whether it will go up or down, what it will look like, i can't comment much , as a supervisor of the capital market, i have to follow up on these issues that i mentioned. the issues that are actually operationalized by legislative decision makers or executive bodies and they should follow up from here, now the result.

they say that it has not increased that fast, because of this, the net profit of the companies that the net profit margin of the companies in 2019 was 34 in the last quarter that we calculated from manufacturing companies to it has decreased by 13% and this has prevented the increase in prices to some extent, which means that the value of the companies is not proportional to their profitability . the amount of investment that

is made in companies now is not proportional to their profitability and this profitability is not the answer to that investment. what will be the result of this if we continue in this way , there will be no new investment in this industry, which means that the private sector will not save anything. or even the government will come and strike a company that has, for example, 13% profit, according to the rates we have now from interest rates and financing rates. it is definitely not worth it and no new investment will be made, so this procedure should be corrected, it should be thought about, thank you very much. tonight, on the first page , we will talk with mr. dr. eshghi, the honorable chairman of the stock exchange organization, mr. dr. well, the capital market is a market that is very sensitive to events. it affects me in different ways, and these days we are going through the days when the ransom operation of the islamic republic of iran took place against the zionist regime and... naturally,

the capital market can be affected by this event . what is the mood of the capital market now? these events that we went through, naturally political events affect capital markets all over the world, in our market as well, well, it was natural , due to the events that happened , there was an excitement in the market, well, the stock exchange and securities organization because of the rights of shareholders. defend and prevent the market from doing unfair transactions under the influence of these emotions. an action he took limited the range of fluctuations for a few days, and these emotions of ours are decreasing . from the events that happened at the international level. whether in our country or in other countries

they are taking measures to reduce inflammation, which we have done in the past few days, in order to reduce some inflammation, on wednesday , we extended it so that the transactions are carried out in a more limited fluctuation range, but the transactions are carried out in general. almost yesterday and today, the transactions were actually traded in balanced ranges, and the inflammation that happened on the first day was almost controlled, and god willing , it will return to the normal trading process from next week, god willing, mr. doctor , despite the increase in parallel markets of the capital market. exchange why has it 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 compared to parallel markets. it doesn't move with each other, and usually the samaya market has a lag or a gap, with a gap of maybe 6 months, a year, or two years, it even moves compared to other markets. i have already said that one of the main reasons is the profitability of companies under the influence of the controls on companies, especially our big one is created on the issue of pricing and control over the prices, well, it causes the profit margin of the company to decrease, it is true that the value of the company may sometimes need 10 thousand billion tomans to establish a company, now, but

the profitability of this company it is much less than what can justify this 10 thousand billion tomans because of the value of this company. in the capital market , it can be 3 thousand billion tomans. what they buy is the profitability of that company and the expectations they have for the future. well, these challenges that i mentioned are the discussion of reducing profitability or decisions that harm the confidence of investors . he analyzes in his mind and says that when i come, i will buy this share, the electricity may be cut off in the summer, the gas will run out in the winter, the price is set , for example, the width of the exporting companies has a certain rate, and it is given to the importers

, of course, it is available at a lower price. to pay for the purchase of that company's shares . has been that the market of actually markets the market the capital from its rival markets should remain, while we are now facing one of the periods with the highest bank interest rates, of course, this trend also happened in the world , and now in the world, in the big markets, the interest rate is at its highest levels in history. and this causes damage to the capital market, which makes the shareholders prefer to go to the risk-free markets that have very high profits, and it pays to get crushed, in order to preserve their capital in the short term. one of the main reasons

is this. but the long-term trend of the market has shown that this trend cannot be sustainable. we even had a 5-year period of recession in the capital market from 2012 to almost the beginning of 2017. we had a period of recession when the index did not move at all, but then something happened that gave a heavy return because of us. when we compare the 10-year or 20-year yield , it is not comparable at all in the capital market and competing markets, so investors must have some tolerance and monitor all these events to be able to open it. let's find out from equity shares whether the third stage of khordad deposit will be done or not we hope that you will see that this set of events that happened to the companies caused some companies to commit violations and not be able

