SECP Registered Over 27000 New companies in FY2023.
The Securities and Exchange Commission of Pakistan (SECP) witnessed a remarkable surge in business registrations during the fiscal year 2023, with a record 27,746 new companies established. This flourishing entrepreneurial landscape directly resulted from SECP’s policy reforms and enhanced consumer protection initiatives. By June 30, 2023, the total number of registered companies reached an impressive 196,805, solidifying the positive impact of these reforms.
However, the SECP’s commitment to fostering business growth did not overshadow its unwavering vigilance against financial crimes. The commission actively pursued 83 cases related to anti-money laundering and terror financing, ensuring adherence to financial regulations. Furthermore, 24 companies found guilty of illegal fund collection faced stringent penalties, demonstrating the SECP’s zero-tolerance approach towards such misconduct.
In their pursuit of corporate integrity, the SECP also imposed sanctions on 41 directors associated with over 120 companies, effectively barring them from holding board positions or forming new businesses. This decisive action signifies the SECP’s commitment to upholding ethical business practices and promoting transparency within the corporate landscape. Additionally, the commission initiated legal proceedings to shut down 21 companies engaged in unlawful activities, further solidifying their dedication to maintaining a clean and compliant business environment.
The SECP’s proactive approach towards both fostering entrepreneurial growth and combating financial crimes exemplifies their commitment to creating a robust and transparent business environment in Pakistan. By striking a balance between nurturing innovation and enforcing regulations, the SECP paves the way for sustainable economic development and a thriving business landscape for the future.
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