ISLAMABAD - The spokesman of SECP, while denying news item SECP wasting Rs60m on rent published in daily The Nation on August 25, claimed that story contained factually incorrect information. The real position is as: A plot was allotted to the Corporate Law Authority, predecessor of the SECP, in G-8/1, back in 1991. However, the SECP has not been able to construct its head office there because the plot size was not sufficient to meet the SECP needs. The fact has been communicated to the federal government through several written and verbal communications. Over the years, the SECPs mandate has considerably expanded. Apart from being the regulator of the corporate sector and the capital markets, the non-banking financial sector and the insurance sector were also shifted to the SECP in 2002. Its existing strength is four times larger compared to what it was at the time when the plot was allotted. As the premier regulator, it would be in the fitness of things for the SECP to have its own head office at a proper location. However, the same is possible only when a plot of an appropriate size is allotted to SECP. The rent presently being paid by the SECP is not benefiting any private individual, the spokesman added.