Pakistan Securities Commission Seeks Export Records From 7 Banks, Information From 30 Others

Key Facts

The Securities and Exchange Commission of Pakistan has requested export records for SE Fruits from 7 banks and information from 30 banks on foreign remittances, export proceeds and other foreign-currency transactions in the accounts of the company’s sponsors and directors, according to a report carried by UrduPoint, citing the Associated Press of Pakistan, on November 7, 2026. The two steps cover the company’s export records on one hand and foreign flows recorded in the accounts of the IPO’s sponsors and directors on the other. The report said some banks had already responded and that the regulator was reviewing the material received. The requests are part of an investigation the regulator opened on October 21. The report did not say that the information request established that any illicit transfers or violations had occurred.

The regulator opened the investigation under Section 29 of the Securities and Exchange Commission of Pakistan Act, 1997, read with Section 139 of the Securities Act. The report said the regulator had sought information from banks on incoming remittances, export proceeds and other foreign-currency transactions linked to the sponsors’ and directors’ accounts. The request to 7 banks concerns the company’s export records. The report did not identify the banks or the amount of money covered by the requests. The regulator said some banks’ responses had arrived and were under review, without announcing any findings.

The regulator’s review also extended to parties involved in preparing the offering. It received information from the lead managers, Topline Securities and Growth Securities, while the response from adviser Parker Russell–AJS remained under review, the report said. The Central Depository Company also submitted a list of investors. However, its November 2 response to a subsequent request for shareholder lists and share-transfer records was partial and also remained under review. The company’s auditor, Elias Saeed & Co., requested additional time to provide the required information and records, and the regulator granted an extension. The report gave no deadline for completing its review of these responses.

The investigation followed two developments concerning the company’s disclosures and offering. On October 16, the regulator said it was taking action over SE Fruits’ disclosures and seeking to strengthen audit oversight. It also clarified that approval to issue a prospectus did not amount to endorsement of the accuracy of information submitted by the company, its advisers or its auditors. A report by Dawn said an initial review found discrepancies between reported sales and sales tax returns for 2022–2026, as well as domestic sales that did not appear in the 2024 income tax return. The report added that the investigation followed an anonymous complaint received on September 11, two days after the regulator approved the company’s prospectus based on its audited financial statements. These details were reported as background to the investigation; the November 7 report did not announce a final ruling on them.

The company planned to raise up to 1.92 billion rupees through an offering of 30 million shares at 40 rupees each, according to the report. The regulator halted the offering in October, after which the company withdrew it. SE Fruits & Vegetables Ltd. was formerly known as Shaheen Enterprises. The withdrawal places the records requests within a review of an offering that is no longer proceeding in its current form, while scrutiny of information submitted to the regulator by banks and parties involved in the process continues. The report did not say the investigation had concluded or that the regulator had made a final decision on the company or the offering.

The company said it would withdraw the current application and reapply after completing a revised prospectus and the necessary regulatory procedures. It said additional disclosures would explain the transition from a partnership operating since 1998 to a public limited company established in 2026. The company described the withdrawal as a "procedural step" that did not mean abandoning its plans for an initial public offering. It added that it remained committed to accessing Pakistan’s capital markets and intended to reapply. The company gave no date for doing so in its statement, linking the next step to completion of the revised prospectus and regulatory process.