Chairman SECP asked to justify expenses
\n ISLAMABAD
\nThe 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\u2019s stated commitment to transparency.
\nInternal records indicate that the Chairman, Commissioners and Executive Directors have travelled abroad multiple times. At the same time, some of these trips lacked justification.
\nSources warn that unchecked travel expenses divert resources from priority regulatory tasks such as investor protection and market stability.
\nThe 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.
\nBusiness 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.
\nInsiders have made a demand that could be a make-or-break moment for the SECP\u2019s 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.
\nCompliance with this demand will be a crucial test of the regulator\u2019s ability to rebuild credibility.
\nDelayed reporting by SECP may further erode public confidence, potentially leading to a loss of trust in the regulator\u2019s ability to manage fiscal governance. International lenders closely track Pakistan\u2019s fiscal governance standards, and any erosion of public confidence could impact their willingness to engage with the country.<\/p>\n","protected":false},"excerpt":{"rendered":"
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\u2019s stated commitment […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-506824","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n