The Securities and Exchange Commission of Pakistan (SECP) has come under renewed scrutiny after it emerged that Rs1.191 billion was paid in salaries, perks, privileges and post-retirement benefits to its top officials and staff over a 16-month period with retrospective effect.
According to official data, the payments were made between July 1, 2023 and October 31, 2024, and were approved by the SECP Board. The total impact of the disbursements amounted to Rs1.191 billion.
The issue gained political attention after former minister Anusha Rahman raised concerns in parliament, questioning financial practices and suggesting that as much as Rs2,000 billion may have been parked outside the government’s main account system in violation of financial rules.
A detailed breakdown of the payments shows that the then chairman and three members received Rs65.559 million, while nine executive directors were paid Rs68.787 million. Sixteen directors received Rs87.046 million, and 33 directors were paid Rs135.123 million.
In addition, 32 joint directors received Rs56.391 million, 58 additional joint directors Rs68.541 million, 42 deputy directors Rs25.142 million, and 55 assistant directors Rs18.296 million. Other payouts included Rs398,481 for three management executives and Rs53.839 million for 140 staff and non-management employees.
Of the total amount, Rs579.139 million was disbursed as salary arrears and perks, while Rs612.054 million was transferred to gratuity, trust and pension funds.
The regulator said the payments were approved by its Policy Board under the SECP Act, 1997, which it described as the competent authority for such financial decisions. It added that Rs579 million was paid as arrears for 16 months, while Rs612 million was allocated to retirement-related funds for employee benefits.
SECP also said the compensation structure was revised following a benchmarking exercise conducted by KPMG to align salaries with market standards.
On oversight, the regulator said approvals were not required from the Ministry of Finance or the Prime Minister’s Office, adding that its Policy Board was empowered to sanction such expenditures under the existing legal framework.
It further stated that relevant information is shared with oversight bodies, including parliamentary committees, as required. However, it confirmed that the matter has not yet been examined by the Departmental Accounts Committee, though audit observations raised by the Auditor General of Pakistan are addressed through a structured process.
