Parliamentarians to join SECP policy board as Senate panel approves amendments

The Senate Standing Committee on Finance has approved an amendment to the SECP Act 1997 that will allow an MNA and a senator to sit on the Securities and Exchange Commission of Pakistan’s Policy Board, Dawn reported.

The change, moved by Senator Anusha Rehman, increases the number of government-nominated members on the policy board from four to six by adding two parliamentarians.

During the meeting, Rehman raised concerns about decisions taken by the previous policy board, including a sharp increase in salaries and perks for SECP officers, and said arrears were also paid. She questioned Finance Minister Muhammad Aurangzeb on how the payments were justified and linked the higher compensation to an increase in SECP fees and charges.

Senators also questioned the commission’s new leadership over actions attributed to the previous management. The committee, chaired by Senator Saleem Mandviwalla, expressed dissatisfaction with SECP Chairman Dr Kabir Ahmed Sidhu over what it said was a failure to provide information sought by the panel.

Members said the committee had requested details of foreign visits by SECP officials during a ban period, but the information had not been provided. Senators also called on the SECP chairman to seek recovery of funds from former senior officials, including former chairman Akif Saeed and others, over what they described as large financial gains.

Other proposed changes were not taken up, and the committee approved the amendment adding lawmakers to the policy board despite opposition from the finance minister. Rehman said SBP and SECP stand out among regulators for higher salary structures, and argued that representation from parliament would strengthen oversight of policy board decisions.