to pay the equity dividends at the end of the year. now we will follow up the violations discussions with this company. this. it was in march that they did not pay, now the work of their violation cases is being done. so that they are forced to study or publish papers to pay their salaries in fact, we advised them that the equity dividend should also be paid, now they should take the roof or issue bonds, they should also pay the equity dividend. we hope that we will be able to pay these dividends by june. collect and complete. considering the desire of the people of tunisia to invest in gold, is it possible

to create an infrastructure for gold investment funds so that the money is injected into the production body instead of remaining in the fund ? good in the market the capital fell in the commodity exchange, which is a tool called a certificate of deposit. gold was introduced, and the function of this tool was exactly what you said . the gold investment funds that exist in the market and are formed among the certificates of deposit of shams , buy them and actually become the owners of the gold bullion. this fund attracts people's money. they do people buy investment units of gold funds, the money is transferred

to the fund, the fund buys the gold bullion , who buys the gold bullion from the gold mines, which causes the gold mines that sometimes actually sell their bullion to face problems. being like a market there was no official definition, now the bullion is struck in a standard way, it is graded and it is stored in the warehouse. the treasury of the commodity exchange is actually stored and sold in retail form directly or directly through the funds. when these resources enter these gold mines and factories , they are used for production. last year , more than 16 thousand billion tomans of resources were injected into the gold producing companies, which can increase the gold production capacity in the country. it has a very high capacity, now it

is actually produced with a very small percentage of that capacity, and this helps the production it causes an increase in gold production and gold reserves, which is definitely in the country's favor, on the other hand , it is attracting people's capital, and instead of going to the markets, these funds are used to play on consumer goods that turn into capital goods. unfortunately, in our country, like a car , a property or a land, which has no benefits for the buyer, he only uses the inflation shield, which is actually the assets. now, let's go directly into the discussion of gold production this tool is working and by the exchange. it is also developing, the treasury of the commodity exchange

has been opened in the past days, so that more gold bars can actually be stored there. how far are we from being able to replace financing from the capital market with the conditions of our banking system? our banking system has a special coordinate condition. now

we have come to the conclusion that big companies and companies that want to expand their finances mainly turn to the capital market to finance their investments, and the banking system will provide them with working capital. this is because long-term instruments are usually used in the sky market. there are long-term tools for infrastructure and capital investments, to buy building equipment, to actually build a factory, and for capitalization, they should use the banking system . now, if we want to talk about new capital it enters the industry and provides financing. you see

, when we compare the banking system with the real market , we get the accumulation of the banks over the past years from the loans that they have given until now, and we call it a number of the capital market. when we want to calculate the number, we say the year 402, for example, what number was financed, so this comparison is not a correct comparison. let's compare this sweet number. according to the program we want to increase this number to 50%, according to the reception that has been received and the request that

exists , of course, this has some requirements. when we adopt a policy in, for example, the central bank or in the organization of the budget program , we measure its dimensions and its effects on the financial instruments of the capital market , because these are related. it definitely helps in other areas it's not like this part is a completely separate island, if these arrangements are made, we hope that we can actually achieve our goals in the next few years . the capital market is around 50 years old, 50 or so years old. the new structure

of our capital market has been formed since 2004 and it is almost a 18-19-year-old market. it is not a very old market to say that this market has reached its maturity. we are discussing conflict of interest in the field of corporate governance these issues must be gradually progressed until we reach the maturity where we can, god willing , play the role of the majority in the financial provision discussion. some of them are the companies that are accepted in the cold market, the companies that are accepted by the sammai door on a continuous basis and submit their reports based on the requirements of our disclosure order, which have monthly, 3-monthly, 6-monthly, and annual reports

, and upload them to the kodal system. companies there are government and public institutions that are required. upload their financial records in the kodal system . this year, more than 2000 government companies, institutions , public institutions and government organizations have been uploaded into the kodal system by the ministry of economic affairs and finance . this number was much less last year. this year , it has increased and more than 2 thousand have been published and this process continues as soon as the reports of the companies are prepared and the auditor comments. there is also a discussion about start-up companies, which are sometimes large companies, and they are very willing to enter the stock market, but because of the developments that they are making figures, usually in terms of profitability , they cannot recognize much profit in their financial statements , but the company is progressing and for this

reason, they cannot easily enter the capital market. at. we started to accept companies based on the economy of scholars , some of which are based on platforms, which means that all their services are on one platform that is on the internet, and they have many customers. well, some of these are in a certain industry , for example, medicine in the automotive industry and accessories it is electronic, we are in different areas of these companies. we were accepted last year and even in the field of economics, we had a successful company. well

