First Multi Stakeholders' Advocacy Moot

SAFE held the First Multi Stakeholders’ Advocacy Moot of its USAID Small Grants Program funded project on developing a regionally harmonized regulatory framework, on Friday 5th July, 2013, at Trident Nariman Point, Mumbai India. Mr. Rajeev Kumar Agarwal, Whole-Time Member, Securities and Exchange Board of India (SEBI) graced the occasion as eminent chief guest along with Mr. Amrit Lugun, Director India (ETF) South Asian Association for Regional Corporation (SAARC) as guest of honor.

Mr. Joseph Massey, Chairman SAFE, in his speech, emphasized on the need to increase cross boarder financial activities within the South Asian region to create strong intraregional links and an integrated economic region. He was of the view that SAFE’s project on developing a harmonized regulatory framework shall serve as a first step towards building a financially integrated south Asian region. Mr. Aftab Ahmad Ch., Secretary General SAFE during the welcome speech elaborated on the regulatory model prepared by SAFE to financially integrate the region. “The proposed regulations are related to market operations, market integrity, enforcement regulations and all SAFE members in Pakistan, India, Sri Lanka, Bhutan, Maldives, Bangladesh & Nepal shall be encouraged to adopt provisions of this Rule Book, if applicable, in order to promote market integrity, efficiency and transparency”. SAFE’s prime consultant Mr. Nabeel Zubair appraised the participants in detail about the project and explained that the objectives of the moot was to hold effective dialogue and discussion with the regulatory representatives of each South Asian country, SAARC director and financial fraternity of the region on the draft SAFE Rule Book. Later, the meeting opened for discussion and consensus on the subject matter and ways to alleviate the road blocks envisaged for the adoption of the proposed regulatory recommendations to bring about regional financial integration in South Asia.

Lastly, Mr. Aftab thanked the U.S. Government for its assistance, through the U.S. Agency for International Development (USAID), to work towards securing a self-sustaining economic future of Pakistan and SAARC nations by nurturing more efficient economic environment.


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