Business Repoerter

Islamabad: The Auditor General of Pakistan (AGP) has uncovered alarming financial irregularities at the Securities and Exchange Commission of Pakistan (SECP), highlighting illegal salary hikes, unlawful allowances, and the withholding of billions from the national treasury.
According to the audit report, the SECP approved massive increases in the salaries of its chairman and commissioners without the mandatory approval of the Ministry of Finance (MoF). The Policy Board meeting on October 17, 2024, sanctioned the raises retroactively from July 1, 2023, creating a heavy burden on public funds.
The audit revealed that SECP Chairman Akif Saeed drew Rs41.53 million during FY 2023-24—equivalent to Rs3.4 million monthly—while commissioners received Rs35.8 million. In addition, SECP unlawfully disbursed Rs110 million in entertainment allowances to its officials.
The AGP stressed that the Policy Board lacked legal authority to approve such changes, warning that the increases violated financial regulations. The report advised the MoF to either regularize the raises or roll them back.
Moreover, the SECP failed to deposit Rs14 billion into the Federal Consolidated Fund, in breach of the Public Finance Management Act, 2019. This included Rs4.13 billion from licensing and registration, Rs1.91 billion from specialized companies, Rs591.56 million from insurance, and Rs47.77 million from the securities market. The SECP also retained Rs6.99 billion in surplus funds instead of transferring them to the treasury.