Karachi: Several notable securities firms have applied to the Securities and Exchange Commission of Pakistan (SECP) for an extension of time to hold their board meetings and finalize audited financial statements for the fiscal year ending June 30, 2024. The firms seeking extensions include Golden Arrow Stock Fund, AKD Aggressive Income Fund, and AKD Cash Fund.

According to information available from the Pakistan Stock Exchange (PSX), these applications are part of a routine process that allows companies additional time to ensure the accuracy and thoroughness of their financial reporting. This year’s request involves prominent funds managed under stringent regulatory oversight, emphasizing the importance of detailed financial scrutiny in maintaining investor confidence.

The request was officially filed with SECP, and a copy of the application has been provided to the Exchange as part of the compliance and transparency measures mandated by financial regulatory authorities. The firms have committed to submitting the approval of the extension from SECP to the Exchange within 48 hours of its receipt, ensuring that all market participants are kept informed of the developments.

These extensions, if granted, will allow the firms additional time to gather and confirm financial data, which is essential for the accurate representation of their financial status to shareholders and the market. This move is also indicative of the rigorous financial governance that characterizes Pakistan’s securities sector.