Interviews proceed despite serious allegations.
Insiders’ term interviews a mere formality.
TARIQ KHATTAK
ISLAMABAD (December 07 2025)
The ongoing selection of new commissioners for the Securities and Exchange Commission of Pakistan has come under intense scrutiny as the Finance Ministry allowed several officials facing serious financial allegations to sit for formal interviews. According to sources familiar with the process, twenty-seven applicants were interviewed recently, including sitting Chairman Akif Saeed and incumbent commissioners Abdul Rehman Warraich and Mujtaba Ahmed Lodhi. The ministry has not explained how candidates were shortlisted or how complaints flagged by the Auditor General and raised in parliamentary forums as well as media were evaluated before the interviews began, which could undermine confidence in the process.
Business groups warn that proceeding with candidates linked to alleged financial irregularities worth billions could further weaken confidence in regulatory governance. Investors already facing persistent inflation, rising energy costs, and tight liquidity are now confronted with uncertainty about the commission’s future leadership. Trade bodies say allowing officials under investigation to compete for senior roles sends troubling signals to domestic and foreign investors who rely on consistent oversight. They caution that weak credibility at the top can raise compliance costs, slow investment approvals, and add risk premiums in a capital market already struggling with thin trading volumes, emphasizing the need for trustworthy appointments.
Analysts note that international regulatory norms require clear disclosure of ongoing inquiries before sensitive appointments. The absence of transparency, especially regarding allegations such as illegal salary hikes, lavish retreats, foreign tours and mismanaging billion of rupees, risks reducing the process to mere symbolism rather than a credible evaluation of integrity and competence. Senior civil servants interviewed for this report said prolonged delays in concluding high-profile inquiries give the impression that some officials are above accountability, discouraging honest officers and undermining internal controls in financial institutions.
Corporate advisers report that uncertainty over the next regulatory team is delaying planned listings and debt approvals, while unclear vetting standards are complicating compliance planning at a time when stricter monitoring linked to IMF-supported reforms is expected. Experts suggest implementing standardized, transparent vetting procedures and establishing independent oversight to enhance credibility. Observers note that the selection process is under active IMF scrutiny, underscoring the need for transparent, merit-based appointments and potential reforms to restore confidence in Pakistan’s financial governance.
Several industry insiders criticized the inclusion of repeatedly underperforming candidates, saying it has turned the selection process into a formal exercise and weakened its legitimacy. The perception that such appointments disregard accountability risks sending negative signals to investors and employees, reinforcing doubts about the rigor of vetting in Pakistan’s key financial regulator. Emphasizing merit-based selection can help restore confidence in the process and the regulator’s integrity.
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