SECP Under Fire for Paying Rs. 7 Million for Outgoing Commissioner’s Islamabad Club Membership

The Securities and Exchange Commission of Pakistan has approved a payment of Rs. 7 million for the Islamabad Club membership of its outgoing Commissioner, Abdul Rehman Warraich. The decision was taken at a recent commission meeting chaired by SECP Chairman Akif Saeed. The move has triggered fresh criticism over extravagant spending inside the regulator. Sources told ProPakistani that Commissioner Warraich will complete his three-year term in the second week of next month, while the terms of the SECP chairman and another commissioner, Lodhi, will also expire in the first week of December 2025. According to officials, the Islamabad Club membership is a private entitlement, valid for life and transferable to legal heirs. Despite this, the payment is being made from public funds, sources told ProPakistani. Senior officials in the financial regulatory community have questioned how an outgoing officer can receive a lifetime private membership at the taxpayers’ expense. The Islamabad Club recently increased its private membership fee to Rs. 7 million. The approval comes as the federal government has imposed strict austerity measures across all departments. SECP remains under scrutiny for its perks and privileges. Sources said the chairman draws a monthly remuneration of about Rs. 5 million, while commissioners also receive salaries and allowances worth millions. Their benefits include security guards, dedicated drivers at home, new Honda Civic cars worth around Rs. 9 million, and heavy annual bonuses. Officials continue to undertake foreign travel with dollar-denominated daily allowances and five-star hotel stays, even as the government pushes ministries to cut costs. Internal sources say foreign trips by senior SECP officers have surged in recent months, with delegations traveling to Dubai, London, Singapore, and Colombo for conferences that could have been attended online. Travel and hotel expenses have reached millions, and the regulator has offered no explanation. SECP is the country’s top watchdog for corporate governance and financial discipline. Critics say an institution meant to enforce transparency is violating the very principles it promotes. The approval of a lifetime club membership for an outgoing commissioner has intensified concerns about the misuse of public funds. In response to ProPakistani, SECP said all benefits and entitlements provided to the commissioner are consistent with the compensation and benefits structure for senior leadership. It added that all matters relating to pay, perks, and entitlements are governed by the SECP Act, 1997, and the Commission’s Human Resources Policy, which are approved by both the Commission and the Policy Board.