ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) Policy Board on Tuesday approved the revised budget of Rs2.8 billion for 2019-20 with a directive to the commission for proposals to reduce the Rs350 million deficit. The directions are in line with the government’s austerity drive to reduce expenditures.
“I am in support of high salaries in the SECP, but the employees must justify their salaries and must be firm, helpful and fair to make SECP an efficient and service-oriented organisation,” remarked Policy Board Chairman Khalid Mirza while chairing the meeting.
“The employees are strength of the SECP and we have to build their capacity to ensure their real performance with positive enabling approach,” he added. He said that the capital expenditure of the SECP has been cut for 2019-20.
Meanwhile, sources said that the cuts are in the form of reduction in annual employee bonus, and reducing surplus employment, cuts in the expenditures of IT and legal departments.
The board also approved several recommendations of the Regulations Committee including amendments to the Companies Act, 2017, amendments to the National Clearing Company of Pakistan Ltd Regulations pertaining to GoP Ijara Sukuk, change in time-line for submission of quarterly accounts and the requirement of entities to be included in NBCM, draft Cash Reserve Account regulations, amendments in Shariah Regulations, 2018, amendments to PSX rule book pertaining to related party transactions, amendments to the Public
