Bangkok: The Securities and Exchange Commission (SEC) has issued a directive to Charan Insurance Public Company Limited (CHARAN) to expedite the submission of its revised financial statements for the first quarter of 2025. The SEC emphasized that the deadline for submission is September 15, 2025, as originally scheduled, and highlighted the absence of sufficient grounds to extend this deadline. CHARAN is also required to publicly disclose the revised financial statements through the Stock Exchange of Thailand's listed company information system, known as the SETLink system.
According to Thai News Agency, the SEC's request stems from the necessity for CHARAN to collaborate with its auditor in reviewing the financial statements for Q1 2025. This collaboration is crucial for ensuring that the revised statements are in compliance with the Thai Financial Reporting Standard No. 17 on Insurance Contracts (TFRS 17), which came into effect on January 1, 2025. The initial submission by CHARAN's auditors was a disclaimer-free interim financial review report, issued due to a lack of sufficient information for evaluating the application of TFRS 17.
Subsequently, CHARAN sought an extension for the submission period, citing the engagement of a consulting firm to enhance data preparation processes and develop an IT system aligned with TFRS 17 requirements. As the consulting firm worked on preparing and submitting the necessary data for auditor review, CHARAN noted the need for additional time to complete these tasks.
Despite these developments, the SEC has concluded that CHARAN possesses the capability to finalize the financial statement amendments within the initially established deadline. The SEC underscored that financial statements are vital for investors and shareholders in making informed investment decisions and monitoring company performance. Consequently, the SEC found no adequate justification for CHARAN's request to delay the submission and instructed the company to adhere to the original timeline and ensure timely public disclosure via the SETLink system.