The executive meeting of South Asian Federation of Exchanges (SAFE) has planned to introduce the South Asian Association for Regional Cooperation (SAARC) Mutual Fund, local media reported today.
“SAARC Mutual Fund will be issued in South Asian nations and citizens of the member countries can purchase the units,” informed chief executive officer of Nepal Stock Exchange (Nepse) Shanker Man Singh.
“Though this is only being discussed right now, but if realised, will be very beneficial in mobilizing savings and generating lump sum capital that can be invested in infrastructure projects,” he was quoted by The Himalayan Times daily as saying. The three-day conference of SAFE also discussed the possibility of integration of the member stock exchanges and cross border listing of the companies.
“Though there are regulatory issues but cross border listing will facilitate the companies to raise capital from others countries as well,” said chairman of SAFE Joseph Massey. He also expressed the need of capital generation that is essential to propel economic activities and infrastructure development.
The executive committee of South Asian Federation of Exchanges is holding its meeting in Nepali capital Kathmandu on July 6-8 to move forward on the agenda of regional financial integration within the South Asian region.
The SAFE stands to prepare and position. Its member markets for their orderly integration into the global financial system by
enhancing depth, inter-connectivity, integrity and transparency of its member markets. The SAFE comprises 32 member entities of South Asia, Bahrain, Mauritius and the United Arab Emirates.
It is the recognized body of the SAARC and is a network exchange association of the World Federation of Exchanges. SAFEs’ permanent secretarial is located in Islamabad, Pakistan and serves as the central coordinating office.
News Source:
BNN
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