Kamran choudary : The Securities and Exchange Commission of Pakistan (SECP) has issued show-cause notices to 28,761 companies for allegedly failing to disclose the individuals who ultimately own or control them.
Every registered company is required to identify and report its Ultimate Beneficial Owner (UBO) by filing Form 19. A UBO is the actual person who ultimately owns or controls a company, directly or through another entity, including a person holding at least 25 percent of its shares or voting rights, or exercising control through other means.
The disclosure is mandatory under Section 123A of the Companies Act, 2017, read with Regulation 48(5) of the Companies Regulations, 2024. Pakistan had 301,615 registered companies at the end of June 2026, according to SECP data.
UBO reporting enables regulators to look beyond company names and complex ownership structures to identify the individuals who ultimately benefit from or control a business.
It is intended to improve corporate transparency and prevent the misuse of companies for money laundering, concealment of assets and illicit financial flows.
The notices were issued electronically through the “Notice” tab in the companies’ eZfile accounts.
Their chief executives and authorised representatives 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 may initiate penal proceedings against companies that fail to comply within the stipulated period.
To assist companies with the filing process, the SECP has established a dedicated email facility at ubo.compliance@secp.gov.pk.
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