The meeting, which was scheduled on February 21 and 22 and was to be attended by among others Pakistan Trade Minister Makhdoom Amin Fahim, has been put off, sources said.
While the official reason was given as "lack of preparations" for the meet, sources indicated that the meeting was put off due to the continued strain between India and Pakistan.
Sources said that the new dates would be worked out as per the convenience of all the SAARC members.
The 5th Saarc Business Leaders Conclave (SBLC) was scheduled on February 21 and 22.
Fahim was expected to hold talks with Sharma on the sidelines of the regional meet.
Last month, Fahim had called off a scheduled visit to India to attend a Partnership Summit in Agra in the wake of growing tensions between the neighbours over ceasefire violations along the Line of Control.
Talks between the Water Secretaries of India and Pakistan, scheduled to be held in Islamabad during January 28-29, was also put off in the wake of the tensions.
Clashes between Indian and Pakistani troops last month were among the worst violations of the ceasefire that was put in place along the 742-km LoC in late 2003.
One Indian soldier was beheaded by Pakistani troops while the mutilated body of another jawan was found in the Poonch sector along the LoC. Pakistan claims three of its soldiers were killed in Indian firing.