Pak, India mutual fund industries to cooperate
LahoreóPakistan and Indian mutual fund and capital market institutions have agreed to explore steps for promoting each other as investable asset classes. This unanimity of views was expressed during the meeting of Pakistanís capital market focus group with the Association of Mutual Funds in India (AMFI). The group from Pakistan is being led by Mr. Imtiaz Haider, Commissioner Securities Market Division of Securities and Exchange Commission of Pakistan (SECP) and is being coordinated by Mr. Aftab Ahmad Ch, the Secretary General of South Asian Federation of Exchanges (SAFE) and Managing Director Lahore Stock Exchange. The focus group is visiting India to promote the peace initiative of Aman Ki Asha and is expected to meet a large number of Indian Capital Market institutions during the week-long visit to the Indian financial center in Mumbai. While terming the meeting with AMFI as very positive, Mr. Imtiaz Haider said that he was encouraged to witness the spirit of cooperation between both the markets which underscores the need for expanding our markets beyond our borders. Mr. Aftab stated that it was for the first time that a very large contingent from the capital market industry of Pakistan is visiting India to engage with their industry counterparts to not only create common linkages between both the markets but to also build on the spirit of peace and harmony in South Asia.
The Pakistani delegation was received by the CEO of AMFI, Mr, HN Sinor, duly accompanied with Mr. Sandesh Kirkire and Mr. Sandeep Sikka, the CEOs of Kotak Mahindra and Relaince Asset Management companies respectively, besides a host of other mutual fund industry representatives. Mr. Sinor apprised the delegation about the growth of the Indian mutual fund industry and expressed his desire to participate in any regional fund initiative besides extending the full cooperation of AMFI for bilateral training and exchange/dissemination of information about each otherís markets to its members.
The CEOs of the large mutual fund industry stated that both countries have a lot in common in terms of entrepreneurial spirit, sound regulations and legal systems to partner in the sector. Mr. Aftab asked the AMFI representatives to try and take two or three concrete steps to cement the relationship between our two countries for the overall good of the humanity.