SECP fines 37 defaulting companies

As part of its enforcement and regulatory function, the Enforcement Department of the Securities and Exchange Commission of Pakistan (SECP) has passed 37 orders, fining defaulting companies besides issuance of 29 show-cause notices in December 2010.
According to a press release issued on Tuesday, the department imposed penalty of Rs 4.425 million on listed and unlisted companies in December 2010 for non-compliance with various provisions of the 1984 Companies Ordinance, and Rs 2.2 million for non-compliance with various provisions of the 2002 Listed Companies (Substantial Acquisition of Voting Shares and Take-overs) Ordinance. The department also resolved 40 investors' complaints during the month of December 2010.-PR