The SECP has issued show-cause notices to 28,761 companies for allegedly failing to disclose the individuals who ultimately own or control their businesses.
Under Pakistan’s corporate regulations, every registered company must identify and report its Ultimate Beneficial Owner (UBO) by filing Form 19.
A UBO refers to the individual who ultimately owns or controls a company, either directly or through another entity. This includes individuals holding at least 25% of a company’s shares or voting rights, or exercising control through other means.
Mandatory Beneficial Ownership Disclosure
The disclosure requirement falls under Section 123A of the Companies Act, 2017, read with Regulation 48(5) of the Companies Regulations, 2024.
According to SECP data, Pakistan had 301,615 registered companies at the end of June 2026.
The regulator says UBO disclosure allows authorities to look beyond company names and complicated ownership structures. It helps identify the individuals who ultimately benefit from or control businesses.
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The requirement also aims to strengthen corporate transparency and prevent companies from being misused for money laundering, asset concealment and illicit financial flows.
Companies Given 30 Days to Comply
The SECP issued the notices electronically through the “Notice” tab in companies’ eZfile accounts.
Chief executives and authorised representatives also received notifications through email and SMS sent to their registered contact details.
The companies have been given 30 days to file Form 19 and submit a certified true copy as evidence of compliance.
The SECP warned that it may initiate penal proceedings against companies that fail to comply within the specified period.
SECP Provides Compliance Support
To help companies complete the disclosure process, the SECP has established a dedicated email facility for UBO compliance.
Companies can contact the regulator through ubo.compliance@secp.gov.pk for assistance with the filing process.
The action forms part of the regulator’s broader efforts to strengthen corporate transparency and improve identification of individuals who ultimately control registered businesses in Pakistan.
