KARACHI, Oct 9: The Securities and Exchange Commission of Pakistan wants leasing companies to venture into agriculture sector.

The commission’s chairman Dr Tariq Hassan encouraged leasing companies to do agricultural leasing under the umbrella of non- bank financial companies.

During a meeting with leaders of Leasing Association of Pakistan here on Thursday, Dr. Hassan said SECP had been in touch with the State Bank to see that banks involvement in leasing activity should leave space for the leasing companies to survive.

According to a press release, Dr Hassan said that the SECP was keen to ensure real enforcement of the regulatory requirements and encouraged the participants to ensure an environment of self regulation.

Earlier, LAP Chairman Mr. Basheer A Chowdry apprised the SECP chief of the performance of the leasing sector and identified the areas which needed particular support from the SECP.

Dr Hassan also met a delegation of Modaraba Association of Pakistan led by Mr Adil A. Ghaffar and that of Investment Banks Association headed by Mr Saleem Rathod. These meetings were followed by a discussion with Mutual Funds Association representatives.

Dr Hassan highlighted the potential for growth in the mutual funds industry to facilitate the participation of common man in the stock markets. He was of the view that the mutual funds can serve as an effective intermediary for achieving a real depth and breadth of bourses.

Dr Hassan said that non-bank financial companies as a whole should expand the scope of their services and products and also reach out to the clients in the small towns instead of concentrating on major cities only. He emphasised the need to diversify instead of remaining a single product industry, particularly when the NBFCs regime provided ample scope for multi-dimensional operations. He was of the view that the real growth of the NBFCs sector would occur when the thrust of leasing actually goes to the doorsteps of the small and medium enterprises.