ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) is working without a chairman since December 12, as stakeholders are hopeful that the appointment would be made soon to maintain credibility in the financial sectors of the country.
The SECP regulates the capital market, corporate sector, non-banking financial companies and the insurance industry.
Former Chairman Akif Saeed completed his term on December 12, along with Commissioners Mujtaba Lodhi and Abdur Rahman Warraich. As a result, the commission is currently being run by only two commissioners: Zeeshan Rehman Khattak and Muzaffar Ahmed Mirza.
Under the SECP Act, the commission should have between five and seven commissioners. With only two members in place, the regulator is operating below its required strength.
Regulatory experts note that several key matters such as policy approvals, enforcement actions and major regulatory decisions are best handled by a fully constituted commission to ensure transparency, collective judgment and legal strength.
Market analysts say a fully functional commission is important for overseeing the Pakistan Stock Exchange (PSX), protecting investors, enforcing corporate governance rules and maintaining confidence in the financial system.
Najam Ali, CEO of Next Capital, noted on social media platform X, “Three SECP commissioners completed their terms on December 12, 2025, yet the government has still not appointed their replacements including the chairman. Why is there no forward planning? Are our capital markets not important enough to merit timely decisions? Delays like these send the wrong signal to investors.”
In early December, a high-level committee headed by Finance Minister Muhammad Aurangzeb interviewed 27 candidates for three vacant commissioner positions. The committee is expected to send short-listed names to the federal cabinet for final approval.
Copyright Business Recorder, 2025
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