Karachi: In a move to promote a culture of compliance and ensure market transparency, the Pakistan Stock Exchange (PSX) has issued a reminder to all listed companies with their financial year ending on June 30, 2024. The reminder outlines essential reporting and disclosure obligations that these companies must fulfill through the PSX's Unified Corporate Reporting and Alerting System (PUCARS).
According to information available from the Pakistan Stock Exchange (PSX), listed companies are required to adhere strictly to the timelines and procedures specified in the Correspondence Manual of the Exchange. Key compliance items include the advance intimation of board meetings, the immediate dissemination of financial results, and prior notifications regarding Annual General Meetings (AGM) or Annual Review Meetings (ARM).
The specified requirements range from submitting the date, time, and place of board meetings at least one week in advance (Form 1) to the immediate submission of minutes from AGMs or ARMs (Form 6) within 60 days of the event. Moreover, financial statements and the Annual Free Float Certificate, verified by auditors, must be submitted concurrently through PUCARS.
Furthermore, in the event of needing an extension for holding an AGM or submitting quarterly financial statements, companies must apply to the Securities and Exchange Commission of Pakistan (SECP) and inform the PSX simultaneously using Form 12. Any approval or response from SECP must be communicated to the PSX within 48 hours (Form 12a).
The PSX emphasizes the importance of these regulations in enhancing the market's integrity and efficiency, urging all stakeholders to ensure these guidelines are meticulously followed.