AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, February 07, 2014 (PPI-OT): The Securities and Exchange Commission of Pakistan has stepped up its enforcement efforts against lapses in accounting an d financial reporting, while taking action against irregularities.
In the month of January, the Insurance Division of the SECP issued six show cause notices and passed three orders against insurance companies for failing to comply with the 1984 Companies Ordinance and 2000 Insurance Ordinance. Three warning letters were also issued to the CEOs and directors of various insurance/takaful companies.
During January, the Insurance Division renewed licenses/certificates of 14 surveying companies and 40 authorised surveying officers. Moreover, during the period, 10 complaints filed by the general public against the insurance companies were handled by the office, mostly resolved to the satisfaction of the complainants.
Muhammad Asif Arif, the SECP Insurance Commissioner, has said that the punitive actions are designed to highlight the SECP’s enforcement regime is robust and creative, and that it continues to focus on financial statement and accounting irregularities.
Tickers:
1. In the month of January, the Insurance Division of the SECP issued six show cause notices and passed three orders.
2. Muhammad Asif Arif, the SECP Insurance Commissioner, has said that the punitive actions are designed to highlight the SECP’s enforcement regime is robust and creative, and that it continues to focus on financial statement and accounting irregularities.
3. During January, the Insurance Division renewed licenses/certificates of 14 surveying companies and 40 authorized surveying officers.
For more information, contact:
Shakil Ahmad Chaudhary
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +9251 921 4005 or 921 4009 (Ext. 378)
Fax: +9251 920 6459
Cell: +92302 855 2254
E-mail: shakil.chaudhary@secp.gov.pk