ISLAMABAD – The Senate Standing Committee on Finance and Revenue on Thursday raised eyebrows over the regulatory bodies’ powers to increase their salaries. The committee meeting chaired by Senator Saleem Mandviwalla was held to review the “Virtual Assets Bill” and the performance of the Competition Commission of Pakistan (CCP) over the last five years.
The committee discussed the Government Bill titled “The Virtual Assets Bill, 2025.” Senator Afnan Ullah Khan informed that a bill encompassing the same subject had been submitted by him in the Senate and was currently in process, but the government came up with a bill carrying the same content. The committee directed the Secretary Law and Justice to review the soft copy shared by Senator Afnan Ullah Khan during the Committee meeting and submit a comparison thereafter in the next meeting. Reviewing the irregularities in SECP worth Rs267 million, as highlighted in AGP’s report, the chairman SECP stated that the same sort of irregularities had been raised in previous years, which were later settled after a comprehensive response from SECP.
However, the committee raised eyebrows over the regulatory bodies’ powers to increase their salaries. It was revealed that three regulatory bodies have the power to increase their salaries among all the existing bodies. The committee called for rationalization of such powers and stated that the power to increase salaries should reside only with the Cabinet and the Prime Minister. The Committee recommended that the Finance Division submit amendments within one month for rationalization of such powers vested in regulatory bodies. Chairman CCP, Dr Kabir Ahmed Sidhu briefed the committee that through active litigation follow-up over the past year, the number of pending cases in courts was reduced from 567 to 280. He further informed that court decisions resulted in the recovery of PKR 410 million in fines, while 14 orders were issued against cartels, imposing penalties of more than PKR 1 billion. The commission also apprised the committee that 20 inquiries were completed on cartelization and abuse of dominance, while 18 inquiries addressed deceptive marketing practices. The CCP’s Market Intelligence Unit identified 193 potential cases of cartelization and deceptive marketing. Moreover, the commission approved 117 mergers and acquisitions, which led to foreign direct investment of PKR 29 billion into Pakistan.
The committee directed the Law Secretary to cooperate with CCP to ensure early hearings of its pending cases in courts. Law Secretary Raja Naeem briefed the Committee that out of 200 CCP cases currently before the Supreme Court, 167—challenging the jurisdiction of the Commission—have been clubbed and referred to the constitutional bench. He added that the hearing is expected in September. The committee members instructed CCP to take strict action against cartelization in the cement and sugar sectors. They also expressed their full support for the Commission, assuring that the Senate Committee stands firmly behind CCP in its enforcement efforts.
The Committee also recommended the Secretary Law and Justice to provide the legal aid to the CCP in the resolution of legal cases and decided to invite the Attorney General of Pakistan and Advocate General of Pakistan in the upcoming meeting. In attendance were Anusha Rahman Ahmad Khan, Farooq Hamid Naek, Ahmed Khan, Muhammad Abdul Qadir, Dilawar Khan, Afnan Ullah Khan, Additional Secretary for Finance and Revenue Amjad Mahmood, Chairman FBR Rashid Mahmood Langrial, Chairman FBR Akif Saeed, Chairman CCP Dr Kabir Ahmed Sidhu and senior officials of relevant departments.
