NAB harassment dissuading staff from working: SECP

KARACHI: The head of Securities Exchange Commission of Pakistan (SECP), Policy Board, Khalid Mirza has said the institution is being weakened by interference in its working.

Mirza was talking in the Geo News programme Aaj Shahzeb Khanzada Key Saath. Mirza said due to unnecessary NAB’s harassment, the staff is simply not prepared to work.

“The cases being investigated by NAB against us prima facie do not involve any wrong doing by our officers. I fail to understand their motivation and do not know who has instigated all this. One of our officers was detained by NAB for nearly 50 days and then we were asked to conduct a probe if he was involved in any wrongdoing,” he said. He said SECP must inform the court after carrying out the probe. “Our primary loyalty lies with the staff of SECP if they are being harassed and we have to defend them,” he said.

The head of SECP Policy Board said they had also informed the federal government but there is no response from them. He said he was not liked by many in the top govt circles. “Few days ago I was dismissed from SECP but I am working here due to the high court stay order. I have not committed anything wrong.” Mirza said the SECP is also under a severe crisis due to recruitment of staff without merit in the last 4-5 years. Furthermore, he said, there is lot of interference in their work. “Both the government and certain market forces are abusing and exploiting the SECP,” he said. He claimed some of these market leaders belong to the international mafia as well.

Mirza said the market fluctuation is not necessarily dependent on its strength. He said 18-20 people were detained by NAB and are not being released and no one cares. “We have to cooperate with LEAs and give them information. The govt must ask them to return our staff and cases.” Mirza said the govt must protect SECP’s autonomy and independence. “No one seems interested in SECP, capital market or the corporate sector,” Mirza lamented.