Outgoing SECP chairman, two commisioners receive Rs90 million in financial benefits despite Senate committee’s directive

Three outgoing officials of the Securities and Exchange Commission of Pakistan (SECP), including the chairman and two commissioners, have reportedly received financial settlements totaling Rs90 million on their last day in office, despite a directive from the Senate Standing Committee on Finance and Revenue to withhold these payments, The News reported, citing sources.

On December 10, 2025, the committee, led by Senator Saleem Mandviwalla, had instructed that the financial settlements be postponed until the Public Accounts Committee (PAC) reviewed an audit objection raised in the Auditor General of Pakistan’s report for FY2024-25 related to a substantial salary increase granted to the SECP officials. The next PAC meeting was scheduled for December 2025, where the salary increase was to be discussed. 

However, in defiance of the Senate committee’s directive, the outgoing SECP chairman and two commissioners had their final financial benefits cleared and paid on December 12, 2025. 

The audit report revealed a 40% retrospective increase in the remuneration of SECP officials, including the chairman and commissioners, starting from July 2023.

Despite clear instructions, the former SECP chairman and commissioners convened a meeting on their last working day and directed the management to process their final financial settlements. The audit report revealed that the SECP chairman’s total salary package for FY 2023-24 amounted to Rs41.53 million, with a monthly payout of approximately Rs3.4 million. The commissioners received a total of Rs35.8 million for the same period.

The final settlements also included provident fund benefits, gratuity, and a luxury vehicle for each commissioner, valued at around Rs9 million. The total settlements for each outgoing commissioner, including the vehicle, were approximately Rs30 million.

The Auditor General’s objections regarding the irregular increase in remuneration remain unresolved. In response to inquiries, an SECP spokesperson stated that the final settlements were processed according to the law and procedure, and that no restrictions were in place at the time preventing the release of these payments. The spokesperson also noted that if any payout is later deemed impermissible by a competent authority, the recipient would be required to refund the amount in accordance with the law.