from home appliances city. home appliance city. specialized reference for household appliances. o session of the first page. the first page of safar is there. look on the other side of the fence, the pleasure of visiting is there. you are sitting on the other side of the table, the eyes of a martyr look at you. in the name

of allah, the most merciful, the most merciful, hello and good night , dear viewers of khabar network tonight, we are also proud to present the program on the front page and we hope that tonight's discussion will be of use to you. tonight we will talk about the performance of the securities and exchange organization. the main financing in the economy, so that in a recent year, about 600 thousand billion tomans of financing companies have come from this market, a market that by directing savings towards spending and investment needs in the productive sectors of the economy, can contribute to economic growth this year as well, according to the slogan of the year of production leap with the participation of people, this productive market will definitely have many capacities. it has become the slogan of the year and for the jump in production and financing of companies from the market. capital will bring about important events

, which must, in addition to the design and development of new financial markets, the discussion of investors' trust in this market is also very important, and this trust must return anyway tonight around we will discuss these issues with mr. dr. eshghi, the respected chairman of the stock exchange organization, to find out what plans have been made this year in 1400 to realize some of the issues mentioned in the introduction. greetings and welcome, dr. if you agree , let's start with the plans that you have prepared for the year 1403. well, in the name of allah, the merciful, the merciful , i say hello to you and all the dear viewers

. well, 1402 can almost be said to be a difficult year for the capital market. due to events which fell in 1402 and the policies that are now in the direction of controlling inflation, the debates related to our energy, pressure was put on the companies and the restrictions in addition to this, during the past two and a half years, we tried to lay the foundation the necessary things for the things you said about attracting capital by the productive part of the economy and on

the other hand providing services to shareholders and people who want to invest in the capital market or provide services. well, from the past years , there were many requests for issuing different licenses to provide financial services, which we in two last year and a half, we tried to check and answer all the people who were in the queue for licenses related to the provision of financial services, whether brokers or portfolio management companies. we are providing reviews and licenses, which was to provide better services to shareholders, if we remember 2099, especially shareholders with serious problems in providing services, including services from brokerage and portfolio management companies. encounter with.

well, the next issue was the discussion of providing the necessary tools to economic centers for financing we have paved the way for this discussion. public joint-stock companies of the project for the participation of small shareholders in large projects, which also paved the way . last year, despite the turmoil in the capital market , we had two relatively good examples of companies coming and generalizing financing. quite in fact, people face the presence of a sample company. 100,000 people came to an initial launch and samian participated in the project, which, god willing , will reach its final operation next month, and 80,000 people came in the next sample, which is also a new project. it has started and god willing,

it will proceed according to the plan that has been seen for it. well, these platforms are prepared and naturally the stock market. because of its nature, it is one of the proofs that can make the discussion of the slogan of the year come true. the discussion of people's participation in the stock market is actually a matter that has a historical record, and nearly 12 million people directly participate in the stock market , now 50 million people are participating. through equity shares in bos, they are actually ornaments and parts. other people also participate in the stock market through social security pension funds . we are building trust. well, trust in the stock market in 2019

and sometimes some events that happened later, which we had a few examples of last year, has been damaged, and this without complimenting the shareholders. and dear people, we are suggesting that this loss of investors' confidence was due to the decisions that a large number of people were invited to enter the market, regardless of the market environment, and this influx of liquidity was actually without considering the investment options. and that too directly means that people come directly and buy shares, one of the things that has happened now is the development of non-samzars. it is direct. now, when we refer to the market board, regardless of whether it is positive or negative, more than 50% of the daily transactions that we see on our board are related to investment funds, which means

that instead of going directly to buy stocks, people go between their transactions. investment funds concentrate, well these funds, first of all , their transaction fees are much lower than stocks. secondly , the management of this fund is being done by professional institutions, and those emotions that arise in direct investment are much less here, so if we can make these investments to the same tune that we came forward , let's lead towards indirect investments and through this fund and in fact the revolving baskets. let's direct the resources towards investment. now this investment may be debt market securities, i.e. sukuk, rent, sukuk, or various sukuk that we have in the market, or through the purchase of shares by the funds, these resources will be transferred to

projects or bonds. a government that is seen in the budget every year and is published in the market, and its interests are between the owners. this actually provides a platform where investors can trade without worry to be able to make this investment on a daily basis . now, how to build this trust has certain requirements . let's be honest , sometimes decisions are made in different institutions or economic sectors without considering the effects of that decision on other sectors. for example, when we raise the interest rate to 30

