Pakistan, Sri Lanka, Bangladesh sign ‘landmark’ agreement to strengthen capital market cooperation

Officials of Pakistan Stock Exchange, Colombo Stock Exchange and the Dhaka Stock Exchange sign tripartite Memorandum of Understanding to strengthen regional capital market cooperation in Colombo, Sri Lanka, on March 27, 2025. (SECP Pakistan)
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Updated 27 March 2025
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Pakistan, Sri Lanka, Bangladesh sign ‘landmark’ agreement to strengthen capital market cooperation

  • Initiative aims to create new opportunities for investors and market participants across the region, PSX says 
  • MoU establishes formal platform for dialogue and joint initiatives, with working groups to implement cooperation framework

KARACHI: The Pakistan Stock Exchange (PSX) has entered into a tripartite Memorandum of Understanding (MoU) with the Colombo Stock Exchange (CSE) and the Dhaka Stock Exchange (DSE), PSX said on Thursday, describing it as a “landmark move” to strengthen regional capital market cooperation.

The agreement signed in Colombo aims to establish an exchange forum to facilitate technology development and sharing, human resource sharing, product development, regulatory collaboration, investor protection, and knowledge exchange across the three markets.

“This initiative will foster deeper regional cooperation among the three South Asian nations while creating new opportunities for investors and market participants across the region,” the PSX said in a statement. 

Joint initiatives in system development and digital transformation, cross-exchange training programs and knowledge-sharing initiatives, collaborative development of new financial instruments, harmonization of market oversight and investor protection frameworks, exploration of cross-border listing opportunities to expand investor access and facilitation of broker partnerships and institutional connectivity were listed in the PSX statement as the key areas of collaboration under the MoU. 

“This strategic partnership marks a significant step forward in regional market integration. By combining our strengths, these three exchanges can drive innovation, enhance market resilience, and create new opportunities for investors across South Asia,” said Akif Saeed, chairman of the Securities and Exchange Commission of Pakistan (SECP), who was present at the ceremony. 

Farrukh H. Sabzwari, MD & CEO of PSX, said the agreement represented a “transformative chapter” in regional capital market cooperation. 

“Through this partnership with our counterparts in Colombo and Dhaka, we aim to elevate market standards, foster sustainable growth, and deliver greater value to all market participants,” he added.

The MoU establishes a formal platform for ongoing dialogue and joint initiatives, with working groups to be formed to implement the cooperation framework. 

This alliance is expected to enhance market liquidity and product diversity, strengthen regulatory frameworks across the region, facilitate cross-border investment flows and promote technological innovation in market infrastructure, the PSX statement said. 


Pakistan calls for new global cricket body, says ICC ‘hostage to Indian politics’

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Pakistan calls for new global cricket body, says ICC ‘hostage to Indian politics’

  • Pakistan’s government has barred its team from playing against India in World Cup fixture on Feb.15
  • India generates largest share of cricket’s commercial revenue, enjoying overarching influence in the sport

ISLAMABAD: Pakistan’s Defense Minister Khawaja Asif called for a new global cricket governing body on Tuesday, saying that the International Cricket Council (ICC) has become hostage to Indian political interests amid a fresh row between the neighbors ahead of the T20 World Cup 2026. 

Pakistan’s government announced earlier this week that it has cleared its national men’s team to play the upcoming World Cup, scheduled to be held in India and Sri Lanka from Feb. 7. However, Islamabad said the national team will boycott its upcoming fixture against India on Feb. 15 without mentioning a reason. The ICC responded by saying that Pakistan’s decision was “not in the interest of the global game or the welfare of fans worldwide, including millions in Pakistan.”

Pakistan’s dispute with the ICC can be traced back to it expressing displeasure recently at the cricket body’s decision to replace Bangladesh with Scotland for the World Cup. Bangladesh had requested the global governing body shift its matches to any another venue outside India owing to security concerns, as political tensions surge Delhi and Dhaka surge. 

“A new international organization of cricket is needed to keep the spirit of the gentleman’s game alive,” Asif wrote on social media platform X. “ICC has become hostage to Indian political interests in South Asia.”

India generates the largest share of cricket’s commercial revenue and hence enjoys overarching influence over the sport. Critics argue that this financial contribution translates into decisive leverage within the ICC. 

A large part of that revenue comes from the Indian Premier League (IPL), the sport’s most lucrative T20 cricket competition, which is run by the Board of Control for Cricket in India (BCCI). Between 2024 and 2027, the IPL is projected to earn $1.15 billion, nearly 39 percent of the ICC’s total annual revenue, according to international media reports. 

The ICC is headed by Jay Shah, the son of Indian Home Minister Amit Shah. The ICC chair is expected to be independent from any cricket board and hence take impartial decisions.

India and Pakistan engaged in a military confrontation that lasted for four days in May last year before Washington brokered a ceasefire. Militaries of the two countries pounded each other with drones, missiles, fighter jets and exchanged artillery fire in what was the worst fighting between them since 1999. 

These bilateral tensions have made their way to cricket, with India refusing to shake hands with Pakistani cricketers during the September 2025 Asia Cup tournament between both sides. The two teams met for three matches, all of which India won, and did not shake hands before or after the fixtures. 

The two countries have not played a full bilateral series since 2012–13 due to political tensions. They meet largely at neutral venues.