News Detail
Event Title: Senator Saleem Mandviwalla, Chairman Senate Standing Committee on Finance and Revenue presiding over a meeting of the committee at Parliament House, Islamabad.
Event Date: 2025-12-10
Senate Standing Committee on Finance and Revenue Discusses SECP Amendment Bill, Pakistan Single Window, Bank Dress Codes, and Import Duties on Mobile Phones
The Senate Standing Committee on Finance and Revenue, chaired by Senator Saleem Mandviwalla, met today at Islamabad to deliberate on a wide range of financial and regulatory matters.
The meeting was attended by Senators Anusha Rahman Ahmad Khan, Muhammad Talha Mahmood and Manzoor Ahmed. Senators Danesh Kumar (Mover of the Question), Zarqa Suharwardy Taimur and Zamir Hussain Ghumro attended as Special Invitees. Minister of State for Finance and Revenue, Bilal Azhar Kayani, was also in attendance.
At the outset, Senator Danesh Kumar expressed serious concern over the delayed provision of a written reply to his parliamentary question, stating that the delay prevented him from reviewing the matter adequately. The Minister of State informed the Committee that the question had been addressed on the Floor of the House. It was decided that the required specific information would be provided well before the next meeting.
The Committee held extensive discussion on the Private Member’s Bill titled “The Securities and Exchange Commission of Pakistan (Amendment) Bill, 2025”, introduced by Senator Anusha Rahman. She highlighted, there are 19 regulators out of which Boards of only 3 regulators are empowered to fix their own salaries and benefits as opposed to the other sixteen regulators whose salaries and benefits are determined by the Prime Minister or the federal government as the case may be. There is a need to harmonize the procedure through which the salaries and benefits of the regulators are fixed. This becomes even more necessary after the AGPR pointed out the abuse of the discretion exercised by the SECP Board by increasing the salaries with retrospective effects of seventeen months. Therefore, similar intervention is required in the State Bank of Pakistan law. She requested the committee to consider the amendment in the wake of her presentation. The Secretary, M/O Finance and Revenue opposed the amendment and suggested to consider and contemplate other modalities to check the powers of the Board. However, the Senators were unanimously of the view the amendment be passed. The State Minister for Finance and Revenue requested to defer the bill and find out a way to reach consensus on the proposed amendment. The bill was deferred for detailed discussion in the next meeting.
The Committee appreciated the Pakistan Single Window (PSW) initiative, which provides investors and traders access to more than twenty three government services through a single digital platform. A detailed presentation on the system was sought for the upcoming meeting.
The Committee also discussed the dress codes enforced in various banks. Senator Zarqa Suharwardy Taimur raised concerns over alleged reports that some banks require female employees to wear an Abaya during banking hours. She emphasized the need for a relaxed and culturally appropriate working environment for female staff. Representatives of multiple banks clarified that no such compulsion exists and that only respectable attire is required. Senator Talha Mahmood recommended that bank dress codes be aligned with guidance provided in Surah An-Nur and Surah Al-Ahzab.
While reviewing duties imposed on imported mobile phones, the Chairman FBR informed the Committee that 95% of Android phones are now assembled locally, and duties apply primarily to the remaining 5% that are imported. He further noted that the matter is under consideration in the National Assembly, where a comprehensive report will soon be presented. The Committee directed the relevant authorities to present the same report before the Senate Standing Committee on Finance and Revenue.
Chairman SECP briefed the Committee on the formation, functioning and policies of the SECP. Senator Talha Mahmood expressed concern over a reported payment of Rs. 7 million towards Islamabad Club membership for Commissioner Abdul Rehman Warriach, whose term is ending soon. The Chairman SECP clarified that the payment was made by the SECP subject to settlement at the end of term of the Commissioner, Abdul Rehman Warriach. The members unanimously recommended that the settlement of the outgoing commissioners should be stopped until the conclusion of the matter by the PAC. As according to the SECP Chairman, the next meeting of the PAC is proposed to be held in December, 2025, where the AGPR para on SECP salary increase is on the agenda. Therefore, till this para is settled by the PAC no settlement should be done to overcome the possibility that if the PAC decides to recover any amounts from the outgoing commissioners.