Investment finance services: SECP issues first licence
Under the new regulatory regime, micro financing has become a regulated activity
ISLAMABAD:
The Securities and Exchange Commission of Pakistan (SECP) has issued the first Investment Finance Services licence to Punjab Rural Support Programme (PRSP) for carrying out micro financing as a Non-Bank Microfinance Company. Under the new regulatory regime, micro financing has become a regulated activity and all entities other than microfinance banks, undertaking microfinance activities, are required to obtain a licence from SECP, the commission stated in a statement issued on Thursday. During the last two months, SECP has been holding discussions and deliberations with Pakistan Microfinance Network (PMN), Pakistan Poverty Alleviation Fund (PPAF) and other Micro Finance Institutions (MFIs) with the aim to bring on board the MFIs as Non-Bank Microfinance Companies (NBMFCs). As a result, SECP has already received a large number of licence applications from MFIs which are currently being processed.
Published in The Express Tribune, June 10th, 2016.
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