% or higher, this has an effect on the capital market, an effect on the financing rate of economic enterprises, and an effect on the system. these effects well, last year was very intense in our market, or in regards to the circulars that are issued at once and we are reminded of them. the investor comes for 10 months and 11 months of the year, invests with assumptions , buys shares, sells shares, we come once , we give a directive, we turn to the competition , we execute it from the beginning, well, this investor is somehow surprised. surprising people is not actually possible, that is, if we want to attract people's participation in investment projects in stock exchange, in the shares of public companies, the project must have some assumptions.

we have to adhere to them until the end of the investment period. if we don't adhere to them, it is clear that the investor who wants to choose between his investment options will say, well, these stocks or a major part of the stocks in such a way that it is possible with a section letter at any point. from the year of all the assumptions. question the profitability of the company , therefore, it does not come and invest , bank profit and 30-35%, if it is, then these investments that are made in this way, well, in fact, it will be much lower than the profit, along with these risks that exist are also a point another very important issue is the honorable president of the republic , sir. in many of their talks, they have mentioned the issue of corruption and the interference of government agencies in the management

of companies, which creates serious risks for the company and for investment and the security of investment. it takes 6 months to a year for companies to get to know the atmosphere of that company and to understand what it is doing. we have companies that have changed the ceo three or four times in the last two years. to the detriment there are companies, investing in these companies has its own risks. the next discussion is about corporate governance systems that must be observed in

companies . companies sometimes demand more benefits than what they are entitled to, such as the government or managers or some shareholders or employees. or company managers act in such a way that the interests of shareholders are endangered, they make transactions that are subject to transactions in article 129 and related persons and this destroys the interests of the company. well, we must take the issue of compliance with the corporate governance regulations in the company of companies very seriously so that we can gain the confidence of the shareholder that whoever comes invests in a company. . did it take place for operationalization

and implementation, or are they just things that should and should not happen? yes, you see, some of these are the hands of the stock exchange organization, like this issue of corporate governance, which we have a serious plan to make companies comply with the guidelines in 1403. we will rate corporate governance and announce to they can refer to it. it is our duty to monitor this. the auditor and legal inspector of the company in

his reports actually mentions these cases of violations of corporate governance, and we also in the violation committees and investigation boards that we have in orus organization and in the times when they commit a crime are actually the members of the board of directors of the companies according to chapter 6 of the securities market law. we handle these, those that are violations of our own , we issue disciplinary votes, those that are the sixth chapter of the market law, we give them to the food authority and we definitely follow up. this is available in this section it is our duty to discuss financing and introduce financing tools. this year, well, i said that last year, the discussion of joint-stock companies, the platform for the project was prepared for all kinds of investment funds, taking into account the various risk tastes for investment, that is

, now an investment if he wants to take a little risk and not take too much risk. we have tools for him, if he wants to take extreme risks and wants to take risks, we still have tools for him. we provide a wide range of funds and tools to investors. financial small and medium companies, well, large companies go through the financing process, this process takes from one month to 56 months. this process is actually cost-effective for securing large financing. a company comes for two months, three months, six months, it even takes time to provide financing for 4 years, 5 years, but for a while, small and medium companies ask for financing for a much smaller amount. it is not appropriate for this company to go through the same process. we are now

planning a much shorter process with a shorter duration. small and medium companies can now comment on financial institutions and monitor the publisher in the market. we are doing this as well, but a part of it is not under the authority of the stock exchange organization, a part of it is policy discussions , regulations, legislation, which in fact are the duties of the parliament and decision-making authorities, and a part of it is in the hands of the government, which constantly

provides us with these. we are consultants who help the decisions that are made. so as not to endanger the confidence of investors, i said that sometimes we made decisions last year that really surprised investors. the modification of the recipe that should have been done in april was announced in february , it was done after 11 months or the discussion of electricity rate modification. it was announced in march of last year and it became effective from the first of the year. these are issues that require coordination of more institutions. i just want to ask a short question about these trust discussions that you mentioned, because sometimes we are faced with questions or requests from people who say, "sir , ask the officials of saz meros this or demand that those you mentioned invest."

directing and suffering, how much of that loss that was guaranteed to them has been compensated.

some shares are not even half of that price now. and it is lower than half and this has not been compensated due to the environmental changes we had they should have compensation . considering the situation we have now regarding stock prices, well, as the head of the stock exchange and securities organization, i can't say whether the stock price will go up or down. let me comment , as a supervisor of the capital market, i have to follow up on these topics that i mentioned. now, those that i actually follow up on my duties in the capital market complex, and the topics that are discussed by the decision makers of the law. the market or executive bodies are actually operational and they should be from there follow up. now, what will be the result of this depends on what kind of law will be passed in the end

