TEHRAN,Iran, May 7
Trend:
Delegating powers to another person to carry out trading of shares in the capital market is prohibited, Mohsen Khodabakhsh from Iran's Securities and Exchange Organization said, Trend reports citing ILNA.
"Trading shares via delegating powers has always been banned in the capital market and any transfer or transaction must be done directly in the market," said Khodabakhsh.
"Regarding the increase of demands for trade at stock exchanges and issuing new codes for ordinary individuals, people should understand that choosing someone as their delegate can not be an alternative to trades in the market," he added.
"It's not possible to sell shares outside the market since the ownership system of shares is in the market and transactions outside the market are not allowed," he said.
"Individuals should purchase shares directly in the market and the property should be in their own names," he added.
"Transferring shares of deceased people should be done via process of probate of inheritance," he said.
The Iranian government has announced recently that owners of the 'Justice Shares' can sell their shares on the stock market individually or via specific investment agency. It's not allowed to transfer the shares to intermediary dealers.