In a significant push toward greater financial transparency, 88% of licensed financial sector companies in Pakistan have uploaded their annual audited financial statements on the Financial Portal for Unlisted Companies operated by the Pakistan Stock Exchange, complying with directives issued by the Securities and Exchange Commission of Pakistan.
The disclosure requirement was introduced by the Securities and Exchange Commission of Pakistan (SECP) in January last year, when the regulator instructed all licensed financial sector companies that are not listed on the stock exchange to publish their annual audited financial statements on the designated PSX portal. The measure was aimed at ensuring public access to verified financial information of regulated but unlisted entities, according to an official press release.
To facilitate this initiative, companies were required to enter into formal agreements with the Pakistan Stock Exchange before uploading their financial statements to the portal. The structured onboarding process was designed to maintain data integrity, standardize reporting formats, and ensure that uploaded documents meet regulatory and disclosure standards.
According to the regulator, the primary objective behind making these financial statements publicly accessible is to enhance transparency across Pakistan’s financial services landscape. By centralizing access to audited accounts, the SECP seeks to improve stakeholders’ ability to obtain critical financial information and to reinforce governance practices within regulated institutions.
The public availability of audited financial statements enables investors, counterparties, and other market participants to more effectively evaluate a company’s financial health, operational performance, and risk profile. In sectors where institutions may not be publicly listed but still handle client funds or financial assets, access to audited accounts plays a central role in strengthening market discipline and informed decision-making.
Entities licensed by the SECP include brokerage firms, insurance companies, non-banking finance companies, modaraba companies, and other regulated financial institutions operating under the Commission’s oversight. Many of these entities operate outside the equity market yet remain systemically relevant due to their intermediation role in capital markets, insurance coverage, asset management, and financing activities.
The regulator noted that a substantial majority of these licensed entities have complied with the directive by uploading their 2025 annual financial statements to the PSX portal. The 88% compliance rate signals broad adherence to the enhanced disclosure framework, reflecting alignment between regulatory expectations and institutional reporting practices.
However, the SECP also stated that action is being initiated under the applicable regulatory framework against companies that have yet to comply with the disclosure requirement. While details of enforcement measures were not specified, the statement underscores the Commission’s intent to ensure uniform compliance and prevent selective transparency within the sector.
By leveraging the Financial Portal for Unlisted Companies as a centralized digital repository, the initiative aligns with broader efforts to digitize regulatory reporting and make corporate data more accessible. The approach supports improved oversight while simultaneously empowering investors and stakeholders with direct access to audited financial records.
The Commission reaffirmed its commitment to promoting transparency, strengthening governance standards, and safeguarding investor interests across Pakistan’s financial services sector. The latest compliance update indicates measurable progress toward that objective, while ongoing enforcement signals that full adherence to disclosure norms remains a regulatory priority.
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