The Securities and Exchange Commission of Pakistan (SECP) has issued show-cause notices to 28,761 companies for failing to submit mandatory details of their Ultimate Beneficial Owners.
SECP said on Thursday that the companies had not filed Form 19, which discloses Ultimate Beneficial Owner information as required under the Companies Act, 2017.
Under the law, an Ultimate Beneficial Owner is defined as a person holding 25 percent or more shares or voting rights in a company, or one who exercises direct or indirect effective control over its affairs.
The SECP has given the affected companies 30 days to submit the required Form 19. Companies that fail to comply within this period will face legal action, the regulator said.
