The New Nation - Internet Edition

Staff Reporter

The two-day long South Asian Capital Market Conference-2008 concluded yesterday in the capital with a declaration to formulate SAFE-Index and form Exchange Trading Fund (ETF) within this year, subject to settlement of some related issues.

Chairman of South Asian Federation of Exchanges (SAFE) Rajnikant Patel announced to formulate the two establishments within 2008, in order to ensure cross border trading among SAFE member countries.

He was addressing the concluding session yesterday at a city hotel jointly organised by the SAFE and DSE.

"Activation of SAFE-Index and ETF would definitely help all the SAFE member countries and their capital markets in developing economic cooperation, but they are subjected to some preconditions," said Rajnikant Patel.

According to the Managing Director of Bombay Stock Exchange, to establish the two prime measures of bilateral cooperation, we have to ensure geopolitical stabilization among the member countries. Besides, there are some other aspects as well to settle before starting border free capital flow, he added.

"Integrated capital market regulation policies for its member markets is another and vital issues to settle before enacting such development," he added.

He asked all capital market leaders in the region to work together to settle the issue as early as possible. He also asked Governments of SAFE members to play their supportive role.

"It is our chance to show the world that we the Asians don't talk and argue only, but we also do undertake and implement vital decisions like the SAFE-Index," he said.

To prove that, this concluding session will have to be a new beginning for our capital market cooperation and growth," SAFE Chairman added.

Echoing Rajnikant Patel, President Metropolitan Chamber of Commerce and Industries (MCCI) Latifur Rahaman laid emphasised on continues dialogue and implementation process on regional cooperation even after this conference.

"Doubtlessly, capital market is the place where economic backbone of a country builds and splits. We have example of successful market operation like Mumbai and Karachi. We need to learn from their experiences," he said while addressing the concluding session as chief guest.

He also urged the bigger markets to technically help the smaller once.

Secretary General of SAFE and MD/CEO of Islamabad Stock Exchange Aftab Ahmed, President of Chittagong Stock Exchange Nasiruddin Ahmed Chowdhury, Vice President of SAFE Ahmed Rashid Lali, CEO-DSE Salahuddin Ahmed Khan were also present on the concluding session.