South Asian Federation of Exchanges (SAFE)-the only industry association of the stock exchanges in the South Asian region, has announced holding of a conference on regional financial integration in Islamabad during October 2013. Addressing a press briefing here on Thursday, Amir Raza Khan, project prime consultant said that conference would be held following the announcement of completion of the first version of its Rule Book which details uniform model of regulations for adoption by all Saarc nations to integrate the region financially.
The Rule Book has been prepared by SAFE under its USAID funded project and has been shared with all the financial players of South Asian region. Amir Raza Khan, elaborated the regulatory model prepared by SAFE to financially integrate the region. "The proposed regulations are related to market operations, market integrity, enforcement regulations and all SAFE members in Pakistan, India, Sri Lanka, Bhutan, Maldives, Bangladesh & Nepal shall be encouraged to adopt provisions of this Rule Book, if applicable, to promote market integrity, efficiency and transparency", he said. He further appraised the participants in detail about the project and also announced that the Rule Book along with all preliminary reports shall be shared with the SARC Secretariat during the scheduled meeting of SAFE and SAARC Secretariat by the end of this month, in Kathmandu Nepal.
Ms Bushra Tahir, Project Manager SAFE, in her speech, emphasised on the need to increase cross boarder financial activities within the South Asian region to create strong intraregional links and an integrated economic region. She was of the view that SAFE's project on developing a harmonised regulatory framework shall serve as a first step towards building a financially integrated south Asian region. "SAFE would like to invite all the regional capital markets' stakeholders to its conference on regional financial integration in October 2013 Islamabad, Pakistan which is aimed at bringing all Regional Stakeholders, including regional exchanges, regulators, market participants and intermediaries, as well as the SAARC Secretariat officials on one platform to announce the Launch of Project Completion and Follow-up Report of SAFE's project on Regional Financial Integration, wherein all stakeholders shall be called to present their final views and comments about the standardisation of regulations in South Asia and roadblocks to the adoption of the same by each jurisdiction", she announced during the press briefing. A MoU might be signed between Karachi Stock Exchange Limited, Pakistan and MCX Stock Exchange Limited India on the cross listing of benchmark indices on each other's stock exchanges.
Later, she thanked the US Government for its assistance, through the US Agency for International Development (USAID), to work towards securing a self-sustaining economic future of Pakistan and Saarc nations by nurturing more efficient economic environment. "We believe that SAFE's project shall serve as a landmark initiative to achieve economic growth, not only in Pakistan, but all across the South Asian region", she said. The concept for this project, entitled, "Regional Financial Integration - Developing a Harmonised Regulatory Framework for the Capital Markets in Pakistan and South Asia", has been developed under the specific needs identified by the South Asian Association for Regional Co-operation (Saarc) Secretariat of facilitating regional financial integration. The objectives of the project are to develop harmonised market regulations for the capital markets; to standardise self regulatory framework for the management and the operations of the markets in the region; to enhance market integrity and investor confidence; to introduce consistent and common reporting standards; to improve the governance and transparency norms for the listed sector; to facilitate easy capital raising on regional basis and the promotion of cross border listings; to deepen and broaden the region's securities markets; to assist in, relatively, free movement of capital and portfolio investments; and to promote the greater integration of the South Asian capital and financial markets.
SAFE is a co-operative platform launched by the bourses in South Asia with a purpose to promote the development and harmonisation of the securities markets in the region. SAFE is a not for profit association having Recognised Body status of the South Asian Association for Regional Co-operation (Saarc), and is a network exchange association of the World Federation of Exchanges (WFE). The operations, activities, and the programmes of Federation are primarily funded by its member exchanges, while some specific projects get sponsorships from some multilateral donor/development agencies. As of July 2013, SAFE comprises thirty four (34) member entities from the SAARC Region as well as from Kazakhstan, Mauritius and UAE.
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