The Securities and Exchange Commission of Pakistan (SECP) has imposed fines of Rs 210,000 on two companies for failure to prepare and circulate quarterly accounts within the prescribed time.
It is mandatory for the listed companies to prepare and transmit quarterly accounts to their shareholders, stock exchanges, registrar and the SECP within one month of the close of their first and third quarters, and within two months of the close of the second quarter of their year of accounts.
The two companies, Service Industries Textiles Limited and Service Fabrics Limited had failed to comply with the statutory requirements. As a consequence, the SECP imposed fine of Rs 140,000 on chief executive/director of Service Industries Textiles Limited and Rs 70,000 on chief executive/director of Service Fabrics Limited.
The SECP, as a regulator, is exercising strict vigilance to ensure that the listed companies are transmitting their quarterly accounts within the prescribed time and necessary regulatory requirements are complied with.-PR
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