TEHRAN - Iran’s Securities and Exchange Organization (SEO) has issued licenses for launching seven new investment funds, Ali Akbar Iran-Shahi, the head of SEO's center for supervising investment funds said.

According to Iran-Shahi, six of the mentioned funds are sectoral funds and one is a stock investment fund, the Securities and Exchange News Agency (SENA) reported.

Pointing to the importance of facilitating the process of granting the license for establishing financial institutions, the official said: “In the past week, the activity licenses of six sector investment funds and one stock investment fund have been issued by the Securities and Exchange Organization.”

Considering the new funds, the number of licensed sector investment funds reached 11 and the number of stock investment funds active in the capital market reached 108 funds.

“These seven funds have collected a total of 28 trillion rials (about $55 million) through underwriting contract and are ready to buy shares as of today (Monday, October 16),” he said.

EF/MA