“Petrochemical Gate” makes the head of the stock exchange organization stay at home? – Tejarat News

According to Tejarat News, the story of small shareholders’ dissatisfaction with the state of the capital market is not a story of today and yesterday; This story goes back to the collapse of the market in 1999. When people came to the capital market trusting the statements of the officials and in order to preserve the value of their assets, but it did not take long that not only the value of their assets did not improve, but in many cases the same little capital was also lost.

Now three years have passed since that time and the stock exchange organization has three managers as the guardian of the capital market. During this period, only shareholders remained in the capital market who either entered the market with a long-term view or professionally perform daily transactions or even volatility. Shareholders who are now known as loyal shareholders.

Now, these same loyal shareholders, during a campaign, have demanded the change of the head and senior managers of the stock exchange organization. This campaign has been launched and strengthened since it became clear that the huge drop on the 17th of May this year was started and continued due to the possible rent of some legal and real estates.

Information rent or trading strategy?

In recent days, the hot discussion of the shareholders has been a letter dated May 17, which shows that the government board has increased the industrial feed rate without setting a ceiling. This is the same date when the stock market quickly lost its upward trend and entered an endless downward path, whose exit outlook is still unknown.

Examining the trading process of the stock market from the 17th of May onwards indicates a significant withdrawal of legal money from some shares of the market. This trend highlighted the suspicion of information rent in the capital market. Especially due to the silence of the stock exchange organization and the delay in the response of this organization to the issue, the small shareholders raise this criticism and doubt that the guardians of the capital market, who are supposed to protect the rights of the small shareholders, in collusion with the government, cover up the resolution and At the same time, they have allowed “rental transactions” to continue as usual.

Of course, the stock exchange organization reacted to this issue with delay; In particular, the stock exchange organization’s reaction was focused on the information rent and the promise that all transactions related to the approval of the increase in the feed rate of petrochemicals will be reviewed and will be dealt with in case of violation.

This promise, which was expressed with delay, could not quench the anger of the shareholders who were angry with the government. The shareholders were of the opinion that it is not possible for the capital market trustee to be unaware of this important resolution, which was presented to the cabinet at the suggestion of the economic ministries.

In recent days, the stock exchange organization has also quickly launched a capital market dispute resolution council in cooperation with the judiciary, which seems to be unrelated to the recent events, in order to create the view among shareholders that their complaints about market events will be pursued legally. and will be reviewed. A council which, of course, has faced criticism from capital market lawyers.

Campaign against middle managers!

However, neither the statements of the head of the stock exchange organization have been able to turn the anger of the shareholders into patience, nor the promise of judicial follow-up through the Dispute Resolution Council! Based on this, the shareholders have recently launched a campaign for the resignation of the head of the stock exchange organization and the senior managers of this organization, and through a letter, they have demanded a change in the head of the capital market management.

In a part of this letter addressed to the head of the Judiciary, the head of the General Inspection Organization, the head of the National Accounts Court, the Minister of Economy (and the head of the Supreme Council of the Stock Exchange) and the members of the parliament, it is said to “Secretly inform the public about the gas feed rate in petrochemicals and Used in other sources, in the form of rent, emptying of shares and cascade sale of shares through investment funds and legal entities” is mentioned and it is stated: “According to the letter issued on the 17th of May 1402 by the Honorable First Vice President, His Excellency Mr. Mokhbar With regard to the notification of the gas feed rate in petrochemicals and the use of other resources in companies in 1402, few rent-seeking individuals who are aware of the text of the correspondence and few and special beneficiaries related to the stock exchange organization sell shares with heavy psychological pressure and empty the so-called shares. They acted with cascade sales, which were the main causes of the stock market falling by 120,000 units; However, this correspondence was published as a public correspondence by the stock exchange organization on the 7th of July and caused the shares to fall again with the same focus as the first fall.

Tejarat News cannot independently confirm or deny the content of this letter and the accusations made in it, but nevertheless, it seems that the stock exchange organization’s silence regarding the increase in the feed rate has added to the reason and has erased the color of trust from the capital market.

Nonsensical explanations of officials about the increase in feed rates

The stock exchange organization claims that it was not aware of the decision to increase the feed rate without setting a ceiling. In the meantime, the Minister of Economy, as the chairman of the Supreme Council of the Stock Exchange and one of the proponents of the increase in the feed rate, was satisfied with only vague explanations, which ultimately did not provide specific information to the worried shareholders.

At the same time, the methanol producers, who are most affected by the limitless increase in feed rates, have warned that if this decree is implemented, they will be exposed to bankruptcy and shutdown of production lines.

Now, it is not clear whether Petrochemical Gate, which has poisoned the atmosphere of the stock market these days, will lead to the dismissal of the managers of the stock exchange organization, but the important and neglected point in this campaign and case is the role of the government and economic ministries in approving the increase in feed rates. It seems that after the companies and their shareholders, the managers of the wood capital market will eat the unprofessional and immature decision of the government.

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