Lahore: The Securities and Exchange Commission of Pakistan (SECP) has declined Sui Northern Gas Pipelines Limited’s (SNGPL) request for an extension in the deadline for the submission of its financial reports for the fiscal periods ending December 31, 2023, and March 31, 2024.

SNGPL had applied for an extension to delay the submission of its half-yearly and nine-monthly financial accounts, citing the need for additional time to prepare and review its financial statements. According to a letter from SECP dated October 24, 2024, the Commission informed the company that existing regulations do not permit such extensions.

In response to SNGPL’s initial request, SECP had already issued letters on February 22, 2024, and April 26, 2024, reiterating the lack of legal provisions for extending the submission deadlines for financial disclosures. These communications were prompted by SNGPL’s letter dated October 14, 2024, in which the company appealed to SECP for more time.

According to information available from the Pakistan Stock Exchange (PSX), timely financial disclosures are crucial for maintaining transparency and trust with investors. SECP's consistent policy on adherence to scheduled reporting underscores its commitment to ensuring that financial practices within regulated companies meet strict compliance standards.

As a result of the SECP’s decision, SNGPL is required to adhere to the original deadlines and submit its financial reports for the periods ended December 31, 2023, and March 31, 2024, by November 20, 2024. The decision ensures that all stakeholders, including TRE Certificate Holders, are kept well-informed about the company's financial health in a timely manner.