Members of Parliament on Wednesday raised serious concerns over alleged salary hikes granted by commissioners of the Securities and Exchange Commission of Pakistan (SECP) without formal approval.

The matter came under discussion during a meeting of the Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwala, where the SECP (Amendment) Bill 2026 was reviewed.

During deliberations, Senator Anusha Rehman claimed that SECP commissioners had increased their own remuneration. She further alleged that one commissioner transferred Rs. 7 million into a personal account to cover membership expenses at the Islamabad Club.

In response to the controversy, the senator proposed amendments to the composition of the SECP Policy Board. She suggested reducing the number of private members from six to four, while increasing government representation from five to seven members.

She also recommended reserving one seat each for a member of the National Assembly and the Senate on the board to enhance parliamentary oversight. Additionally, she proposed ensuring equal provincial representation by allocating one private member seat to each province.

The discussion remained ongoing as lawmakers examined governance and oversight mechanisms within the financial regulator.