Bill lands in Senate to clip SECP's financial powers
Business
If passed, the bill will effectively tie SECP’s hands when it comes to financial decisions
ISLAMABAD (Dunya News) – A bill concerning the salaries and allowances of the Securities and Exchange Commission of Pakistan (SECP) chairman and commissioners has been tabled in the Senate.
The move came from PML-N Senator Anusha Rahman, who submitted the private member’s bill on Monday.
According to the draft, the financial independence of SECP is set to be rolled back. The commission’s authority to decide the pay and perks of its chairman and commissioners will be taken away.
The bill proposes amendments to Sections 3 and 5 of the SECP Act, 1997. At present, Section 3 grants SECP both administrative and financial autonomy. However, the proposed change would strip the regulator of its financial autonomy.
Similarly, under Section 5(4), the commission currently fixes the salaries of its top officials. If the amendment sails through, the power to set their pay will rest with the SECP Board, subject to federal government approval.
If passed, the bill will effectively tie SECP’s hands when it comes to financial decisions about its own leadership.
