The Securities and Exchange Commission of Pakistan (SECP) has not taken any disciplinary action against its commissioners. In a written reply, Minister for Finance Shaukat Train informed the National Assembly here on Wednesday that gross salary of Salman Ali Shaikh Commissioner/Chairman SECP is Rs 783,432; Commissioner S Tariq A Hussain Rs 759,214 and gross salary of SECP Commissioner Muhammad Sohail Dayala is Rs 584,010.
The perks and privileges of Commissioners included one Honda Civic VTi Oriel Prosmatic car with driver up to 600 liters fuel, Rs 4000 per month as Orderly Allowance, upto Rs 10000 per month as mobile phone running cost, upto Rs 10000 per month as residential phone running cost, Leave Fare Assistance @ one basic salary per annum with 15 days leave, one gross salary as fixed bonus every year and variable performance bonuses approved by the SEC Policy Board and security guard at residence.
The remuneration/allowances of Commissioners are determined under Section 5(4) of SECP Act which provides that, "The Commissioners, including Chairman shall be paid such remuneration and allowances as the Commission may, with the approval of Policy Board."
The commissioners are appointed by the Federal Government in terms of the provisions of section 5 of the Securities and Exchange Commission of Pakistan (SECP) Act, 1997 as reproduced below:
(1) Subject to sub-section (2), the Commission shall consist of such number of commissioners, including the chairman, appointed by the Federal Government as may be fixed by the Federal Government but such number shall not be less than five and more than seven. A commissioner shall be a person who is known for his integrity, expertise, experience and eminence in any relevant field, including the securities market, law, accountancy, economics, finance, insurance and industry. The majority of the commissioners shall always be of private sector persons, he added.