The Securities and Exchange Commission of Pakistan (SECP) issued a press release rejecting observations in the Auditor General of Pakistan’s Consolidated Audit Report 2024-25 that SECP unlawfully revised employee pay and allowances and failed to deposit revenues and surplus balances into the Federal Consolidated Fund. SECP stated the cited decisions were taken in accordance with the SECP Act, 1997 and with approval of the competent authority. SECP emphasised that the audit report comprises observations rather than conclusions and disputed media reporting that it did not respond to an invitation to a Departmental Accounts Committee (DAC) meeting, stating that no such invitation was received. It also noted that similar observations raised in the past were settled by the Public Accounts Committee in July 2025 in favour of SECP’s legal position, and reiterated its statutory administrative, financial and functional independence, the SECP Policy Board’s role in approving budgetary decisions, and that remuneration reviews are conducted with Policy Board approval and based on market surveys and benchmarking. The issues are to be taken up at the DAC level, where views from both the Auditor General of Pakistan and SECP will be sought before the matter is concluded.
Securites & Exchange Commission of Pakistan 2025-08-23
Securities and Exchange Commission of Pakistan rebuts Auditor General audit observations on employee pay revisions and federal fund transfers
The Securities and Exchange Commission of Pakistan (SECP) refuted claims in the Auditor General of Pakistan’s Consolidated Audit Report 2024-25 about unlawful employee pay revisions and fund deposit failures, asserting compliance with the SECP Act, 1997. SECP clarified that the audit report contains observations, not conclusions, and denied receiving an invitation to a Departmental Accounts Committee meeting. The SECP highlighted its statutory independence and noted that similar past observations were resolved in its favor by the Public Accounts Committee.