KARACHI, June 22: The State Bank has given the first licence for setting up a mini exchange company or exchange company in B category to Karachi-based Money Masters Currency Exchange Co. The company would soon start operations.

A spokesman for the SBP said the SBP has issued No Objection Certificates to 19 other mini exchange companies. The companies would now get them selves incorporated with the Securities and Exchange Commission of Pakistan and then return to SBP again to get a licence for starting operations.

He said these companies have been sponsored by 111 money changers. SBP has set June 30 as deadline for money changers to transform their businesses into mini exchange companies or get franchise with mainstream exchange companies.