SECP issues compliance notices to seven power sector entities

The Securities and Exchange Commission of Pakistan (SECP) has issued notices to seven power sector–related entities for failing to comply with statutory filing and governance requirements under the Companies Act, 2017, including non-submission of annual returns, financial statements for 2025 and mandatory board appointments, Business Recorder reported, citing official sources. 

The SECP highlighted multiple instances of non-compliance in a formal communication to the chief executive officer of the National Grid Company (NGC). These include failure to file annual returns for 2025 under Section 130, non-submission of annual accounts under Section 233, non-appointment of an auditor for 2025 under Section 246, and the absence of a female director on the board for 2023–2025 under Section 154. The company was also cited for not appointing independent director(s) as required under Section 166.

The regulator noted that NGC had earlier been informed of its statutory obligations through a letter issued in October 2025, but compliance gaps persisted. The SECP has directed the company to file all outstanding documents, rectify governance deficiencies and pay applicable fees.

The commission warned that continued non-compliance could result in the companies being listed as defaulters on the SECP website. It added that failure to file annual returns or financial statements for two consecutive years could lead to a company being classified as inactive under Section 424 of the Act, following due process.

Other entities cited for similar violations include Gujranwala Electric Power Company, which was flagged for not appointing a female director and independent directors for the years 2023 to 2025. The Power Planning and Monitoring Company was cited for non-filing of annual returns for 2024 and 2025, failure to appoint auditors for the same period, and non-compliance with female director requirements.

Hyderabad Electric Supply Company was cited for non-filing of annual returns and accounts for 2024–25, failure to appoint an auditor, and non-compliance with female and independent director requirements. Tribal Areas Electric Supply Company was similarly flagged for missing filings for 2025 and board-level non-compliance.

The SECP also cited National Engineering Services Pakistan (Private) Limited (NESPAK) for non-filing of annual returns, failure to appoint auditors, and non-appointment of a female director over multiple years. Lakhra Power Generation Company Limited was issued notices for non-filing of annual returns and accounts from 2022 to 2025 and for not appointing auditors during the same period.

In addition, the WAPDA Endowment Fund for Sports was cited for failing to file annual returns and accounts for 2025, appoint an auditor, and ensure required board composition.

The SECP has reiterated that all companies must ensure timely compliance with statutory filing and governance requirements to avoid enforcement action.