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Stock markets in Saarc need to be integrated

Indian stock market regulators say

PALLAB BHATTACHARYA,New Delhi
The Indian stock market regulator has come up with a series of steps including harmonisation of listing requirements, clearing and settlement mechanisms to bring about integration of bourses in Saarc countries.
GN Bajpai, chairman of the Securities and Exchange Board of India (Sebi), proposed that preparatory work can immediately be undertaken on harmonisation of listing requirements, setting up inter-market trading system, clearing and settlement and development of a regional market index.
Addressing the South Asian Federation of Accountants (Safa) conference here on Saturday, the Sebi chairman stressed Saarc (South Asian Association for Regional Co-operation) countries' essential requirements for comprehensive integration of the stock
markets in the region.
Bajpai listed unrestricted flow of capital both in capital and current accounts, full convertibility of currencies to investors of the region and development of Saarc credit-rating standards to breed confidence among investors as essential requirements for full integration of the stock markets in South Asia.
He also said there is a need for constant monitoring of the listing requirements in order to ensure that companies adhere to the norms.
Bajpai said, "In an environment of multiple exchanges, an inter-market communication linkage has to be set up so as to get the best quotes on shares. This calls for inter-market trading system."
There was also a need for a proper clearing mechanism to ensure proper risk management, he said adding this
could be done through measures like cross guarantees and technology investment.
Bajpai said the SEBI was in touch with the market regulators in other countries for tie-ups on sharing of information and establishment of institutional networks.
Chief of Sri Lankan stock market regulator P Silva Gunawardena suggested setting up of a working group to work out the roadmap for integration of capital markets in Saarc region and said what was most important was the political will for this.
Governor of State Bank of Pakistan Ishrat Hussain emphasised the need for implementation of South Asian Free Trade Agreement (Safta) by 2006 to help reach economic and financial integration of countries in the region.