TEHRAN - Mohammadreza Pour-Ebrahimi, the chairman of the Iranian parliament (Majlis)’s Economic Committee has said the parliament is seeking to pass new legislations to prevent stock market violations, IRNA reported on Monday.

“Currently, in order to deal with destructive violations such as unauthorized transactions, we are considering a bill to amend the capital market law for the independence of Stock Exchange Organization (SEO) and to add new restrictive regulations,” Pour-Ebrahimi said.

According to the official, the details of the mentioned bill have been reviewed by the committee’s specialized working groups, and it is now being reviewed by capital market experts and specialized institutions to be passed by the end of summer (September 22).

He pointed to the enhancement of transparency in the capital market as one of the main axes of this bill and said: "In order to prevent violations and problems due to unprofessional behavior and illegal activities, the capital market needs to increase transparency."

Unprecedented fluctuations in the Iranian stock market over the past few months have led shareholders, experts, and scholars to call for the government to increase its support for the market.

Following the rising concerns over the market conditions, in early April, the Government Economic Coordination Headquarters, in its 216th meeting, approved some new directives for regulating the stock market.

EF/MA