Iran’s stock market to become international
Tehran, Iran, Oct. 22
By Milad Fashtami - Trend:
Ali Salehabadi, chairman of the Iranian Securities and Exchange Organization, said that the country's stock market will soon become international.
"Iran will facilitate the process of foreign investors' presence in the country's capital market by omitting obstacles and regulating clear laws," he said, Iran's Fars New Agency reported on October 22.
"Currently there are 7.6 active shareholder codes in Iranian stock exchange market," Salehabadi said, adding that there are 40 industries present at Iran's stock exchange market.
Salehabadi said in June that Iran has facilitated the inflow of foreign investment into the nation's stock markets.
"Foreign investors will receive shareholder codes within seven working days," he said.
Foreign investors reportedly do not need any permission from the Iranian government to do business on Iran's stock exchange.
Iranian Minister of Economic Affairs and Finance Ali Tayebnia has ordered insurance companies and major banks to support the country's capital market.
Bank Melli Iran, Bank Mellat, Bank Sepah, and Tejarat Bank are supposed to inject some 40 trillion rials (some $1.33 billion based on the exchange rate of USD at the free market) to the Capital Market Development Fund in near future.
The main index of Tehran Stock Exchange (TEPIX) started the previous Iranian calendar year (which stated on March 21, 2013) with a surprising rise, but faced a disappointing fall in the last two months of the year.
Founded in 1967, the Tehran Stock Exchange has been one of the world's best performing stock markets in recent years and has ranked as the best bourse index in Europe, Africa and Middle East in 2010 in terms of performance of the main index.
The TSE's annual growth rate of main indices was also ranked as the second best among all members of the World Federation of Exchanges (WFE).
The WFE is the association of 52 regulated exchanges around the world which aims to develop and promote standards in markets.