ISLAMABAD ( The COW News Digital) The Senate Standing Committee on Finance has recommended amending the law that allows regulatory bodies to grant automatic salary increases to their officials, expressing concerns over potential misuse of this authority. The recommendation targets three key institutions: the Securities and Exchange Commission of Pakistan (SECP), the State Bank of Pakistan (SBP), and the Pakistan Medical and Dental Council (PMDC).
The committee meeting, chaired by Senator Saleem Mandviwala, highlighted that no regulatory body should have the unilateral power to increase salaries without government approval. Members also requested detailed salary records of other government institutions from the Ministry of Finance to ensure consistency and accountability.
Senator Farooq H. Naik emphasized that the issue is not merely about authority but about misuse of existing laws. He cited that even Supreme Court judges cannot increase their salaries independently, as all such powers rest with the Prime Minister.
During the session, SECP Chairman Akif Saeed acknowledged that the commission currently has the authority to approve salary increments. However, committee members argued that such autonomy could lead to uncontrolled financial decisions, citing a previous instance where NEPRA increased salaries of its officials by millions without prior approval.
Senator Mandviwala stressed that all regulatory authorities must operate under strict legal frameworks and must not be allowed unrestricted powers, pointing out that SECP staff received around 37 crore PKR in disbursed salaries. Senator Anusha Rehman added that a clear legal structure is needed to regulate salary increases across all regulatory bodies.
In addition to the discussion on salaries, Competition Commission of Pakistan (CCP) Chairman Dr. Kabir Ahmed Sidhu briefed the committee on the commission’s achievements. He revealed that active legal follow-ups reduced pending cases from 567 to 280 over the past year, recovering 41 crore PKR in fines. The commission also issued 14 decisions against cartels, imposing fines exceeding 1 billion PKR.
The CCP reported completing 20 investigations on monopolistic practices and 18 inquiries on misleading marketing, while its Market Intelligence Unit identified 193 potential cases. Moreover, 117 merger and acquisition approvals facilitated 29 billion PKR in foreign investment in Pakistan.
Committee members instructed the CCP to take strict action against cartels in the cement and sugar sectors. The session concluded with the Ministry of Law being directed to propose amendments to the law governing salaries and benefits of regulatory bodies, ensuring transparency, accountability, and government oversight.
