South Asian index ready for launch
Sunday, January 06, 2008
By Hina Mahgul Rind
KARACHI: The first initiative of South Asian countries to develop an integrated financial sector is to materialise in shape of South Asian Federation Exchanges Index (SAFE Index).
SAFE Index is going to be launched within few months as basic framework is already completed and Dow Jones and SAFE Index are about to sign an agreement on January 9, 2008 at Bombay Stock Exchange.
Rajnikant Patel Chief Executive of SAFE Index and Managing Director of BSE and Sumeet Nihalani Sr. Director Asia Pacific and Middle East for Dow Jones Indexes will be signing the agreement on behalf of the Safe Index and Dow Jones respectively said Aftab Ahmed Chaudhary Managing Director Islamabad Stock Exchange and Secretary General of SAFE Index who will also be present on the occasion.
He said that in SAFE Index the composition will be of 100 companies from the SAARC countries depending on that the company should meet the SAFE Index standards.
The News has learnt that initially 93 Indian companies were considered and seven Pakistani companies but later it was reconsidered that 50 Indian, 39 Pakistani companies and the rest of companies would be taken from the remaining SAARC countries, but this is not final yet and might be further reviewed.
The 13 primary members of SAFE Index are Bombay Stock Exchange Limited, Chittagong Stock Exchange Limited, Colombo Stock Exchange Ltd, Dhaka Stock Exchange Limited, Islamabad Stock Exchange (G) Ltd, Karachi Stock Exchange (G) Ltd, Lahore Stock Exchange (G) Ltd, Maldives Stock Exchange, National Commodity Exchange Limited, National Stock Exchange of India Limited, The Nepal Stock Exchange, Royal Securities Exchange of Bhutan Limited and The Stock Exchange of Mauritius Limited
Its associate members are BOI Shareholding Limited, Central Depository Bangladesh Limited, Central Depository Services (India) Limited, National Clearing Company of Pakistan Limited, National Securities Clearing Corporation Limited and National Securities Depository Limited.
South Asian Federation of Exchanges (SAFE) is a forum launched by bourses in South Asia to promote the development of securities markets in the region. The inception of SAFE marks an important milestone in the march of South Asian capital markets towards regional and global integration.
The members of SAFE have agreed to work towards common standards including international accounting standards and best business practices in capital markets. SAFE will represent its members in related international forums, encourage cross-border listing, co-operate in human resource development, facilitate technology transfer among members and address other issues of common interest.
South Asian index ready for launch
