Benefits may be introduced to increase attractiveness of stock exchange listing in Azerbaijan
Azerbaijan, Baku, Feb. 13 / Trend I.Khalilova /
In the future, in order to increase the attractiveness of Azerbaijan exchange listing benefits for companies in the Listing of the Baku Stock Exchange (BSE) may be introduced, chairman of the board of the Baku Stock Exchange (BSE) Emin Aliyev told Trend on Monday.
"At present, relevant legislation and listing rules of the exchange itself does not provide any benefits for companies in the BSE Listing. In the future it will be possible to implement this practice, especially as the trend of granting tax and other government benefits to companies in exchange list, is widespread in foreign countries," Mr Aliyev said.
He noted at first it is necessary to study positive experience of the foreign countries.
"There is an order in the state program of development of securities market for 2011-20, adopted in May 2011, aimed at coordinating activities jointly with the Ministries of Taxes, Finance and the State Committee for Securities. These activities should lead to the preparation of proposals for the creation of a favorable fiscal climate at securities market," Mr Aliyev noted.
He believes this area of the program seeks to maintain the supply and demand in the market.
At present, two banks, Demirbank and Texnikabank, are included on the listing of the first level of BSE. There are presumably much more companies at the second level because the increase in the share capital is held by the second level.
New listing rules came into force from August 1, 2009.
The listing rules envisage there levels: two - listing levels and the third - out-of-listing level. For companies of the first level more stringent requirements are made, including on corporate governance, as well as directly to the company's activities, the second - a more simplified level, and the third - the admission to trading of companies that want to sell their shares through a stock exchange, but which are not included on the list.