The assets of Non-Banking and Financial Company (NBFC) sector increased by 23.86 percent to Rs 1,412.42 billion during the financial year 2019-20 as compared to Rs 1,140.36 billion last fiscal year. According to the annual report issued by Security and Exchange Commission of Pakistan (SECP), total size of the mutual fund industry on June 30, 2020 stood at Rs 802.15 billion. “As of June 30, 2020, money market funds dominated the AUMs of the mutual fund industry with the largest share of 41.16%, while Income funds held the second largest industry share i.e. 24.76%, followed by Equity funds with industry share of 23.28%”, the report added. To foster growth of the mutual fund industry and promote ease of doing business, the SECP instituted several regulatory reforms in the Non-Banking Finance Companies and Notified Entities Regulations, 2008 (NBFC Regulations, 2008). Relief extended to the Asset Management Companies, pursuant to Policy Board direction, was a major step to significantly reduce the SECP’s annual monitoring fee for mutual funds with a view to improve investor returns and allow the Asset Management Companies to spend more on marketing and awareness activities. The report said fee has been reduced to 0.02 percent effective from July 1, 2019. Further, the NBFC formation, licensing and registration fee for notified entities was also reduced to encourage development of the financial sector. Moreover, following steps were taken during the year to develop the mutual fund industry and protect its investors. Reduced operational burden and documentation requirements to streamline the approval process of constitutive documents.