TEHRAN STOCK EXCHANGE

Latest News

•   Tehran Stock Exchange Offers A Giant Petrochemical Holding Company
•   Tehran Stock Exchange Hosts a Foreign Investment Delegation
•   Tehran Stock Exchange Market Cap Breakdown
•   Tehran Stock Exchange Turned 45
•   Tehran Stock Exchange 2012 Statistical Digest

Practices & Procedures

Trading

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Days	Saturday-Wednesday
Hours	9:00-12:00 for Equities Market 9:00- 12:30 for Futures Market
Market segmentation	First Market (Main Board, Secondary Board), Second Market
System	Fully Automated Trading System (order driven) called JAM
Mechanisms	Continuous Auction
Market-maker/ Specialists	Yes
Instruments	Shares & Rights, Bonds, Futures
Currency	Local
Real time information	bid/ask, last price, total volume, company announcements

Clearing & Settlement

Go Compare data with... Abu Dhabi SE Amman SE Arab Federation of Exchanges TSPAKB ACCMP Bahrain Bourse BBVB Baku SE Banja Luka SE Belarusian CSE Belgrade SE Bucharest SE Bulgarian SE Central Registry Agency CSD Iran CSD Macedonia Damascus SE Egyptian Exchange ETS Georgian SE Iraq SE Istanbul GE Istanbul MKB Karachi SE Kazakhstan SE Kyrgyz SE Lahore SE Macedonian SE Misr CDR Moldovan SE Mongolian SE Montenegro SE MSMBA Muscat SM NASDAQ OMX Armenia NDC Azerbaijan Palestine Exchange Sarajevo SE SEBA SDC Jordan South Asian Federation of Exchanges Swiss Futures and Options Association Takasbank TSETM Company Tehran SE Tirana SE Toshkent RSE TurkDEX Zagreb SE

Central Depository	Central Securities Depository of Iran (CSDI)
Period	T+3
Registered	Yes
Settlement	Book entry
Clearing	Netting
DVP	No
Clearing Institution	Yes, wholly owned
Risk Sharing	No
Margin/Lending	No
Custodians	No

Taxes

Go Compare data with... Abu Dhabi SE Amman SE Arab Federation of Exchanges TSPAKB ACCMP Bahrain Bourse BBVB Baku SE Banja Luka SE Belarusian CSE Belgrade SE Bucharest SE Bulgarian SE Central Registry Agency CSD Iran CSD Macedonia Damascus SE Egyptian Exchange ETS Georgian SE Iraq SE Istanbul GE Istanbul MKB Karachi SE Kazakhstan SE Kyrgyz SE Lahore SE Macedonian SE Misr CDR Moldovan SE Mongolian SE Montenegro SE MSMBA Muscat SM NASDAQ OMX Armenia NDC Azerbaijan Palestine Exchange Sarajevo SE SEBA SDC Jordan South Asian Federation of Exchanges Swiss Futures and Options Association Takasbank TSETM Company Tehran SE Tirana SE Toshkent RSE TurkDEX Zagreb SE

Cash Dividends	22.5% at source. no direct tax levied on shareholders'dividends
Interest Income	No
Capital Gains	No

Structure & Regulations

Go Compare data with... Abu Dhabi SE Amman SE Arab Federation of Exchanges TSPAKB ACCMP Bahrain Bourse BBVB Baku SE Banja Luka SE Belarusian CSE Belgrade SE Bucharest SE Bulgarian SE Central Registry Agency CSD Iran CSD Macedonia Damascus SE Egyptian Exchange ETS Georgian SE Iraq SE Istanbul GE Istanbul MKB Karachi SE Kazakhstan SE Kyrgyz SE Lahore SE Macedonian SE Misr CDR Moldovan SE Mongolian SE Montenegro SE MSMBA Muscat SM NASDAQ OMX Armenia NDC Azerbaijan Palestine Exchange Sarajevo SE SEBA SDC Jordan South Asian Federation of Exchanges Swiss Futures and Options Association Takasbank TSETM Company Tehran SE Tirana SE Toshkent RSE TurkDEX Zagreb SE