, what kind of perspective will there be in the discussion of the recipes that will come out. the price has decreased by 20-25% and they are not keeping up with inflation. we will see in the near future that these delays have been compensated . one of the reasons for this delay is very clear that the profitability of the companies has decreased during this period due to the controls that have been in place and the increase in prices that have affected the prices of the companies. been you see, in the last two years, the prices of the companies have increased according to the attention, but the amount of sales of the companies and the income they realize have not increased that fast, because of this

, the net profit of the companies, and the net profit margin of the companies that year 99 was more than 34 in the last quarter that we calculated from the manufacturing companies decreased to 13% and this caused a certain amount to stop the increase in prices. it means that the value of companies is not proportional to their profitability. i want to say in a better language, the amount of investment that is done in companies now is not proportional to their profitability. and this sodavari is not responsible for that investment. what will be the result of this work? if we continue in this way , there will be no new investment in this industry. it means that there is no benefit to the private sector or even the government. for example,

did you invest in the stock market? yes, what year? year 10. in the last few years, the capital market, as a symbol of popular participation , has become the most prominent infrastructure for the presence and activity of nearly 50 million iranians who participate directly and indirectly in this market, because it is a market that can be used as the well-known wheel economy method. the country's economy revolves around the capital market, a good way. lt is in that capital is provided to companies and the issue of financing liquidity that people enter the capital market with their transactions

is injected into the economic cycle of the production body. economic growth requires the financing of production units. one of the financing methods that we are currently developing in the stock market is, in particular, crowdfunding. according to the statistics of the ministry of economy, during the year 1402 , manufacturing companies financed more than 600 thousand billion tomans through different means through the stock market. professional investment market to help the initial market and direct liquidity to the company companies and projects helped. companies can apply for the release of these bonds and specify the uses of the bonds , on what basis and where they will be spent. in recent years the market. capital has been able to be the basis for the strong presence of economic entities in the investment , which is more important than the development of the upstream and downstream of the industry, but

the maximum increase of people's participation in this productive market requires requirements. entrepreneurship and privatization, as well as facilitating the competitive environment, can increase people's observation. according to experts, the capital market has a suitable capacity for people's participation in production so according to the official statistics of financing from the capital market last year , it was 30% more than in 1401. maryam fadaei of seda and sima news agency, on the front page tonight , we are talking with dr. eshghi, the respected chairman of the stock exchange organization. mr. dr. well, the capital market is a very sensitive market various impact events. and these days, we are going through the days when the retaliatory operation of the islamic republic of iran took place against the zionist regime, and naturally the capital market can be affected by this event.

due to the events that happened , there was an excitement in the market bahadar in order to defend the rights of shareholders and the market under the path of these emotions is not to do unfair transactions. an action he took limited the range of fluctuations for a few days, so our emotions are decreasing . internationally, both in our country and in

other countries, measures are being taken to reduce inflammation, which we have done in the past few days in order to reduce some of the reactions. we will do the same on wednesday. we extended that the transactions were done in a more limited fluctuation range, but the transactions were done in general , almost yesterday and today, the transactions were actually traded in balanced ranges, and the inflammations that happened on the first day were almost controlled, and god willing, from next week it will return to the normal course of transactions. god willing, mr. doctor , despite the increase in parallel markets , why has the stock market not yet experienced any growth? first of all , this goes back to the nature of the stock market itself, which usually

moves at a distance from the parallel markets. past rome statistics let's look at the efficiency of all the markets do not move with each other and usually the samai market has a lag or a gap with a gap of maybe 6 months, a year or a year, it even moves compared to other markets. i have some answers to your question. in my previous talks, i mentioned that one of the main reasons is profit. especially our big companies are created, and the issue of pricing and control over prices will reduce the profit margin of the company. it is true that the value of the company may sometimes require 10 thousand billion tomans to establish a company. now, but it is profitable. that this company.

it is much less than what can justify this 10 thousand billion tomans . because of this, the value of this company in the capital market will be 3 thousand billion tomans, 2 thousand billion tomans in proportion to its profitability, because it is one of the important components in the valuation of the company. are used and the shareholders buy the shares of a company , it is the profitability of that company and the expectations they have for the future, so these are the challenges that i presented. the discussion of reducing profitability or decisions that harm the confidence of investors, the investor analyzes in his mind and says that i will buy this share when i come. it is possible that the electricity will be cut off in the summer, and the gas will run out in the winter. pricing will be set, for example, the width of the exporting companies

will be given to the importers at a certain rate. these factors have caused the market to be left out of the capital market from its rival markets, while we are currently facing one of the periods with the highest bank interest rates, of course this trend also happened in the world, now in the world and in the markets the interest rate is at its highest levels in history and this is causing damage to the capital market in order to preserve their capital in the short term, shareholders prefer to go to risk-free markets that pay very high profits , but this is one of the main reasons.