Senate committee approves lawmakers’ inclusion in SECP policy board

The Senate Standing Committee on Finance has approved amendments to the Securities and Exchange Commission of Pakistan (SECP) Act 1997, paving the way for parliamentarians to become members of the SECP Policy Board. The decision was made during a committee meeting held in Islamabad on Wednesday.

The proposed amendment, introduced by Senator Anusha Rehman, seeks to increase the number of government-nominated members on the SECP Policy Board from four to six. According to the amendment, one member from the National Assembly (MNA) and one Senator will be added to the board.

During the meeting, Senator Rehman raised concerns regarding the actions of the previous SECP Policy Board. She highlighted that the board had significantly increased the salaries and other benefits for the commission’s officers. "They not only increased their pay package, but also received 18 months outstanding as well. How do you justify that?" she questioned Finance Minister Muhammad Aurangzeb.

Senator Rehman further stated that, in order to fund these increased expenditures, the SECP had raised fees and charges. She argued that this move had negatively impacted the country’s business environment.

The new management of the SECP faced tough questions from senators, who scrutinized the decisions made by the previous management. The committee, chaired by the Senate Standing Committee on Finance, discussed the implications of the proposed amendments and the recent actions of the SECP.

The inclusion of lawmakers on the SECP Policy Board is intended to enhance oversight and accountability within the commission. However, concerns remain regarding the financial decisions taken by the previous board and their effect on the business sector.