Inquiry demanded into SECP’s expenses at Malam Jabba.
Regulator accused of elitism over taxpayer-funded event.
BY:Tariq Khattak
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) is facing growing concern from members of the business community over its recent corporate retreat held in Malam Jabba, reportedly costing approximately Rs 8 million.
The event, described by the SECP as a strategic Registrar Conference aimed at improving institutional performance, has drawn questions from stakeholders regarding its timing, cost, and alignment with the nation’s broader economic climate.
Business leaders have expressed reservations about hosting such an event at a scenic tourist destination during a time when many enterprises are facing rising operational costs, regulatory challenges, and financial uncertainty.
Several voices from the private sector have emphasised the need for regulatory bodies to set an example, especially during times of fiscal constraints and national austerity measures. They believe that public institutions should show prudence in both decision-making and resource allocation.
One entrepreneur, who preferred not to be named, commented that while capacity-building exercises are necessary, the location and scale of this particular retreat have raised valid concerns. He noted that a more modest setting may have delivered the same outcomes with greater symbolic value, especially during economically sensitive times.
Observers also highlighted that recent increases in registration and compliance costs have already placed strain on many businesses. In this context, perceptions of administrative excess—regardless of intent—can affect the credibility and morale of the regulatory environment.
There were also calls for transparency regarding the planning and expenditure associated with the event. Stakeholders have requested a review of how such programs are evaluated and approved to ensure consistency with the broader goals of good governance and investor confidence.
Some businesspeople also referenced past concerns about the SECP’s decision-making and enforcement patterns. While acknowledging the Commission’s important role, they stressed the need for stronger accountability frameworks and a more inclusive dialogue between regulators and those they oversee.
“The SECP is a vital institution for Pakistan’s economic future,” said a trader. “Ensuring that it operates transparently and remains sensitive to public perception is essential for maintaining trust in the financial system.”
In light of these developments, there are increasing calls for internal reforms aimed at strengthening the SECP’s focus on efficiency, impartiality, and stakeholder engagement.
While no formal action has yet been proposed, many in the business community are hopeful that recent feedback will encourage reflection and realignment within the institution to serve its important mission better.
