The regulator meeting at Hill Station creates eyebrows

Islamabad:

In a move that raises questions about fiscal discipline and public accountability, the Pakistani Securities and Exchange Commission (SECP) has planned a high-level conference at Malam Jabba’s Tourist Hill Station, Khyber-Pakhtunkhwa.

This conference is scheduled for June 28-29 and SECP officials stayed on Friday to attend the event, estimated to cost 8 million Rs, as approved by the Commission.

According to sources, for the first time in SECP history, the Secretary Congress is held at a luxury Hill station managing a residence in a-class hotel for the president of SECP, the Commissioners, the Executive Directors and the heads of the Departments.

Sources under the SECP confirmed that the reported agenda of the conference was to discuss regulatory reforms and promote the exchange of ideas between the secretaries to address existing and emerging challenges.

The timetable of the event is also controversial, as it comes at a time when the prime minister has issued clear instructions in all government departments to adopt austerity measures, reduce unnecessary expenses and avoid rich events – a policy that comes after his fiscal situation.

“This is an obvious contradiction of the federal government’s austerity instructions,” said a senior official familiar with the issue. “The cost of millions at a luxurious conference undermines the credibility of the government’s reform program.”

Further composition of the problem is the recent revision of the SECP of its fees structure, where the incorporation fees almost doubled and the cost of deposit documents increased significantly.

As of April 21, 2025, the Commission has imposed new and higher remuneration on various types of companies and ways of submission. It has also introduced non -refundable processing fees for applications seeking regulatory approvals, exceptions and instructions, affecting thousands of businesses and professionals.

Adding to the controversy is the frequent foreign foreign trips. Only in the past year, the top leadership of the committee took over dozens of foreign visits to attend international conferences and events. Many of these trips were funded by the Treasury.

The Council of Ministers has already restricted to such public trips, citing the need for financial restriction.

When the SECP spokesman came into contact, he said that “the conference is a strategic meeting of the Commission, which is being held annually”. “Only workers are watching and their families are not present,” he added.