The SECP has come under strong criticism after approving a payment of Rs7 million for the Islamabad Club membership of its outgoing Commissioner, Abdul Rehman Warraich. The decision was made during a recent commission meeting chaired by SECP Chairman Akif Saeed.
Sources said Warraich will complete his three-year term in the second week of next month. The terms of the SECP chairman and another commissioner, Lodhi, will also end in early December 2025. Despite these upcoming departures, the regulator approved a lifetime private membership funded by public money.
Officials noted that Islamabad Club membership is a personal entitlement. It remains valid for life and can be transferred to legal heirs. This has raised concerns among senior regulatory and financial experts, who question the justification for paying for such a private benefit using taxpayer funds.
The timing has also raised eyebrows. Islamabad Club recently raised its private membership fee to Rs7 million, while the federal government has enforced strict austerity measures across all ministries and departments. Critics argue that the approval shows a disconnect between policy and practice inside the regulator.
The SECP has already been under scrutiny for its high perks and allowances. Sources said the chairman receives a monthly package of around Rs5 million, while commissioners also draw multimillion-rupee salaries. Their benefits include security guards, personal drivers, new Honda Civic cars, and large annual bonuses.
Foreign travel by senior officers has also increased. Internal sources revealed that SECP delegations recently visited Dubai, London, Singapore, and Colombo for conferences that could have been attended online. These trips involved dollar-based daily allowances and five-star hotel stays, adding to rising concerns over spending.
As Pakistan’s key body for corporate governance, the SECP is expected to enforce transparency and financial discipline. Critics say the approval of a lifetime club membership for an outgoing official contradicts these principles and raises questions about the use of public funds.
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In its response, SECP said all benefits fall within its approved compensation structure. It added that all entitlements are governed by the SECP Act, 1997, and the Commission’s Human Resources Policy, both approved by the Commission and its Policy Board.
