Three outgoing officials of the Securities and Exchange Commission of Pakistan, including the chairman and two commissioners, reportedly received financial settlements totaling Rs90 million on their last day in office, despite explicit instructions from the Senate Standing Committee on Finance and Revenue to withhold the payments. The development was reported by The News, citing official sources familiar with the matter.
According to details, the Senate Standing Committee on Finance and Revenue, chaired by Senator Saleem Mandviwalla, had on December 10, 2025 directed that the financial settlements of the outgoing SECP officials be postponed. The committee instructed that payments should not be released until the Public Accounts Committee reviewed an audit objection raised by the Auditor General of Pakistan in its report for FY2024-25. The audit objection pertained to a significant increase in the remuneration of SECP’s top management.
The Public Accounts Committee meeting to review the matter was scheduled for December 2025, during which the audit observations related to the salary increase were expected to be discussed. Despite this directive, the outgoing SECP chairman and two commissioners reportedly had their final financial benefits approved and disbursed on December 12, 2025, just days after the Senate committee’s instruction.
The audit report revealed that the remuneration of SECP officials, including the chairman and commissioners, had been increased retrospectively by 40 percent, effective from July 2023. This increase formed the basis of the audit objection raised by the Auditor General of Pakistan, which remains unresolved to date.
According to the audit findings, the SECP chairman’s total salary package for FY2023-24 amounted to Rs41.53 million, translating into a monthly payout of approximately Rs3.4 million. During the same period, the two commissioners collectively received Rs35.8 million in remuneration. These figures drew scrutiny from auditors and lawmakers, prompting calls for further examination by parliamentary oversight bodies.
Sources indicated that on their final working day, the former SECP chairman and commissioners convened a meeting and instructed the management to process their final financial settlements. These settlements reportedly included provident fund benefits, gratuity, and the allocation of a luxury vehicle to each commissioner. The vehicles were valued at approximately Rs9 million each.
Including all benefits and the vehicles, the total settlement received by each outgoing commissioner was estimated at around Rs30 million. The cumulative value of the settlements for the three officials amounted to approximately Rs90 million.
The objections raised by the Auditor General regarding the legality and propriety of the remuneration increase have not yet been resolved by the Public Accounts Committee. The matter continues to raise questions about compliance with oversight directives and the enforcement of parliamentary instructions within regulatory bodies.
In response to media inquiries, an SECP spokesperson stated that the final settlements were processed in accordance with applicable laws and procedures. The spokesperson maintained that no formal restrictions were in place at the time that legally barred the release of the payments. The SECP also stated that if any payout is subsequently declared impermissible by a competent authority, the concerned individuals would be required to return the amount in line with legal requirements.
The incident has renewed debate over governance, accountability, and regulatory oversight within public sector institutions, particularly in cases involving senior officials and unresolved audit objections.
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