Insiders allege SECP files being removed to hide irregularities
Tariq Khattak
ISLAMABAD: Urgent concerns are mounting over alleged tampering and removal of sensitive files from the Securities and Exchange Commission of Pakistan (SECP), with calls for the government to immediately safeguard records before permanent damage is done.
Sources within the regulator claimed that officials who allegedly bent rules for personal gain are now facing dismissal as the Finance Ministry moves towards merit-based appointments. Some of these individuals are accused of attempting to erase traces of controversial decisions.
Record tampering is not new at SECP. A Federal Investigation Agency inquiry in 2017 found the then SECP chairman, commissioners, and directors guilty of altering company records linked to a powerful political family. At the time, other departments were also accused of harassing JIT investigators in the same case. The recurring pattern of document manipulation at SECP, NADRA, and FBR highlights persistent weaknesses in Pakistan’s regulatory institutions.
The latest allegations come amid heightened scrutiny of SECP’s financial management. The Auditor General’s report flagged the Rs41.53 million salary paid to Chairman Akif Saeed in FY24. The regulator was also cited for failing to deposit Rs41 billion in surplus funds into the Federal Consolidated Fund, as required by law. Sources said some officials linked to these irregularities may now be attempting to remove documentary evidence before parliamentary committees and audit authorities intensify their review.
An officer identified by insiders as “Bhatti” has been accused of transporting stacks of files in his vehicle, raising fears that records are being destroyed, manipulated, or concealed. Described as a “front man,” he has also been linked to earlier controversies.
Officials warned that some of the individuals already criticised for approving irregular salary increases, withholding billions in revenues, misleading parliamentary committees, and spending heavily on foreign trips and retreats cannot be ruled out from tampering with evidence. “These files are the backbone of accountability. If they vanish, the trail of mismanagement disappears with them,” an SECP source said, urging that Bhatti be retired, placed on forced leave, or transferred out to prevent interference.
The matter is likely to attract scrutiny from parliamentary bodies and audit authorities, which have repeatedly flagged weak internal controls at regulatory institutions. The Senate’s finance panel may also summon SECP officials and the Finance Ministry to explain pending irregularities.
Analysts warned that the destruction of evidence at SECP would have profound consequences, severely undermining investor confidence and eroding the credibility of Pakistan’s regulatory framework. Failure to act, they cautioned, could set a dangerous precedent for other institutions.
Recent audit reports have already identified billions in unauthorised expenditures across multiple government bodies, making the preservation of records essential for maintaining accountability. The allegations also come as Pakistan seeks to strengthen governance standards under its IMF program commitments.
Representatives of the business community expressed concern that any loss of regulatory records could disrupt oversight of capital markets. When contacted, the SECP media wing declined to confirm or deny the allegations.
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