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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.
First Congregation of the South Asian Stock Exchanges
Chittagong 16th January 2000
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. Objectives
1. To encourage cooperation among the members in order to promote
the development of their respective securities market.
2. To work towards common standards including international accounting
standards and best business practices in securities markets
3. To represent the members in related international forums.
4. To encourage cross border listing and trade in the region.
5. To co-operate in human resource development and the transfer
of technology.
6. Other issues of common interest as and when they arise. Services
to the members
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.
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