The Securities and Exchange Commission of Pakistan (SECP) has cleared a 98 percent backlog of pending adjudication cases, reported 24NewsHD TV channel on Saturday.
According to details, the SECP announced 573 verdicts against companies that were involved in violations of the Companies Act.
The SECP also imposed fines worth Rs4.73 billion on different companies for violations of rules and regulations.
The companies include, brokers, insurance companies, NFFCs. 117 verdicts were announced against the government-owned companies for violations of the Act.
The SECP Chairman, Dr. Kabir Ahmad Sindhu, said that the conclusion of all pending cases is our topmost priority.
He further revealed that the basic purpose of this step is to ensure implementation of the law and security of investors.
Reporter: Waqas Azeem