The Senate Standing Committee on Finance and Revenue has demanded that the power of regulatory bodies to independently increase their compensation be revoked. During a meeting chaired by Senator Saleem Mandviwalla, members expressed apprehension over three entities currently possessing this authority, asserting that it should reside solely with the federal cabinet and the prime minister. The Finance Division was instructed to draft amendments curtailing these discretionary powers within a month.

The committee also examined the government’s “Virtual Assets Bill, 2025,” noting that Senator Afnan Ullah Khan had already introduced a similar measure. The Law Ministry was tasked with comparing both drafts and presenting a report in the next session.

Concerns were also raised regarding irregularities amounting to Rs. 267 million flagged in the Auditor General’s report on the Securities and Exchange Commission of Pakistan (SECP). The SECP assured the committee that comparable prior matters had been addressed after providing detailed justifications.

The committee also reviewed the performance of the Competition Commission of Pakistan (CCP), observing that 280 out of 567 longstanding legal battles had been settled since August 2023. The CCP reported recovering Rs. 412 million in fines over the past two years. However, penalties of Rs. 43.5 billion against the sugar sector and Rs. 6.4 billion against the cement sector remain outstanding due to court injunctions. The committee directed the CCP to furnish complete details of these proceedings and requested legal assistance from the Law Ministry. It also resolved to summon the Attorney General and Advocate General of Pakistan to aid in expediting unresolved cases.

Attendees included Senators Anusha Rahman Ahmad Khan, Farooq Hamid Naek, Ahmed Khan, Muhammad Abdul Qadir, Dilawar Khan, and Afnan Ullah Khan, along with high-ranking officials from the Finance Division, Federal Board of Revenue (FBR), SECP, CCP, and other related agencies.