China and India, the 'twin engines' of Asian economic growth, have decided to step up their cooperation in the stock exchange sector for the first time with both sides inking an agreement to this effect.
China's Shenzhen Stock Exchange intends to further develop cooperation with the National Stock Exchange of India, SSE board director Chen Dongzheng said on Tuesday in Shenzhen.
Speaking at the signing ceremony, Chen described China and India as the "twin engines" of Asian economic growth, Xinhua news agency reported from Shenzhen.
He said SSE and NSE also have many similarities: both were established at the beginning of the 1990s, both employ electronic technology for trading, and both achieved rapid development in a short period of time. NSE president Ravi Narain was present at the ceremony.
"The signing of the cooperation memorandum is a significant milestone for the two stock exchanges," he said.
The SSE is a mutualised organisation that provides a venue for securities trading under the authorisation of the China Securities Regulatory Commission.
A broad spectrum of market participants, including 500 plus listed companies, 35 million institutional and individual investors and 200 or so exchange members, create the market.
The SSE was established on December 1, 1990 as one of the two bourses of China. Over the past 14 years, capital raised amounted to an equivalent of $807 million trade on the SSE.