ISLAMABAD - Fear and uncertainty prevails among over 600 staff of Securities Exchange Commission of Pakistan, as the Chairman Shaukat Hussain Abbasi survived termination over his illegal appointment.

The staff accuse Chairman of providing illegal favours to his rich and famous friends, in violations of rules and procedures, while the Chairman lobby insists that Commission will achieve some important milestones under his leadership.

"He has his own team of four-five notorious and unethical officers, they harass staff to get done their desired work, which is mostly to favour someone, to carry out his illegal activities he even scandalise the top officials, by issuing negative and fake material to media and agencies, arranging anonymous complaints against honest and upright officers", said an official requesting anonymity.

He said that the Chairman and his close aides, including Muzaffar Mirza, Yaser Manzoor, Muneeb Ashraf Cheema claim that they are agents of Army's premium agency and claim that they do any illegal job on behest of their masters.

Appointment of Chairman against the Supreme Court judgment in Ashraf Tiwana case, allegedly,swift promotions in a short span of some months - from a mid level position to top are some of the charges against the present top boss.

During October 2017 to May 2018 Shaukat Hussain Abbasi got four unprecedented promotions in a time span of seven months, from Director to top slot.

Chairman's hefty salary and perks are also one reason of staff's heart burning. According to officials, he was drawing salary of about 4 lakh in Jan this year and in just next four months, his salary crossed over Rs two million per month.

All Executive Directors and most of Directors working in SECP are much senior to him hence there is unrest in entire SECP.

Abbasi has also been accused of providing false information and tempering records to protect the Sharif family members in the Panama Papers case.

SECP- the regulator of entire corporate sector of the country including capital markets, insurance, non-banking, and financial companies is mandated to safeguard the interest of investors-who's working directly impacts economy of the country- employee over 600 highly paid, Chartered Accountants, auditors, financial investigators, and managers.

Chairman's lobby ,however, defends him strongly. Muneeb Ashraf Cheema, said that all allegations against his boss and him are planted by his opponents.

Cheema revealed that his office was working on some state of the art modern financial ecosystem to eliminate corruption and money laundering from the country.

"SECP under the leadership of present Chairman, is liasioning with international organisations to streamline issues related to sanctions imposed by Financial Action Task force and also coordinating with international bodies in connection to Panama leaks", he said.

Last week Prime Minister Imran Khan, reportedly issued notification of termination of Shaukat Hussain Abbasi as SECP Chairman but the final lists of sacked officials did not include his name.