ISLAMABAD: The rare public rebuttal issued by SECP against the Auditor General of Pakistan’s findings has escalated into a constitutional debate, with governance experts warning it sets a dangerous precedent for autonomous bodies resisting federal audit oversight. Dated August 23, the statement marks the first time a central regulatory agency has directly challenged AGP authority through public messaging rather than parliamentary or DAC channels, a move analysts call a breach of institutional decorum. At the heart of the dispute is SECP’s invocation of the SECP Act 1997 to justify autonomy from federal financial controls. This act, passed to regulate the securities market and protect investors, is being used by the regulator to argue its self-funded status and Policy Board governance insulates it from standard audit scrutiny. But constitutional experts dispute this interpretation. An expert said no statutory body can override the Auditor General’s mandate under Article 169; that authority is non-negotiable. DNA
