TEHRAN - The head of Iran's Securities and Exchange Organization (SEO) has said this year, the monthly sales of the shares of companies listed on the Tehran Stock Exchange (TSE) has been very good and it is predicted that the growing trend of the exchanges will continue in the next Iranian calendar year (begins on March 21) as well, IRIB reported.

“Considering the general provisions approved in next year's budget bill we expect that companies will have good capital increase and take positive development measures, and it will be easier for investors to make decisions,” Majid Eshqi told the press on Saturday.

Mentioning the measures taken for the improvement of the market in the current year, the official said: “For nearly 12 years, no new brokerage companies were established across the country, but since late October 2021, a licensing permit has been issued in this regard and a new brokerage firm has also been established.”

The establishment of new financial institutions including investment funds, investment consulting companies, financing firms, and financial information processing companies were also mentioned as other steps taken in this regard.

Eshqi also pointed to the launch of Iran’s largest and most advanced capital market data center earlier this month and said that in order to promote the use of information technology in this sector, a smart system is also going to be unveiled for monitoring and assessing the capital market and investment companies.

The above-mentioned data center was established with the aim of stabilizing and developing technology infrastructure in all areas of processing, storage, and security in order to protect the interests of shareholders and meet the technological needs of the capital market.

Back in October 2021, Eshqi had outlined new strategies and programs for the country’s stock market during his tenure, among which supporting investors, creating a transparent, efficient, and equitable market, as well as reducing inclusive risk based on the market’s broad objectives can be mentioned.

Eshqi had stressed the use of modern technologies and mechanisms to increase public access to market data as a major strategy in this regard.

According to the SEO head, another strategy would be amending the market’s rules and regulations to increase justice and accountability, while strengthening the medium- and small-scale level financing through new mechanisms.

“Diversification and promotion of the capital market (in terms of market, tools, and institutions), increasing the transparency and quality of information published in the capital market, reforming business processes and increasing the efficiency of financial markets, development of financial institutions and de-monopolization, development and strengthening of technical infrastructure, facilitating and clarifying the issuance of licenses in the capital market and the development of the debt market and increasing its liquidity will also be pursued,” Eshqi had explained.

EF/MA