Legal	Demutualized, For-Profit
Regulation	Self-regulatory, approved by Securities & Exchange Organization (SEO)
Securities market regulations	Yes
Trading rules	Yes
Surveillance	Yes
Corporate actions	Yes
Trading halts regulations	Yes
Investor protection	Yes

Foreign Participation

Go Compare data with... Abu Dhabi SE Amman SE Arab Federation of Exchanges TSPAKB ACCMP Bahrain Bourse BBVB Baku SE Banja Luka SE Belarusian CSE Belgrade SE Bucharest SE Bulgarian SE Central Registry Agency CSD Iran CSD Macedonia Damascus SE Egyptian Exchange ETS Georgian SE Iraq SE Istanbul GE Istanbul MKB Karachi SE Kazakhstan SE Kyrgyz SE Lahore SE Macedonian SE Misr CDR Moldovan SE Mongolian SE Montenegro SE MSMBA Muscat SM NASDAQ OMX Armenia NDC Azerbaijan Palestine Exchange Sarajevo SE SEBA SDC Jordan South Asian Federation of Exchanges Swiss Futures and Options Association Takasbank TSETM Company Tehran SE Tirana SE Toshkent RSE TurkDEX Zagreb SE

Foreign investors	Restricted for FPI and no restriction for FDI
Investment limitations	The number of shares owned by the TOTAL foreign investors shall not exceed twenty (20%) percent of the total shares number of the companies listed on the exchange or twenty percent (20%) of the shares number of any company listed on the exchange. The number of shares owned by EACH foreign investor in any company listed on the exchange shall not exceed ten percent (10%) of the shares number of such company.
Repatriation	Transfer of the original capital, capital gains and cash dividends received by the persons/ entities holding trading licenses overseas shall be authorized in compliance with the national foreign exchange rules and other relevant standards and regulations. The Central Bank (CBI) of I.R.I shall have to deliver the foreign exchange equivalent of the transferable funds to the foreign investor or the Iranian investor holding licenses at the official exchange rate in the national banking system in case of a single currency peg or otherwise, at the floating exchange rate. Under particular circumstances and at the discretion exercised by the Central Bank of I.R.I., such funds shall be payable in equal installments at a four-month interval during the course of one year. But the strategic foreign investor shall not be allowed to sell the shares he/she has purchased for a period of TWO years without the Securities and Exchange Organization's permission. The sale of such shares shall be affected in compliance with the regulations governing the bulk trade of shares on the exchange or on the OTC market. Strategic foreign investor means a foreign investor who intends to possess over ten percent (10%) of a company's shares listed on the exchange or that, upon possession of the shares of a company listed on the Exchange, fills a seat on that company's board of directors.

Minimum Listing Requirements

	Main board (A)	Main board (B)	Secondary board
Minimum Paid-In Capital	IRR 30 billion	IRR 10 billion	IRR 5 billion
Years of Business Activity	2	1	1
Capitalization of Issue	100%	100%	100%
Free Float	Yes	Yes	Yes
Free Float Ratio	20%	20%	20%
Minimum # of Shareholders	1,000	200	200
Minimum Years of Positive Financial Results	2 years in second floor	1	1
# Prior Years Audited Financial Accounts	2	2	2
# Times Dividends Distributed in Last 3 Years	N/A	N/A	N/A
Whole Class of Securities to be Issued	Only Common Shares	Only Common Shares	Only Common Shares
Listing Agreement with Central Depository	in-process	in-process	in-process
Prospectus	Yes	Yes	Yes
Special Requirements	Announcing EPS, future plans, Annual Budget & Accounting Standards	Announcing EPS, future plans, Annual Budget & Accounting Standards	Announcing EPS, future plans, Annual Budget & Accounting Standards