SECP seeks Bahria Town accounts

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The corporate sector regulator, Securities and Exchange Commission of Pakistan (SECP) has sought detailed accounts from the Bahria Town for examination after concerns were raised about the non transparent operations of the company. An official source said that the commission plans to scrutinize accounts of all the real estate companies and process will be started with the Bahria Town, largest housing construction concern in the country. He said an examination letter seeking details of accounts is already sent to the Bahria Town. It was not furnishing its annual accounts to the regulator. Other than the listed companies, SECP is extending its monitoring and enforcement to the non listed companies having paid up capital of more than Rs 7.5 million. We want the non listed companies to also disclose more to enhance transparency in the corporate sector, he added.