"The focus of the SAFE conference is to work towards fulfilling its objectives with the co-operation of all the member bourses of SAFE," Vice Chairman of SAFE Manoj Vaish said speaking at the inaugural session of the conference, according to a message received here yesterday.

Dr Vaish, also executive director and CEO of Stock Exchange, Mumbai, said co-operation between the South Asian bourses is essential for development and strengthening of the capital markets in the region.

"We are keen to provide all assistance for the expansion of capital markets in the spirit of SAFE," he told the conference being attended by chief executives of all the 12 member bourses from seven nations along with their regulators.

SAFE Chairman Syed Asim Zafar, also chairman of Lahore Stock Exchange, said with the vibrant Saarc (South Asian Association of Regional Co-operation) forum, the importance of SAFE has become even more prominent.

The stock exchanges, being the effective vehicle to mobilise savings in this era of low interest rates, will surely attract enormous capital, he said. "The onus lies on all of us to come up to the expectations and take the big leap forward."

Wali-ul-Maroof Matin, secretary general of SAFE and CEO of Chittagong Stock Exchange said: "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."

"In the previous conferences, the SAFE had been able to pull general support of the regulators for the concept of regional co-operations and harmonising listing rules. "

He mentioned that SAFE is now working on adoption of the SAFE Listing Standard Harmonisation Principles to encourage mutual recognition of listing regimes.

Among the regulators, Shahid Gaffar, commissioner, Securities & Exchange Commission of Pakistan, Deepak Raj Kafle, chairman, Securities & Exchange Board of Nepal and Daw Tenzin, managing director, Royal Monetary Authority of Bhutan are attending the conference as observers to see the progress of SAFE.

The other issues on the SAFE agenda include the identification and location of a permanent secretariat in any one of the member countries.

The SAFE members will also discuss common standards including international accounting standards and best business practices in capital markets.