STAFF REPORTER
IS LAMABAD The business community has lauded the initiatives of the Securities and Exchange Commission of Pakistan (SECP) aimed at economic revival and strengthening the financial system of the country during the virus emergency. The SECP has asked the authorities to include insurance, modaraba, non-bank finance sector, non-bank microfinance companies and companies involved in not for profit activities in the list of essential services. the SECP Chairman of in his letter to the authorities stated that these sectors form an integral part of the economy and their uninterrupted operations are very important, which is very good and timely move. The letter said that these companies are providing financial facilities to a wide range of customer base many of whom lack access to formal banking or financial services while non-bank microfinance institutions cater to the needs of more than half of the 7.2m active micro borrowers comprising poor and microenterprises.
