The Securities and Exchange Commission of Pakistan (SECP) has come under sharp criticism for organizing a high-cost Registrar Conference at Malam Jabba, a well-known tourist hill station in Khyber-Pakhtunkhwa. Scheduled for June 28-29, the event is projected to cost around Rs8 million, sparking fresh debate about fiscal discipline in public institutions at a time when Pakistan’s economy remains under stress.
According to a report by The Express Tribune, this is the first time the SECP has chosen a luxury destination for its annual registrar gathering, opting for an A-class hotel to host senior officials. While the commission has defended the event as part of its routine strategic planning process, the decision has not sat well with observers, given the current push by the government to rein in unnecessary expenditures.
The timing of the conference is particularly controversial. It comes just weeks after the prime minister directed all government bodies to adopt strict austerity, curb lavish events, and minimize operational costs, a move seen as critical in meeting fiscal targets tied to international obligations, including support from the International Monetary Fund. Against this backdrop, many view the SECP’s plan as contradictory to the broader message of economic prudence.
Insiders note that the agenda of the two-day conference will cover discussions on regulatory reforms and encourage the sharing of ideas among registrars from various regions. Even so, critics argue that such dialogues could have easily been held at SECP offices or modest venues in Islamabad or other major cities, significantly reducing the financial burden on the exchequer.
Adding fuel to the discontent is the SECP’s recent decision to increase fees on multiple fronts. Since April 2025, the commission has implemented a revised fee structure that raised incorporation charges and document filing costs, directly impacting companies and corporate professionals. Many in the business community have questioned the rationale of imposing higher costs on businesses while the regulator itself appears comfortable with expensive administrative events.
The SECP’s spending patterns have also drawn attention due to frequent foreign trips by its top officials. Despite government-imposed restrictions on international travel to conserve public funds, reports suggest SECP leadership has continued to undertake numerous overseas visits, largely financed by taxpayer resources. For many critics, this paints a picture of a regulatory body that is out of sync with the fiscal realities faced by the country.
Responding to the growing scrutiny, an SECP spokesperson described the Malam Jabba event as an annual strategic session, clarifying that it would involve only SECP employees and exclude any family members. The spokesperson emphasized that such conferences are important for aligning operational goals and ensuring consistent regulatory practices nationwide.
Still, the backlash underscores a deeper frustration among taxpayers and business leaders over perceived gaps in public spending priorities. With Pakistan striving to stabilize its economy and adhere to strict financial reforms, the optics of hosting a costly gathering at a scenic hill station have only intensified calls for greater accountability and a stronger commitment to the government’s austerity agenda.