ISLAMABAD – As the government pushed for austerity drive, Securities and Exchange Commission of Pakistan (SECP) approved staggering Rs70lac payment for the Islamabad Club membership of its outgoing Commissioner, Abdul Rehman Warraich.
The controversial decision was taken at a high-level meeting chaired by SECP Chairman Akif Saeed, raising serious questions about unchecked extravagance inside the country’s top financial regulator.
Sources reveal that Commissioner Warraich is just weeks away from completing his three-year term, ending in the second week of next month. Meanwhile, the terms of Chairman Akif Saeed and another commissioner, Lodhi, are also set to expire in the first week of December this year.
Islamabad Club’s private membership is valid for life, and is privately owned. Yet it is being funded directly from public money.
Senior figures in Pakistan’s regulatory and financial community are questioning how an officer on his way out can be handed a lifetime luxury membership at the taxpayers’ expense.
Adding to public anger is the timing, the federal government has imposed strict austerity measures across all departments. But the SECP appears to be moving in the opposite direction.
Insiders reveal that SECP’s high-level leadership is already surrounded by lavish perks. The chairman reportedly earns around 50Lc per month, while commissioners enjoy multimillion-rupee salary and allowance packages.
Even more controversial is the growing list of foreign trips. Despite the government’s push for cost-cutting, top SECP officials continue to fly abroad with dollar-denominated daily allowances and five-star hotel stays, a
Sources say foreign travel has surged in recent months, with delegations roaming Dubai, London, Singapore, and Colombo for conferences that critics say could have easily been attended online.
The expenses have reportedly hit millions, yet the regulator has offered no justification.
, SECP defended the decision, insisting that all benefits and entitlements are in line with its established compensation structure for senior leadership.
