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Official: Law on stock exchanges will bring back calm to Iran's stock market

Tehran, Oct 12, IRNA-The law on stock exchanges, if approved by Majlis, will bring more tranquility to the stock exchange market, said Deputy Minister of Economy and Finance Tahmasb Mazaheri in Tehran on Wednesday.

Mazaheri told reporters that stock prices have declined substantially over the past months but the fall is a sign of calm on the market.

"It is hoped that under the new law and support by government, Majlis and the entire establishment for the capital market, investors would meet their desired interests," said Mazaheri.

He said any shareholder has the right to be able to sell his shares without facing any problem with respect to the market mechanisms.

In absence of calm on the market, no acceptable turnover will be gained and due to the same reason any concern about the market should be eliminated, added Mazaheri.

One of the market support mechanisms is to enable the investors to defend their capital, said Mazaheri, adding that presently, the aid strategy is in its early stages and the goal can be attained under the newly approved law.

Majlis has approved parts of the 60-point law on the stock exchange market in its Tuesday and Wednesday sessions.

Under the approvals, the market will be run by the capital obtained from the newcomers as the registration fees and from other sources of income.

Under the legislation, the market will be financed out of resources deposited with the Stocks and Notary Bonds Organization.

The Organization would under the new approval have to draft its charter and put at the disposal of the cabinet within three months of its approval.

Based on the article six of the law, the managerial board of the Organization will have five members.

The legislation also clarifies duties of the Organization's managerial board.

The law also forecasts the procedure for election of the head of the managerial board of the Organization and the duration of his term in office, the composition of the managerial board members and their substitutes in case of the death or resignation of any of them, and the salaries of the head and members of the managerial board.

... Payvand News - 10/13/05 ... --

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