Copyright brecorder
ISLAMABAD: In an order against an insurance company, the Appellate Bench of the Securities and Exchange Commission of Pakistan (SECP) has declared that the company has clearly committed violations of regulations as it delayed the obtaining of approvals from the commission. The company also failed to classify shares deposit money and advance for purchases of shares, the order of the Appellate Bench added. In this regard, a two-member bench of the SECP has issued the order against the insurance company engaged in the business of non-life insurance. The SECP’s Appellate Bench has issued the order in favour of the SECP’s Adjudication Department. The SECP order stated that the company failed to give any explanation regarding the non-compliance with the SECP laws/regulations. The company filed an appeal before the Appellate Bench against the order of the SECP, challenging the order of the SECP’s department. The Appellate Bench’s order stated that the company defaulted on obtaining the approvals from the regulatory authorities. The company has also failed to stratify the bench that it made efforts to comply with the regulations, the SECP Appellate Bench added. Appellate Bench has also endorsed the powers exercised by the SECP’s Adjudication Department against the said company. Finally, the SECP Appellate Bench has dismissed the appeal filed by the company against the SECP. Copyright Business Recorder, 2025
