SECP Commissioner Candidates

The federal government has completed a major phase of its regulatory restructuring process by shortlisting SECP Commissioner Candidates for multiple key positions at the Securities and Exchange Commission of Pakistan (SECP). Following weeks of scrutiny, high-level interviews, and intense political debate, two separate committees have shortlisted candidates for both the existing three vacant commissioner seats and the newly approved six commissioner positions, bringing the total number of upcoming appointments to nine.

These appointments are expected to shape the future of financial regulation in Pakistan, especially at a time when the SECP faces governance controversies, enforcement gaps, declining market confidence, and rising pressure for institutional reforms.

Government Concludes Interviews for Three Commissioner Vacancies

A high-level, Finance Minister–led panel recently conducted interviews of 27 candidates vying for three vacant commissioner roles at the SECP. This panel, chaired by Finance Minister Muhammad Aurangzeb, is responsible for shortlisting nine final names, which will be forwarded to the federal cabinet for approval.

Candidates Interviewed

The candidates who appeared before the committee include a diverse list of former regulators, senior bureaucrats, industry professionals, and SECP insiders. Among them were:

Shaista Gillani, Syed Irfan Ali, Jahan Ara Sajjad, Imtiaz Haider, Imran Iqbal, Sahulat Khan, M. Naveed Chaudhry, Khalid Habib, Majid Naeem Sofi, M. Ali Fareed Khwajah, Jalal Khan, Amjad Ali Awan, Fareed Ahmad Tarar, Abid Hussain, Ammar Qurashi, Bilal Rasool, Akif Saeed, Sadia Khan, Tariq Sultan, Imran Inayat Butt, Javid Ghafoor, Abdur Rahman Warraich, Mujtaba Lodhi, Muhammad Naveed, Dr. Kabeer Ahmad Sidhu, Adil Khan, and Salman Amin.

The Finance Minister–led oversight reflects the government’s intent to ensure transparency and merit-based selection at a time when the SECP’s performance is under heavy criticism.

SECP Under Scrutiny for Governance and Enforcement Lapses

The SECP has lately faced sustained criticism regarding:

• weak regulatory enforcement

• questionable expenditure approvals

• issues in internal governance

• outdated pay structures

• credibility concerns in financial markets

As Pakistan struggles to stabilize its economy, rebuild capital market confidence, and attract investment, the responsibility on newly appointed commissioners will be immense. Policymakers and industry stakeholders are calling for the selection of individuals capable of restoring institutional integrity and strengthening financial oversight.

Government Expands SECP to Seven Commissioners for the First Time

In a major structural shift, the government earlier approved an increase in SECP commissioners from five to seven—the first expansion since the regulator’s establishment in 1999. This move triggered a second shortlisting process for six new commissioner seats, drawing 150 applicants.

A separate committee led by the Federal Secretary Finance shortlisted the following six names:

• Hafiz Muhammad Yousaf

• Aamir Khan

• Shahid Naseem

• Naveed Qazi

• Iftikhar Ahmed

• Razi Khan

This shortlist will be reviewed by a final committee headed by Senator Ishaq Dar, along with the federal secretaries of finance and establishment.

Political Interest and Expected Front-Runners

Insiders within the National Assembly Standing Committee on Finance have indicated that Hafiz Muhammad Yousaf may be a leading contender. According to a committee member:

“He will be made the chairman of the SECP because it is too obvious.”

Yousaf has previously served on the SECP Policy Board and later as a member of the State Bank of Pakistan Board. While he had faced litigation in earlier years, all charges were cleared during his tenure.

Other potential front-runners include:

• Aamir Khan, current Executive Director and SECP spokesperson

• Shahid Naseem, Executive Director and head of Enforcement at the Specialized Companies Division

These candidates are seen as experienced insiders capable of immediately contributing to strengthening regulatory frameworks and enforcement mechanisms.

Legal and Political Tensions Surrounding Appointments

The appointment process has not been free from controversy.
The current SECP Chairman, Zafar Hijazi, was suspended after the Panama JIT found him guilty of tampering the records of companies owned by the Sharif family. This suspension has added political tension around the new appointments.

Senator Salim Mandviwalla, Chairman of the Senate Standing Committee on Finance, termed parts of the process “politically motivated and illegal,” arguing that decisions made by individuals facing charges could be challenged in court.

This conflict underscores how politically sensitive SECP’s leadership appointments have become and why selecting credible, independent commissioners is crucial.

Additional Candidates Evaluated in Parallel Interviews

In another round of interviews for SECP roles, a separate committee evaluated:

• Captain (R) Saeed (former PASCO MD)

• SECP ED Bilal Rasool

• SECP ED Muzaffar Mirza

• Shaista Bano

Each candidate presented their expertise and vision for improving Pakistan’s regulatory and financial ecosystem.

This additional screening suggests that the government is considering a broader range of professionals for various SECP roles, not limited to commissioner posts alone.

SECP’s Structural Capacity and Challenges

SECP currently comprises four main divisions:

• Company Law

• Securities Market

• Insurance

• Specialized Companies

Each commissioner leads one division, with the SECP Chairman serving as administrative head. Critics argue that increasing commissioners to seven may be unnecessary unless new specialized divisions are created. Without new departments, some commissioners may be left without defined functional roles.

What Happens Next

• The Finance Minister–led committee will finalize the list of nine shortlisted candidates for three commissioner roles.

• The Senator Ishaq Dar–led committee will select names for the newly added commissioner seats.

• The federal cabinet will make the final appointments.

• These selections will define the SECP’s leadership for the years ahead, directly influencing corporate regulation, capital markets, and investor confidence.

Conclusion

The shortlisting of SECP Commissioner Candidates marks a pivotal moment in Pakistan’s financial regulatory future. With the SECP under pressure to address longstanding governance weaknesses and restore its credibility, the government’s final choices will significantly impact investor confidence, regulatory integrity, and market stability.

The coming days will determine whether Pakistan opts for experienced regulators, politically connected candidates, or a balanced mix capable of steering the country toward stronger financial oversight and improved market governance.