Karachi: Trust Securities & Brokerage Ltd. has issued a formal notice to its shareholders, emphasizing the requirement for providing particulars of ultimate beneficial owners. This directive is in accordance with Regulation 48 of the Companies Regulations, 2024, and Section 123A of the Companies Act, 2017. The notice, dated November 3, 2026, calls for transparency among shareholders regarding the true ownership of shares or voting rights held within the company.
The Companies Regulations, 2024, stipulate that any shareholder directly holding at least 5% of the company must submit a declaration detailing the ultimate beneficial owner. Additionally, shareholders who directly hold 25% or more of the shares and are not the ultimate beneficial owners must also disclose the necessary information. The ultimate beneficial owner is defined as a natural person who owns or controls at least 25% of the shares or voting rights, either directly or indirectly, or exercises effective control through other means.
The notice further details the provisions of the Companies Act, 2017, highlighting that any non-compliance with Section 123A could result in a penalty of up to one million rupees for directors, officers, or any person failing to meet the requirements. Shareholders are given a 14-day window from the notice date to submit the required information, failing which the company will take action as per the Act and Regulations.
According to information available from the Pakistan Stock Exchange (PSX), Trust Securities & Brokerage Ltd.'s directive aligns with broader regulatory efforts to enhance transparency and compliance within the market. It underscores the importance of disclosing the actual individuals who exert significant influence or control over business entities.
This initiative reflects the ongoing commitment of Trust Securities & Brokerage Ltd. to uphold regulatory standards and ensure that all members comply with existing legal frameworks. The company’s proactive approach aims to maintain transparency and accountability in its operations, in alignment with the designated market category’s expectations.