Azerbaijan, Baku, 22 January / Trend corr I. Khalilova / The State Securities Committee attached to the Azerbaijani Presidential Administration toughened control over the securities market, and this was confirmed by doubling fines for violation of regulations, the chair of the State Committee Gunduz Mammadov said on 22 January. A total of 227 fines in the sum of AZN 61,000 were applied to violators, while in 2006 their number totalled 115 and the sum - AZN 26,000.
In 2007, the State Committee put forward 73 requirements for joint-stock companies, and in 2006 this was 41. The State Committee received complaints of violation of investors' rights against 522 joint-stock companies, while in 2006 it was 407.
"We considered the complaints and found that not all of them were fair, as not all of those who complained clearly understood their rights," Mammadov said.
Mammadov considers the rise in the number of joint-stock companies that timely pay dividends to be a notable fact. "Two or three years ago only 15-30 joint-stock companies were paying dividends, but now there are 150- 200," he said.
"Moreover, the enterprises began observing corporate management norms. There are currently 1,500-2,000 joint-stock companies operating in Azerbaijan, 200 of them are paying dividends, and that is a small number, but the main thing is that the process is underway," Mammadov said.
Some 70-80% of joint-stock companies assemble shareholders' meetings, and 800-900 publish annual reports.