Hiking pay packages of SECP management: Bill aimed at transferring policy board powers to federal govt opposed

ISLAMABAD: Ministry of Finance Wednesday strongly opposed Private Member Bill to transfer powers of the Policy Board to the federal government for taking any decision for increasing pay packages of the management of the Securities and Exchange Commission of Pakistan (SECP).

Senate Standing Committee on Finance took up the private member Bill, titled, “Securities and Exchange Commission of Pakistan (Amendment) Bill 2025” introduced by Senator Anusha Rehman.

The Committee held extensive discussion on the bill. Secretary Finance informed the committee that taking away powers of the regulators would compromise their independence. “On the behalf of the Finance Minister, I want to convey that the Finance Minister also strongly opposed this Bill,” Secretary Finance added.

The State Minister for Finance and Revenue requested to defer the bill and find out a way to reach consensus on the proposed amendment.

Anusha Rehman highlighted, there are 19 regulators out of which Boards of only 3 regulators are empowered to fix their own salaries and benefits as opposed to the other sixteen regulators whose salaries and benefits are determined by the Prime Minister or the federal government as the case may be. There is a need to harmonise the procedure through which the salaries and benefits of the regulators are fixed. This becomes even more necessary after the AGPR pointed out the abuse of the discretion exercised by the SECP Board by increasing the salaries with retrospective effects of seventeen months. Therefore, similar intervention is required in the State Bank of Pakistan law.

She requested the committee to consider the amendment in the wake of her presentation. The Secretary, Ministry of Finance opposed the amendment and suggested to consider and contemplate other modalities to check the powers of the Board. However, the Senators were unanimously of the view the amendment be passed.

The bill was deferred for detailed discussion in the next meeting of the committee. The Committee appreciated the Pakistan Single Window (PSW) initiative, which provides investors and traders access to more than twenty three government services through a single digital platform. A detailed presentation on the system was sought for the upcoming meeting. To a query, FBR Chairman stated that the PSW’s purpose is not to attract additional investment but to facilitate trade.

The Committee also discussed the dress codes enforced in various banks. Senator Zarqa Suharwardy Taimur raised concerns over alleged reports that some banks require female employees to wear an Abaya during banking hours. She emphasised the need for a relaxed and culturally appropriate working environment for female staff. Representatives of multiple banks clarified that no such compulsion exists and that only respectable attire is required. While reviewing duties imposed on imported mobile phones, the Chairman FBR informed the Committee that 95 percent of Android phones are now assembled locally, and duties apply primarily to the remaining 5 percent that are imported. He further noted that the matter is under consideration in the National Assembly, where a comprehensive report will soon be presented. The Committee directed the relevant authorities to present the same report before the Senate Standing Committee on Finance and Revenue. FBR Chairman stated, “The House is not giving a positive message by proposing reduction in duties and taxes on 5 percent imported high-end phones”.

Chairman SECP briefed the Committee on the formation, functioning and policies of the SECP. Senator Talha Mahmood expressed concern over a reported payment of Rs. 7 million towards Islamabad Club membership for Commissioner Abdul Rehman Warriach, whose term is ending soon.

Copyright Business Recorder, 2025