ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued show-cause notices to 28,761 companies for alleged non-compliance in disclosing their Ultimate Beneficial Owners (UBOs). This action targets companies that have not identified and reported the individuals who ultimately own or control them, a requirement under Pakistani law.

According to Securities and Exchange Commission of Pakistan, every registered company is mandated to report its UBO by filing Form 19. A UBO is defined as the person who ultimately owns or controls a company, either directly or indirectly, including those holding at least 25 percent of shares or voting rights, or exercising control through other means. The requirement is stipulated under Section 123A of the Companies Act, 2017, along with Regulation 48(5) of the Companies Regulations, 2024.

Pakistan had a total of 301,615 registered companies by the end of June 2026, according to SECP data. The disclosure of UBOs aims to enhance corporate transparency and curb the misuse of companies for money laundering, asset concealment, and other illicit financial activities. These notices were electronically dispatched via the “Notice” tab in the companies’ eZfile accounts, and chief executives and authorized representatives were informed through emails and SMS messages.

The companies have been allotted 30 days to comply by filing Form 19 and submitting a certified true copy as proof. Failure to comply within the designated timeframe may result in penal proceedings initiated by the SECP. To facilitate the filing process, the SECP has set up a dedicated email support at [email protected].