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3-day SAFE meet begins in Mumbai today Cross-border listing high on agenda

STAR BUSINESS REPORT
In the wake of investors' growing interest in trading on bourses outside their home countries, the South Asian Federation of Exchanges (SAFE) begins a three-day conference in Mumbai today to find ways of cross-border listing.
The chief executives of all member bourses along with their regulators from seven countries in the region are expected to participate in the conference titled "Harmonisation of Listing Regulations & Cross Border Listing".
SAFE Secretary General Wali-ul-Maroof Matin, also CEO of Chittagong Stock Exchange (CSE), left for Mumbai yesterday to attend the 7th conference of the Federation, which was founded in 1999 at the initiative of CSE.
On the eve of the high-profile conference, Matin said: "The cross-border ownership is growing worldwide. In recent times, with the development of
information technology, a great number of investors are trading on the bourses outside their countries with potential companies getting listed on more established markets outside their home territories."
He said in the previous conferences, the SAFE had been able to pull general support of the regulators for the concept of regional co-operation and harmonising listing rules.
"So, in order to progress towards cross-border listing, the ultimate goal of SAFE, enhanced co-operation between the regulators of the region, member exchanges and listed companies is absolutely necessary to devise a common platform," Matin said.
He said as a first step towards achieving the goal, SAFE is working to devise a process on adoption of SAFE Listing Standard Harmonisation Principles to encourage mutual recognition of listing regimes.
SAFE Chairman Syed Asim Zafar,
Vice-Chairman Dr Manoj Vaish, also CEO of Mumbai Stock Exchange, and Secretary General Wali-ul-Maroof Matin will speak at the inaugural session of the conference while Securities and Exchange Board of India (SEBI) Chairman GN Bajpai will present the keynote speech.
CEO of Dhaka Stock Exchange Salahuddin Ahmed Khan will also attend the conference representing the premier bourse of the country.
In the next two days (August 18 and 19) the SAFE members will take part in brainstorming sessions on the conference agenda.
At present, the SAFE has 12 members from Bangladesh, Bhutan, India, Nepal, Pakistan, Sri Lanka and Mauritius. The Maldives is expected to come up with its stock exchange very soon to become SAFE member.
The present members are: Chittagong Stock Exchange, Colombo Stock Exchange, Dhaka Stock Exchange,
Islamabad Stock Exchange, Karachi Stock Exchange, Lahore Stock Exchange, National Stock Exchange, India, Nepal Stock Exchange, OTC Exchange, India, Royal Securities Exchange, Bhutan, The Stock Exchange, Mumbai, and The Stock Exchange of Mauritius.
The SAFE members in their meetings in the last few years agreed to work towards common standards including international accounting standards and best business practices in capital markets.
SAFE represents its members in related international forums, encourages cross-border listing, co-operates in human resource development and facilitates technology transfer among the members and addresses other issues of common interest.