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ISLAMABAD, September 3, 2026: The Securities and Exchange Commission of Pakistan (SECP) has issued show-cause notices to 28,761 companies for failing to disclose their Ultimate Beneficial Owners (UBOs).
Every registered company in Pakistan is required to identify and report the individuals who ultimately own or control the company by filing Form 19.
An Ultimate Beneficial Owner is the person who ultimately owns or controls a company, either directly or through another entity. This includes an individual who holds at least 25% of a company’s shares or voting rights, or exercises control through other means.
The disclosure requirement is mandatory 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 as of June 2026.
The UBO disclosure system enables regulators to identify the individuals who ultimately benefit from or control a business, even when ownership is spread across multiple companies or complex corporate structures.
The requirement is aimed at improving corporate transparency and preventing the misuse of companies for money laundering, concealment of assets and illicit financial flows.
The SECP issued the notices electronically through the “Notice” tab in the companies’ eZfile accounts. The chief executives and authorised representatives of the companies were also informed through emails and SMS messages 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 has warned that companies that fail to comply within the stipulated period may face penal proceedings.
The latest action reflects the regulator’s efforts to strengthen corporate governance, improve ownership transparency and ensure compliance with Pakistan’s beneficial ownership disclosure requirements.
