Lawmakers to join SECP policy board

ISLAMABAD: The Senate Standing Committee on Finance approved amendments to the SECP Act 1997 on Wednesday, allowing parliamentarians to join the SECP Policy Board.

The amendment proposed by Senator Anusha Rehman suggested increasing the number of government-nominated SECP policy board members from four to six, with the addition of one MNA and a Senator.

She stressed that the previous policy board of the SECP significantly raised the salaries and other perks of the commission’s officers.

“They not only increased their pay package, but also received 18 months outstanding as well. How do you justify that?” she asked Finance Minister Muhammad Aurangzeb. She added that to raise money for this massive expenditure, the SECP has increased fees and charges, causing a loss to the country’s business environment.

While the new management of the Securities and Exchange Commission of Pakistan faced grilling at the hands of senators due to the deeds of the previous management.

The committee, chaired by Senator Saleem Mandviwalla,........

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