Karachi: In a move to enforce regulatory compliance, the Pakistan Stock Exchange (PSX) has referred the cases of three companies to the Securities and Exchange Commission of Pakistan (SECP) for further action due to their continued non-compliance with PSX regulations. According to information available from the Pakistan Stock Exchange (PSX), Dewan Mushtaq Textile Mills Limited (DMTM), Crescent Jute Products Limited (CJPL), and Dewan Textile Mills Limited (DWTM) have failed to rectify their non-compliances or adhere to the compulsory buy-back directives issued by the PSX.

The PSX had previously issued multiple notices, including PSX/N-405 and PSX/N-406 on April 21, 2025, providing the companies with deadlines to comply with clause 5.11.1.(d) of the PSX Regulations, specifically regarding the settlement of outstanding dues. Despite the extended deadlines announced in subsequent notices, including PSX/N-665, PSX/N-715, and PSX/N-746, the companies did not meet the requirements by the final deadline of July 21, 2025.

In response, the PSX has decided to forward the case of Dewan Mushtaq Textile Mills Limited to the SECP to initiate winding-up proceedings under the Companies Act, 2017. As for Crescent Jute Products Limited and Dewan Textile Mills Limited, the SECP has already commenced winding-up proceedings, and further actions will be taken according to relevant regulations.

This regulatory action highlights the PSX's commitment to ensuring market integrity and compliance within the designated market category, reinforcing the importance of adherence to financial and operational regulations by listed entities.