Wednesday, December 14, 2011

[NewsToday] Get Ready to promote Pakistani Mutual Funds


Get Ready to promote Pakistani Mutual Funds
MUMBAI: In what promises to be a landmark first step, the mutual fund industries of India and Pakistan have agreed to explore the possibility of promoting each other as investible asset classes in the two countries.

This unanimity of views was arrived at after a group of top officials from Pakistan's capital market met with top office bearers of the Association of  Mutual Fund in India (AMFI), the fund industry trade body, here on Monday.

The group from Pakistan is being led by Imtiaz Haider, commissioner , securities market division , Securities and Exchange Commission of Pakistan (SECP), and is being coordinated by the South Asian Federation of Exchanges (SAFE). The focus group is visiting India under 'Aman Ki Asha' (Hope for Peace) initiative, a joint programme of two of the largest media groups on both sides of the border - The Times of India and the Jang/Geo group of Pakistan. Over the next three days, the delegates from Pakistan are expected to meet with top officials at Sebi, NSE, BSE, MCX and other market intermediaries.
Haider said that he was encouraged to witness the spirit of cooperation between both the markets, which underscores the need for expanding them beyond the borders. This was the first time leaders from the Pakistani capital market were directly engaging with their counterparts in India, and the objectives were "to create common linkages between the two markets and also to build on the spirit of peace and harmony in South Asia" . The Pakistan delegation also briefed AMFI officials-including H N Sinor, CEO, AMFI; Sandesh Kirkire, CEO, Kotak MF; and Sandeep Sikka, CEO, Reliance MF - about the fund industry in Pakistan and the performance of the its markets.

Amin Hashwani, lead coordinator of Aman Ki Asha, also briefed the AMFI officials about the purpose of the initiative. Speaking to TOI, Hashwani said that AMFI officials are expected to visit Pakistan in February 2012 to attend the Aman Ki Asha Economic Summit in Lahore.

The purpose of Aman Ki Asha initiative is to bring together people from various social and commercial backgrounds to help formulate a private sector policy for sustainable peace and cooperation between both the countries. Following the first economic conference in Delhi last year, top officials from three industries - IT, textiles and healthcare - of India and Pakistan have crossed the border to exchange ideas for cooperation , Hashwani said.
Source : Times of India
Best Regards
Prakash Nair

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