ISLAMABAD - Security Exchange Commission of Pakistan (SECP) is paying Rs60 million per annum in terms of rent despite the fact that it could put up its own building on the 12200 Sq Ft land allocated for office in G-8 Markaz of Islamabad. Well-placed sources in Ministry of Finance told this scribe that SECP possessed twelve floors that it had obtained from National Insurance Company Limited (NICL) on rent. The total area of all twelve floors SECP got on rent is 55000 Sq Ft and for each Sq Ft SECP pays Rs90 per month, which annually costs SECP Rs60 million. In a bid to save the huge amount that was being wasted in terms of offices rent, the federal government in the single go some years back allocated plots to National Telecom Company (NTC), Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and SECP to build their own offices. Then one plot measuring 12200 Sq Ft located in G-8 Markaz was allocated to SECP for its office building, sources added NTC has completed its construction and has started functioning from its new building located in green belt of Shara-e-Dastor, whereas FPCCI has completed almost five stories of its building located in G-8 Markaz, sources maintained. Ironically, despite having all the required resources the countrys corporate watchdog SECP is suffering due to mismanagement of its high ups, who are least interested to see it as an effective body. Technical expert of a reputed construction company on the condition of anonymity told The Nation that Rs60 million are sufficient for the construction of multi-storey plaza on the said size of plot. When this scribe contacted Secretary Finance Waqar Masood, who is the Chairman SECP board, he said that since his induction as secretary finance he had resolved many issues pertaining to SECP. However, on the said issue, he said 'I am not aware, adding that it was an administrative matter. Repeated attempts were made to contact SECP Chairman Mohammad Ali on his cell phone but he did not respond. Sources in SECP, aware of development, said that the federal government has failed to fulfil statuary requirements for SECP in the last four years, incurring losses to the commission. They informed that there were only one commissioner and one chairman in the whole set-up of the SECP, while the SECP Act clearly stated that there must be at least five and maximum seven commissioners for various areas that require technical know-how of the field. Besides, in the past, the tug of war between former chairman Sulman Shaikh and the then commissioner law Tariq Mehmood had badly affected the performance of the SECP. After the appointment of two new commissioners the federal government should task the Chairman SECP to resolve the longstanding issue of office building on urgent basis, as it would save millions of rupees.