The Securities and Exchange Commission of Pakistan (SECP) has warned companies of penalties of up to Rs. 10 million for failing to disclose their Ultimate Beneficial Ownership (UBO) information, directing all firms to complete mandatory filings before the April 30 deadline.

In a regulatory directive, the SECP instructed all registered companies to submit details of their actual owners through Form-19, which must be filed along with the annual return under Section 123A of the Companies Act, 2017.

The regulator said directors and responsible officers may face fines of up to Rs. 1 million, while companies that fail to comply could be penalized up to Rs. 10 million, in addition to legal proceedings.

According to the SECP, disclosure of UBO information is essential to strengthen corporate transparency, prevent the misuse of company structures, and support Pakistan’s anti-money laundering regime.

Ultimate Beneficial Owners are individuals who ultimately own or exercise effective control over a company, whether directly or indirectly. Companies are required to disclose such persons even if their names do not appear in official records as shareholders or directors.

The SECP noted that several companies have yet to fulfill this statutory requirement and urged them to complete Form-19 submissions without delay.

Filings can be made through the SECP’s eZfile portal by logging into company accounts and providing accurate information on ownership structure, control or shareholding percentages, and identification details of beneficial owners.

Companies are also required to maintain an internal register of beneficial owners and update it annually or whenever any ownership change occurs.

The regulator reiterated that failure to submit Form-19 constitutes a violation of the Companies Act and confirmed that enforcement action will be initiated against non-compliant companies after April 30, 2026.