual audited accounts to the PSX’s Financial Portal for Unlisted Companies.
The SECP said the financial statements of these licensed entities are now available to the public and can be accessed through the online portal. To facilitate the process, companies were instructed to enter into agreements with the stock exchange before uploading their financial statements.
“The availability of licensed companies’ financial statements on a public portal will enhance transparency and improve stakeholders’ access to corporate information, thereby strengthening governance standards within these institutions,” said the SECP.
The regulator added that public access to financial statements helps investors and other stakeholders better assess companies’ performance and financial position.
The SECP’s licensed entities include brokers, insurance companies, non-banking finance companies, Modaraba companies and other regulated institutions. The SECP said action is being taken under the relevant regulatory framework against companies that have failed to publish their statements.
The regulator reiterated its commitment to implementing a comprehensive regulatory framework aimed at promoting transparency, strengthening corporate governance and protecting investors in Pakistan’s financial services sector.