The Securities and Exchange Commission of Pakistan (SECP) is under fire after bulldozing through a massive Rs 226 million revision in salaries and perks, despite dissent inside its own Policy Board and scathing criticism from oversight bodies.
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Sources confirm that during the November 2024 meeting, private sector member Shagufta Shamsuddin Hassan flatly rejected the unequal distribution of raises, warning against special treatment for top brass. She demanded a flat 15% hike for all staff. Instead, the SECP approved a scheme that padded the pockets of Executive Directors and senior officials, while junior officers were handed crumbs—a move that has ignited resentment within the regulator itself.
The decision, backdated to July 2023, was passed with a bare minimum quorum, further tainted by the absence of the Secretary Commerce, who delegated authority to an additional secretary. Critics argue the process reeks of procedural manipulation.
The Auditor General of Pakistan has now red-flagged the extravagance, pointing to Rs 226m in revised salaries and another Rs 111m splurged on “rest and recreation”—expenses that have raised eyebrows in Parliament. The matter is now before the Public Accounts Committee (PAC) and the Senate Finance Committee.
Amid mounting backlash, the SECP scrambled to contain damage, dispatching a three-member team led by Head of Finance Bushra Aslam to Karachi for a three-day lobbying effort to silence Ms. Shagufta—a move seen as desperate damage control.
Adding fuel to the fire, legal experts have slammed the move as unlawful, stressing the Policy Board has no jurisdiction to revise the pay of the Chairman and Commissioners, who are federal appointees and not SECP employees.
With lawmakers demanding explanations, auditors exposing excesses, and insiders crying foul, SECP’s credibility is now hanging by a thread.
