Lawmakers recently leveled serious allegations against the Securities and Exchange Commission of Pakistan (SECP). They accused SECP commissioners of awarding themselves significant salary increments without securing prior approval.
The issue surfaced during a meeting of the Senate Standing Committee on Finance. Saleem Mandviwala chaired this session. Lawmakers gathered to review the SECP Amendment Bill 2026. Senator Anusha Rehman presented the bill to the committee.
During her presentation, she highlighted severe financial irregularities. She claimed that SECP commissioners had increased their own salaries entirely on their own. Additionally, she alleged that one specific commissioner transferred Rs. 7 million into a personal bank account. This massive sum allegedly covered the cost of a private membership at the Islamabad Club.
Following these revelations, Senator Rehman proposed major structural changes to the regulator’s decision-making board. She suggested an immediate restructuring of the SECP Policy Board.
First, she recommended reducing the number of private members from six to four. Meanwhile, she proposed increasing the number of government members from five to seven. Moreover, she suggested allocating one board seat to a member of the National Assembly and another seat to a member of the Senate. Finally, she proposed that one private member should represent each province. This specific move aims to guarantee equal provincial participation in SECP board decisions.
