Requirements to be Member of Baku Stock Exchange May be Simplified
Azerbaijan, Baku, 7 March /corr. Trend I.Khalilova / Baku Stock Exchange (BSE) is prepared to simplify requirements to the members of the exchanges (14 members), the Head of BSE Board, Khayal Abdinov, said on 7 March. Therefore, the Board prepares to present the re-devised variant of internal regulations to the discussions of Supervisory Board. The meeting of the Council will take place in March.
"The current regulations were devised in 2000, but considering the developments in the securities market and increase in the number of members, there is a need to improvise the regulations," Abdinov said.
According to him, the key changes will be of stylistic character. There are plans to mitigate requirements for the participants, liquidating the practice of submitting quarterly balance reports.
Yet, BSE refused the idea of increasing the membership fee, which at present totals AZN 60,000.
Initially, the necessity to increase the membership fee was linked with the increase of interests to the exchange. At present, of 14 members, 12 are more active.
The authorized capital of the stock exchange has been formed from 18 shareholders at AZN 1.080mln.
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