Chairman SECP asked to justify expenses
ISLAMABAD
The Senate Standing Committee on Finance and Revenue has urgently demanded that the Securities and Exchange Commission of Pakistan (SECP) Chairman disclose all foreign travel undertaken by senior officials, intensifying scrutiny over spending practices that appear to be misaligned with national austerity measures and the regulator’s stated commitment to transparency.
Internal records indicate that the Chairman, Commissioners and Executive Directors have travelled abroad multiple times. At the same time, some of these trips lacked justification.
Sources warn that unchecked travel expenses divert resources from priority regulatory tasks such as investor protection and market stability.
The issue at hand could have far-reaching implications, potentially straining international partnerships. This includes technical assistance from the World Bank and the Asian Development Bank, which could be at risk if excessive travel is not reined in.
Business leaders express that discretionary travel continues while regulatory processes at home remain slow and compliance burdensome. They question how foreign travel by regulators aligns with national economic priorities at a time of high inflation and unemployment.
Insiders have made a demand that could be a make-or-break moment for the SECP’s credibility. They insist that the SECP maintain a comprehensive register and post details of visits on its website, including officer names, destinations, dates, costs, funding sources, and documented deliverables.
Compliance with this demand will be a crucial test of the regulator’s ability to rebuild credibility.
Delayed reporting by SECP may further erode public confidence, potentially leading to a loss of trust in the regulator’s ability to manage fiscal governance. International lenders closely track Pakistan’s fiscal governance standards, and any erosion of public confidence could impact their willingness to engage with the country.
