The Securities and Exchange Commission of Pakistan (SECP) is facing backlash for planning a high-cost Registrar Conference at Malam Jabba, a popular tourist hill station in Khyber-Pakhtunkhwa, The Express Tribune reported.
Set for June 28-29, the event, expected to cost Rs8 million, has raised concerns about fiscal discipline within the organisation.
The conference, which is being held at an A-class hotel for senior SECP officials, marks the first time the event will take place at a luxury location. Sources confirm that the agenda includes discussions on regulatory reforms and sharing ideas among registrars, but the timing of the event has drawn criticism.
This comes at a time when the prime minister has urged government departments to adopt austerity measures, cut unnecessary expenses, and avoid lavish events. Critics argue that hosting an expensive conference contradicts these directives, especially given Pakistan’s fiscal challenges and reliance on IMF support.
Additionally, SECP’s recent hike in fees, including higher incorporation charges and document filing costs, has drawn concern from the business community. The new fee structure, effective from April 2025, imposes significant costs on companies and professionals, adding to the growing dissatisfaction with the SECP’s spending priorities.
The commission’s frequent foreign travel has also sparked debate. SECP leadership has reportedly undertaken numerous international trips funded by public resources, despite the government’s restrictions on such expenditures.
However, the SECP spokesperson defended the move, calling it an annual strategic session and clarified that only employees, not their families, would attend.