, one of the strategies that startup owners follow is that when they establish a company , it reaches a certain level of maturity . they have an exit that we had this process to the end, that is, a startup came and was accepted, and its transactions were done very smoothly in the market. he developed, even the money that the major shareholder had to get for the admission was invested in the company itself, that is, the initial width the shares were spent, the money entered the company , it was developed, and the full shareholder exited successfully. well , we had this successful example. the most important thing is to reach the maturity level and they are even generating income

. as you said, this is a technology special technology is technical knowledge. this should be recognized in our admissions board. we can recognize these. what did we do for this ? traditionally, we have people in the admissions board who are not very familiar with these industries. we came and changed the composition of one admission. that is, we came and said that the admission board that wants to accept the companies of scientists should be a combination of scientists who have experience in the ecosystem field, so this is it. the admissions board is familiar with this process and can do it more easily, because in our traditional admissions board, they look more physically, not assets.

i know the field of equipment construction, but well, a company has come with technical knowledge, maybe if we want to look at this traditional system, well, this is nothing, it may not be particularly profitable even now, but these companies have a very good future, considering the growth trend of these , we have not reached the final device. we are also asking for help from the regulatory agencies to help

speed up the process of accepting these companies in the capital market, because there is a part of these concerns that have actually slowed down our request , because we believe that the presence of scientists' companies in the market. capital in addition it creates hope in all the activists of that sector , be it employees, shareholders or managers of that document, and it also makes these companies appear under the supervision of the stock exchange organization. these become clear by reporting monthly to the stock exchange organization and we can monitor their managers are monitored, which means that these monitoring can be done much easier for a listed or over-the-counter company than for a company that is outside of our stock exchange, we do not know what something is happening, well, we almost think 3

we have four minutes. now, in the discussion about the slogan of the year, where we mentioned the participation of the people , you mentioned a statistic that shows how much investment in the market happened through the people, but to have a pre-designed plan for this year , i mean that, for example, in in the field of culture, you said that many medium and small companies basically have no knowledge about these tools, now this is the participation of ordinary people , first of all, is there a stock exchange organization in these fields that is in the field of culture and attracting participation? it does something special, yes, definitely, programs that we have in the field of culture building, it starts from the schools . currently, a codified program is being implemented to

give financial and economic literacy education to the students in a basic manner in the schools. there may not be some who can answer right now, but some sparks are created in the minds of these children , keywords are created that make them think of investing, they think of saving, and that investment perspective is formed from that moment . let's leave aside the fact that this is a very detailed program that we have in different cities at the same time we are doing this in schools, in the field of teacher education, we are working to make this more widespread and to be able to implement this in different places simultaneously. one of our serious plans is the issue of provincial financing conferences, and here i want all chambers of commerce and governorates across the country, if they are really interested, of course, we are corresponding directly to

organize these conferences in the province. let's gather all the small and medium enterprises and give them the necessary training because we have a good record of this, the result is actually because the next job is economic work, these connections will be established and will continue. this is one of our serious discussions, the discussion of indirect management, which is culture-building in this field. in fact, we are following 43 people's participation in the capital market in the project. production through investment funds , we are redeveloping these funds, funds that are combined, funds that are combined with insurance instruments, funds that are combined with pension insurance instruments and can meet different needs for ordinary people investors

knowledge students. all the legislative executive bodies should help to restore this trust by not making decisions to create a guardianship according to the word of the people and make timely decisions and make the right decisions. this trust will definitely return, and where people participate , great things will definitely be done. thank you very much , mr. dr. eshghi, honorable chairman of the stock exchange organization, for your presence in the first page program. thank you for watching. i hope it will be of use to you. thank you. in the name

of god, the light, in the name of god, the light, in the name of god, the light, the light , in the name of god, light on the light. in the name of allah, the light of the shadows. in the name of allah, who is the master of affairs .

praise be to god, who created the light, from the light, god is great , god is great, god is great, god is great, there is no god but god. i testify that there is no god but god . i testify that muhammad is the messenger of god. i testify that muhammad is the messenger of god