Karachi: Trust Securities & Brokerage Ltd. has issued a notice to its shareholders, requesting them to provide details of ultimate beneficial owners in compliance with the Companies Regulations, 2024. This directive, outlined under Regulation 48, is part of the broader regulatory framework established to ensure transparency and accountability in corporate governance.

The notice, dated November 3, 2026, requires members who directly hold at least 5% of the company to submit a declaration identifying the ultimate beneficial owner if they themselves do not hold beneficial interest. Furthermore, it applies to those who control 25% or more of the company's shares or voting rights but are not the ultimate beneficial owners. The regulation defines an ultimate beneficial owner as a natural person with direct or indirect control over 25% of the shares or voting rights, or who exercises effective control over the company through other means.

According to information available from the Pakistan Stock Exchange (PSX), the compliance deadline set by Trust Securities & Brokerage Ltd. is fourteen days from the notice date. Failure to submit the necessary particulars could result in the company proceeding without further notice, as per the provisions of the Companies Act, 2017, and the Companies Regulations, 2024.

The notice also highlights the legal repercussions for non-compliance, where directors, officers, or other responsible persons within the company could face penalties reaching up to one million rupees.

This move by Trust Securities & Brokerage Ltd. aligns with the regulatory efforts to fortify corporate governance standards and ensure that companies operate with transparency concerning ownership and control, safeguarding the interests of all stakeholders involved in the designated market category of financial services.