ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) is functional and operational, but nowadays it is working without a permanent Chairman.
Even though the former Chairman of the SECP, Akif Saeed, has delegated his powers of supervision and adjudication to the remaining two commissioners of the SECP for the smooth functioning of day-to-day business, the appointment of the new head is still awaited. Presently, the commission of the SECP exists as the two Commissioners despite the absence of a permanent Chairman.
The SECP, the apex regulator of the stock market, corporate sector, non-banking financial companies, and the insurance industry, is currently being run by two serving commissioners.
The name of the former SECP Chairman has been removed from the website of the SECP.
It is expected that the federal government will soon notify the appointment of the new SECP Chairman as the shortfall listing process has been completed. In case of the appointment of an Acting Chairman, the federal government has to notify the name as well.
The terms of former Chairman Akif Saeed and commissioners’ Mujtaba Lodhi and Abdur Rehman Warraich ended on Dec. 12, 2025, leaving Zeeshan Rehman Khattak and Muzaffar Ahmed Mirza as the only remaining commissioners. According to the SECP’s official website, both continue to serve and have divided the regulator’s portfolios between themselves to ensure the continuity of work.
In the first week of December 2025, the federal government concluded interviews of 27 candidates for three vacant commissioner positions. The interviews were conducted by a high-level committee headed by Finance Minister Muhammad Aurangzeb. The committee’s task was to shortlist nine candidates—three for each position—for submission to the federal cabinet, which will make the final appointments.
Even though the law provides legal cover to the commission’s actions despite vacancies, market participants argue that a fully constituted commission is essential for timely decision-making, policy certainty, and investor confidence.
Copyright Business Recorder, 2025
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