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Iran's Capital Market

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Iran's Capital Market Iran's Capital Market How to invest in Tehran Stock Exchange (TSE) Contents Economy of Iran ...................................................................................................................... 3 Competitive Edge ..................................................................................................................4 Five-year socio-economic development plan ..............................................................................7 Economic reform plan ...........................................................................................................7 Key Statistics ........................................................................................................................8 Legal Structure of Iranian Capital Market .................................................................................... 10 A) Securities and Exchanges High Council ............................................................................... 10 B) Securities and Exchanges Organization (SEO) ...................................................................... 10 C) Security and Commodity Exchange .................................................................................... 11 Tehran Stock Exchange ........................................................................................................... 12 A) Since the beginning of TSE activity until revolution (1967-1978) ...................................................... 13 B) Since revolution until the end of imposed war:(1979-1988) ................................................................ 13 c) Since the end of imposed war until now (1989-2006) ....................................................................... 13 D) After ratification of new Capital Market Law (since 2006) ............................................................. 14 Historical Highlights ............................................................................................................ 14 TSE's Strategic Plan................................................................................................................. 15 Vision ................................................................................................................................ 15 Mission .............................................................................................................................. 15 How is TSE managed? ............................................................................................................. 15 Functional Responsibilities of Each Department ....................................................................... 17 TSE's Ownership Structure ................................................................................................... 21 What are the business hours of the TSE? .................................................................................... 21 How do you contact the TSE?................................................................................................... 22 Foreign Portfolio Investment .................................................................................................... 22 Listing in TSE ........................................................................................................................ 23 Investment Instruments ........................................................................................................... 24 Stock (Equities) Market ........................................................................................................ 24 1) Common Stock................................................................................................................ 25 2) Right .............................................................................................................................. 25 Bond Market ....................................................................................................................... 25 1) Participation Certificate (Islamic Bond) ................................................................................ 26 2) Sukuk ............................................................................................................................. 26 Derivatives Market ............................................................................................................... 27 1) Single Stock Futures ......................................................................................................... 27 2) Stock Options ................................................................................................................. 28 Mutual fund ........................................................................................................................ 28 What are your rights as a stockholder? ........................................................................................ 28 How can you buy or sell stocks? ................................................................................................ 29 Trading ................................................................................................................................. 30 Brokers ................................................................................................................................. 32 Daily price fluctuation limit....................................................................................................... 32 Direct Market Access ............................................................................................................... 33 Transaction Costs & Taxes ....................................................................................................... 33 Protecting Investors ................................................................................................................ 33 Anti-Money Laundry Initiative in Iran'a Capital Market ................................................................. 34 TSE's Blue Chip Index (TEFIX30) ............................................................................................ 35 Investment tips which can help you while investing ...................................................................... 35 Clearing and Settlement............................................................................................................ 36 Global Relationship ................................................................................................................. 37 How do you collect information about stocks? ............................................................................. 37 Farabourse Securities Market (OTC) .......................................................................................... 40 Iran Mercantile Exchange (IME) ............................................................................................... 41 Tehran Securities Exchange Technology Management Company (TSETMC): ................................... 42 Foreign Direct Investment (FDI) in Iran ..................................................................................... 42 Market facts ........................................................................................................................... 43 TSE's Brokerage Companies ..................................................................................................... 53 Tehran Stock Exchange's Listed Companies ................................................................................ 57 Authorized Mutual Funds in Iran (Received License from SEO) .................................................. 63 Economy of Iran The economy of Iran is one of the most advanced in the Middle East. Despite that Iran-Iraq war and economic sanction slow down the economic growth of Iran in 1980s. There has been a steady improvement in the economy of Iran over the past two decades. Due to the high world oil prices, the export revenues had increased, which helped to this improvement. Iran is located at a strategic point between Asia and Europe, and has access to open sea. Iran attained technological progress in the all dimensions within a significant period of privatization of Governmental companies, having at hand an abundant and inexpensive labor force and high population. Iran's economy and industry rises from rich natural resources. The economy of Iran is the eighteenth largest in the world by purchasing power parity (PPP) and it is predicted to become the 12th largest by 2015. The economy of Iran is a transition economy with a large public sector and some 50% of the economy centrally planned. It is also a diversified economy with over 30 sectors directly involved in the Tehran Stock Exchange. Yet, most of the country's exports are oil and gas, accounting for a majority of government revenue in 2010. Iran is one of the few major economies that have maintained positive growth during the 2008 global financial crisis. High oil prices in recent years have enabled Iran to collect $100 billion in foreign exchange reserves. This has aided self-sufficiency and domestic investment. Competitive Edge The economy of Iran is characterized by a dependence on the oil sector, and the government is making attempts to expand by investing revenues in other sectors as well. The other areas where the government is looking to diversify are aerospace industries, car manufacturing, consumer electronics, nuclear technology, and petrochemicals. The country also has an immense potential for development in sectors like tourism, mining,
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