Tehran Stock Exchange

Tehran Stock Exchange is Iran’s first and largest equity market. Initially launched in February 1967, TSE listed six companies which were later accompanied by other financial instruments such as treasury bonds and certain state- backed certificates.

TSE is located in Tehran and is a founding member of the Federation of Euro- Asian Stock Exchanges (FEAS). The Act, ratified in November 2005, restructured Iran capital market resulting in the establishment of SEO as the supervisory body and TSE as an equity market. TSE previously known as “Brokers Organization”, used to be a non- governmental public organization whose board members were mainly appointed from brokerages firms but since 2006, it has turned into a self- regulatory public joint- stock corporation.

The TSE is open for trading five days a week from Saturday to Wednesday, excluding public holidays. Trading takes place through the Automated Trade Execution System from 9:00 am. to 12:30 pm, which is integrated with a clearing, settlement, depository and registry system. Settlement is T+3. In financial markets T+3 is a shorthand for trade date plus three days indicating when securities transactions must be settled.

TSE has two markets, the primary market and the secondary market. The primary market has two Boards, the main board and the second board. Ordinary shares are listed on only one of the boards in the primary market or in the secondary market. Applicants must file and submit their listing application for the main or the second board of the primary or the secondary market to the Admission Board. The prerequisites for the companies applying to list on the Tehran Stock Exchange are summarized in the following Table.

Listing Requirements