SECP Chairman Contract Extension Rejected Over Salary Hike

Islamabad – The summary for extending the contract of the Securities and Exchange Commission of Pakistan (SECP) Chairman Akif Saeed has been rejected, sources revealed. The Ministry of Finance declined the extension proposal, which was sent for approval.

Akif Saeed’s current three-year contract as SECP Chairman, which began on December 16, 2022, is set to expire on December 15, 2025.

Sources said the main reason for rejecting the contract extension is due to unauthorized salary increases that were made without cabinet approval.

All SECP commissioners, including the chairman, received significant pay raises on their own initiative, which drew serious concerns from higher authorities.

Federal ministers and senior senators have reportedly expressed strong dissatisfaction with SECP Chairman Akif Saeed, mainly because he did not comply with their orders.

The situation has led to a high-level notice being issued regarding the unauthorized salary hikes.

Further updates are awaited as the contract expiration date approaches.