South Asian Federation of Exchanges (SAFE) has appointed BSE managing director and chief executive Ashishkumar Chauhan as the new chairman. SAFE is a forum of 28 member entities from the SAARC regions like Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka as well as Mauritius and UAE.
The forum provides the countries a platform to share, exchange and promote the technologies, experiences for the rapid growth and development of capital markets and works towards the regional as well as global integration.
"I want to assure you that I will do everything in my power (as chairman) to ensure that SAFE achieves its ambition to accelerate economic integration within the region by creating strong cross border capital market linkages and creating a conducive environment for cross border co-operation," Chauhan said at the SAFE conference here today.
He also noted that South Asia needs to be on a rapid growth path and therefore it was imperative to have a strong capital market system along with a banking. Addressing the conference, regulator Sebi's whole time member Madhabi Puri Buch noted that the role of capital markets is crucial for a country's prosperity.
"As market participants and market infrastructure, we partner with the real economy and to me it's like the two wheels of the chariot which are pressing around together never being able to cross the finishing line and moreover the finishing line keeps moving on from time to time," Buch said.
So all of us have the privilege and the honor to be able to impact the capital of our country," she added. Noting that stock markets in India have been through a learning curve, Buch urged SAFE members to reach out to Sebi and the exchanges on areas which they are exploring or implemented and facing some of the challenges that we faced.
"We will be delighted to be of assistance and share our experience," Buch said. "Looking to the future, we will have more opportunities and challenges. Three distinct trends that have emerged and will impact anything we will do are impact of technology, impact of expertise and impact of consultation," Buch added.
On technology, she said that technology has always "been a double edged sword". "On one hand it throws numerous challenges and unfortunately sometimes stays two steps ahead of the exchanges and the regulator. But if harnessed it also helps in making the markets efficient," Buch said.
BSE also signed a memorandum of understanding with Dhaka Stock Exchange for knowledge sharing, at the conference.
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