SECP Disburses Rs1.19 Billion in Salaries and Benefits

The Securities and Exchange Commission of Pakistan (SECP) has disbursed a cumulative amount of PKR 1.191 billion to its chairman, commissioners, senior management, and staff over a retrospective period of 16 months, following formal approval by its policy board. The disclosures, as reported, relate to payments covering the period from July 1, 2023 to October 31, 2024.

These disbursements comprised salary adjustments, allowances, and associated benefits, in addition to allocations made toward gratuity, pension, and employee trust funds. Official records indicate that approximately PKR 579.139 million was paid in the form of salary arrears, while PKR 612.054 million was transferred to retirement-related funds, including gratuity and pension reserves.

A detailed breakdown reflects that the chairman and three commission members collectively received PKR 65.559 million. Payments to nine executive directors amounted to PKR 68.787 million, while 16 directors were allocated PKR 87.046 million. Further distributions included PKR 135.123 million to 33 directors, PKR 56.391 million to 32 joint directors, and PKR 68.541 million to 58 additional joint directors.

At the mid-management level, 42 deputy directors received PKR 25.142 million, and 55 assistant directors were paid PKR 18.296 million. Additional disbursements included PKR 398,481 to three management executives and PKR 53.839 million distributed among 140 staff members.

The matter surfaced following queries raised in the Senate concerning the financial governance practices of public sector entities. In response, the SECP clarified that the payments were implemented subsequent to a compensation benchmarking exercise conducted by KPMG, aimed at aligning remuneration structures with prevailing market standards.

The regulator further stated that the proposal received due approval from its policy board, which is vested with statutory authority under the SECP Act, 1997, to sanction budgetary allocations and financial decisions. It emphasized that PKR 579 million represented arrears for the specified 16-month period, whereas PKR 612 million constituted contributions to employee benefit trust funds.

The SECP maintained that no external approvals were required for these disbursements, given the policy board’s designated authority. It also noted that relevant information was duly communicated to oversight bodies, including parliamentary committees, in accordance with established reporting protocols.

Regarding audit oversight, the SECP indicated that the matter has yet to be formally reviewed at the Departmental Accounts Committee level. It added that any audit observations, when raised, will be addressed through standard procedures in coordination with the Auditor General of Pakistan.