Seven companies in the digital lending sector have been fined a total of 130 million rupees, with fines of 580 million rupees for illegal deposits. Photo: File
Islamabad: The Security and Exchange Commission of Pakistan has decided on 1,849 cases of violations of regulations over the past six months. The Securities and Exchange Commission of Pakistan has taken action against companies and directors who have violated relevant laws to ensure compliance and transparency in the corporate sector and imposed fines.
During the first six months of the current fiscal year, decisions were made on 1,849 cases of violations of regulations, and fines of approximately 962 million rupees were imposed. During the current fiscal year, from July to December, the SECP made decisions in 11 cases of illegal gathering of deposits from the public and imposed fines of nearly 580 million rupees. The directors of these companies have been disqualified for five years.
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Listed companies were fined 1,750,000 rupees through 11 regulatory orders against companies or undertakings for investment listed companies. A significant sector was digital lending. In this sector, seven companies were fined a total of 130 million rupees.
During the first six months, attempts have been made to take action in eight cases related to insufficient funds for insurance guarantees, non-payment of annual supervision fees, failure to maintain accounts against insurance companies and takaful operators, and violations of credit and guarantee regulations.