SECP disburses Rs1.19 billion in salaries, benefits with retrospective effect over 16 months

The Securities and Exchange Commission of Pakistan (SECP) disbursed Rs1.191 billion to its chairman, commissioners, senior officials and staff over a 16-month period, with payments made retrospectively following approval by its policy board, The News reported. 

The payments, covering the period from July 1, 2023 to October 31, 2024, included salaries, perks, privileges and other benefits, along with allocations to gratuity, pension and trust funds.

According to official data, Rs579.139 million was paid as salary arrears, while Rs612.054 million was transferred to gratuity and pension-related funds.

Breakdown of payments shows that the chairman and three members received Rs65.559 million, nine executive directors Rs68.787 million, and 16 directors Rs87.046 million.

In addition, 33 directors received Rs135.123 million, 32 joint directors Rs56.391 million, 58 additional joint directors Rs68.541 million, 42 deputy directors Rs25.142 million, and 55 assistant directors Rs18.296 million.

Other disbursements included Rs398,481 to three management executives and Rs53.839 million to 140 staff members.

The development came to light following concerns raised in the Senate regarding financial practices of public entities.

In response, the SECP spokesperson said the payments were made after a salary benchmarking exercise conducted by KPMG to align compensation with market standards.

The regulator stated that the proposal was approved by its policy board, which is the competent authority under the SECP Act, 1997, to approve budgetary and financial decisions.

The SECP said Rs579 million was disbursed as arrears for the 16-month period, while Rs612 million was allocated to trust funds maintained for employee retirement benefits.

It added that approvals from external authorities were not required, as the policy board holds statutory authority over such matters.

The regulator also said information was shared with oversight bodies, including parliamentary committees, as required under relevant procedures.

On audit status, the SECP said the matter has not yet been taken up at the Departmental Accounts Committee level, adding that audit observations are addressed through established mechanisms with the Auditor General of Pakistan.