Islamabad: The Securities & Exchange Commission of Pakistan (SECP) has issued an order imposing a token penalty on WS. Al Tabash Security Company (Private) Limited for failing to comply with the requirements under Section 123-A of the Companies Act, 2017. The case, identified as Case No. 874/2021, was adjudicated by the SECP on September 11, 2025.

The proceedings were initiated after the company failed to submit a declaration of compliance on the specified Form-45, as required under the Companies Act, 2017, and the accompanying regulations. The law mandates that companies maintain a register of ultimate beneficial owners and submit their details to the registrar. Despite several notifications and reminders, the company’s management neither appeared for hearings nor provided any written response.

According to information available from the Pakistan Stock Exchange (PSX), the SECP, in exercise of its powers, issued a show cause notice to the company on February 26, 2021. The notice demanded an explanation for the non-compliance and called for a hearing on March 9, 2021. However, the company did not respond, leading to the issuance of further reminders in March and April 2021.

In the absence of any engagement from the company, the adjudicating officer, Mr. Ul Rasheed Abbasi, was compelled to issue an ex-parte decision. Despite the potential for a significant penalty of up to ten million rupees, the SECP opted for a lenient approach, imposing a token penalty of 20,000 rupees due to the lack of evidence indicating any serious jeopardy to stakeholders or the public.

The SECP’s order, dated April 26, 2021, directs the company to submit the requisite information on Form-45 and pay the penalty within 15 days of receiving the order. This decision underscores the regulatory body’s focus on ensuring compliance without imposing disproportionate penalties when no substantial harm is evident. The matter remains on record for future reference and potential further action by the registrar.