The Senate Standing Committee on Finance and Revenue on Monday called for a halt to all financial settlements for outgoing commissioners of the Securities and Exchange Commission of Pakistan (SECP) until the Public Accounts Committee (PAC) completes its review of pending audit objections.
The recommendation came during a meeting chaired by Senator Saleem Mandviwalla, where the panel examined several regulatory and financial matters, including a reported Rs. 7 million Islamabad Club membership payment for Commissioner Abdul Rehman Warriach, whose term is about to end.
Senator Talha Mahmood raised concerns about the payment.
In response, the SECP Chairman confirmed that the Commission had paid the amount but clarified it would be adjusted at the end of the commissioner’s term.
He added that the PAC is set to review an Auditor General’s report on SECP’s 17-month retrospective salary increases in December 2025. Until then, he advised withholding all settlements to avoid complications should recoveries be ordered.
Additionally, the Committee debated the Private Member’s Bill titled “The Securities and Exchange Commission of Pakistan (Amendment) Bill, 2025,” introduced by Senator Anusha Rahman.
She highlighted the need to harmonize procedures for determining salaries and benefits among regulators, especially after AGPR flagged the SECP Board’s 17-month retrospective salary increases.
Anusha noted that only three of the country’s 19 regulators currently have the authority to determine their own compensation. She also proposed similar amendments for the State Bank of Pakistan. Although the Finance Secretary opposed the bill, Committee members supported it.
The Minister of State for Finance requested more time to build consensus, and the bill was deferred.
The Committee also reviewed duties on imported mobile phones, with the FBR Chairman noting that 95 percent of Android phones are now assembled locally and that duties are mainly applied to the remaining imported units.
The issue is under examination in the National Assembly, and a detailed report will be presented there and to the Senate panel.
