Our era is characterised with the attitude of cross border co-operation round the world. The era observed an increasing respect for democracy, human right and secularism. The last half of the century has been the time to join hands for peace and for mutual economic benefits. Creation of major unnatural borders in the region of South Asia does not date too long back in the history. Theses are why so-called differences in the cultures in the countries are characterised with lots of similarities. These likeness catalysed the south Asian Federation of Exchanges - the SAFE - to be in existence.  

In the end of the year 1999, Chittagong Stock Exchange invited all the bourses of the region - in Sri Lanka, Pakistan, Nepal, India, Bhutan and Bangladesh to gather for a dialogue on January 15. The call was quick. And the responses were even quicker. After two days of cordial discussion in a great spirits of co-operation and teamwork, the bourses signed a declaration giving birth of the South Asian Federation of Exchanges. The Declaration narrates the reasons of formation of the Federation, its objectives and also provides a guideline to the path of progress.  

In the spirit of mutual co-operation and understanding amongst the participants and recognising the need for a common platform for the Stock Exchanges in the South Asian Region, we the following Stock Exchanges present in Chittagong on 15th and 16th January 2000:  

• Chittagong Stock Exchange
• Colombo Stock Exchange
• Karachi Stock Exchange
• National Stock Exchange of India
• Nepal Stock Exchange
• OTC Exchange of India
• Pune Stock Exchange
• Royal Securities Exchange of Bhutan
• The Stock Exchange, Mumbai

agree to form South Asian Federation of Exchanges (SAFE)
On terms and conditions as set forth below:  

Preamble
GLOBALISATION has increased the interdependence among nations and simultaneously regional cooperation forums have emerged or are emerging. Therefore stock exchanges around the world are co-ordinating their various initiatives and forming regional federations on the regional cooperation philosophy. The immediate objectives of such federations are to enhance communication and to standardise operation procedure. Long term objectives may include cross border listing.  

Business Research Research is a core requirement of the capital market participants. Cross border information will be the prerequisite for any cross border operation. The federation shall take the responsibility to gather data from the members and process the data into a standardised format so that they are comparable to a desired level. Information dissemination The Federation shall publish routinely compiled information on the member countries' capital markets and also qualitative evaluation of the business in the region. Organisation of conferences
The Federation will organise regular conferences and seminars on relevant topics in the regional and world markets. The development of the capital market is a continuous process. To keep pace with the growth, regular exchange of knowledge and views become necessary. The federation will act as a catalyst for introduction of standardised procedures and for the expansion of the markets. Human Resource Development The Member stock Exchange will cooperate to develop their human resources. Executive Exchange programme may be arranged regularly.  

Advice  

The Federation will provide expert advice to the member exchanges in their own and integrated development in light of international modern practices.