Increase in corruption by handing over the Commodity Exchange to the Ministry of Secrecy

According to Tejarat News, whispers of handing over the Commodity Exchange to the Ministry of Security have increased. But if this handover is done, the commodity exchange will lose its transparency and increase corruption.

Hamid Ulama, an expert on the capital market, said in a conversation with Tejarat News: “The entry of the Ministry of Security as the arm of the country’s production policy into the pillars of the commodity exchange, on the one hand, is in conflict with the organization’s governance duties, and on the other hand, it creates rent.”

Regarding the effects of the plan to hand over the Commodity Exchange to the Ministry of Security, he stated: In 2004, in order to separate supervision from implementation and to eliminate financial corruption from the capital market, the Securities Market Law was approved by the Islamic Council, and in line with that, the organization was formed as a capital market supervisory body. and Commodity Exchange, Tehran Stock Exchange and Iran Foreign Exchange were established as executive institutions.

Ulama said: In fact, the philosophy of the implementation of the securities market law was to separate supervision from implementation, and this foundation caused the capital market to flourish after the approval of the aforementioned law in such a way that the turnover of this market before and after the approval of the law cannot be compared in real terms. did

Will the stock market rent increase?

This capital market expert added: The current entry of the Ministry of Security as the arm of the country’s production policy into the elements of the commodity exchange is on the one hand in conflict with the governance duties defined for the stock exchange organization in the Securities Market Law, and on the other hand, it causes the creation of rent and the increase of dealers.

Scholars stated: The Ministry of Security has always been trying to enter and exert influence on the Commodity Exchange through various methods, including the Behin Yab system, and has always illegally interfered in the executive processes of the Commodity Exchange.

He said: The weaknesses of this ministry in the production policy of the country and the issuance of extreme licenses in the steel or cement industry in the past years have been evident to everyone. This traditional ministry not only does not have the ability to make policies in the production sector, but it is far away from the requirements of managing an advanced complex such as this commodity market.

In the end, this capital market expert emphasized: Infiltrating the management of this commodity market has the legal function of buying management shares. Also, it is defined in the commercial law, therefore, any interference and possession other than the mentioned matter is a violation of the ownership of the shareholders, which is in conflict with the commercial law and the standards of our Sharia.