Unlisted SECP-licensed companies to ensure public disclosure of financial results

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has directed all unlisted SECP-licensed companies to ensure the disclosure of audited financial statements through the Financial Portal for Unlisted Companies (FPUC), a portal developed by the Pakistan Stock Exchange Limited (PSX), said a press release on Thursday.

Under the directive, all unlisted SECP-licensed companies must contact the PSX within 30 days, to get access to FPUC and upload their latest available annual audited financial statements for public dissemination.

Such companies are required to upload future audited financial statements through FPUC until they get listed on the PSX. Future uploads shall be made as per timelines specified in the relevant laws governing the preparation and circulation of audited financial statements by such companies.

Unlisted licensed companies will be able to register and upload their financial statements on FPUC without any costs, whereas public dissemination will also not incur any charges for people. For a convenient and user-friendly process, unlisted licensed companies only need to sign an agreement with the PSX and share details of authorised representative(s) for the creation of a user ID. Financial statements can be uploaded on the portal through a simple and interactive interface.

Licensed companies, by virtue of their activities, have overwhelming public interest considerations and, therefore, need to adhere to much higher standards as compared to normal businesses.

The SECP, in addition to being an apex regulator for the capital markets, also regulates the corporate sector, insurance industry, non-banking finance companies, modarabas, private pension schemes and various other regulated activities. With a broad mandate and the largest regulatory scope in Pakistan, it plays a crucial role in issuing licences for various licensed and regulated activities.