The new decision of the parliament for the supply of commodity exchange products
According to Tejarat News, what is the new decision of the Parliament to supply the products of the Commodity Exchange?
A member of the Board of Directors of the Association of Stock Exchange and Securities Brokers in a conversation with the Bazarsarmayeh news site.Senate) said: The plan for the regulation of the market of goods subject to the obligation to be offered in the commodity exchanges, which was proposed recently, is a modification of the plan for the development and sustainable production of the steel chain, which was discussed and reviewed in the Industries and Mines Commission of the Islamic Parliament in the past years, and in If it is approved by the Islamic Council, it can have adverse effects on the industry and the capital market, and in addition to increasing the decisions of Khalq al-Saa’, mandated pricing, lack of transparency, it threatens the security of investment and the predictability of the economy.
He added that this plan, while reducing the powers and weakening the position of commodity exchanges, has increased the powers of the Ministry of Mining Industry and Trade and can increase the government’s interventions in the business environment, while the current laws often refer to the importance and necessity of commodity exchanges. has been
Haji Gholam Serizdi stated: According to clause (f) of article 99 of the law of the fifth five-year development program of the Islamic Republic of Iran in the country’s capital market, goods that are accepted and traded in commodity exchanges as an organized, organized and supervised market According to the rules and regulations governing those exchanges, it is offered and traded.
The CEO of Isatis Poya Brokerage stated: The supply, transaction, settlement and final delivery of the aforementioned goods are not subject to the laws and regulations related to unorganized commodity markets, according to Article 17 of the New Financial Instruments and Institutions Law, “buying and selling goods accepted in commodity exchanges that comply with The regulations governing those stock exchanges are traded by ministries, organizations, public and government institutions and bodies, and executive bodies do not need to hold tenders or auctions and related ceremonies; Also, according to Article 18 of the same law, while excluding medicine, the government is obliged to remove the goods accepted in the stock exchange from the pricing system.
According to him; Article 37 of the Law on Removing Obstacles to Competitive Production and Improving the Country’s Financial System, approved in 2014 by the Islamic Council, also refers to the supply of raw materials through the supply of products in the commodity exchange and the export of products from this route, which, while clarifying the market of various industries, provides real discovery. The price of products also helps.
The new proposed plan of commodity exchanges has no representatives
This capital market activist said: In the current state of the comprehensive trade system, the optimization system, the warehouse system, the allocation of the purchase quota from the Iran Commodity Exchange, etc. is done by Samt; Therefore, the proposal of this plan and its necessity is ambiguous, however, the details of the proposed plan also have many ambiguities and it seems that it should be re-examined.
Haji Gholam Serizdi stated: This project has a group work of 9 people, in which the role of the Ministry of Privacy is prominent, and the formation of a working group with this structure in parallel with the existence of the Supreme Council of the Stock Exchange seems strange, and it is even more strange that although in the plan In the beginning, the commodity exchanges had a representative, in the new proposed plan, the commodity exchanges and even the Securities and Exchange Organization do not have any representatives, and decisions about the supply of goods in the commodity exchanges are made in a working group in which the project implementers (commodity exchanges) do not have a representative, and on the other hand Also, this plan has very important and sensitive effects on the capital market and listed companies; While the capital market and equity shareholders, which include more than 50 million people, do not have any representatives in important decisions affecting their assets; Therefore, the presence of the head of the stock exchange organization as the trustee of this market and the representative of the shareholders is necessary.
The member of the Board of Directors of the Brokers Association further said: In the proposed text, the supply in the commodity exchange has been mentioned several times, but the name of the energy exchange has not been mentioned, and it seems that the role of the energy exchange and the supply of goods included in the plan has been neglected, and according to This plan for determining the base price for surplus goods offered in commodity exchanges has been provided to the working group subject to this law; While surplus goods are formed due to the lower demand of the market compared to the volume of supplied goods, and the working group’s decision regarding it is out of the philosophy and nature of this plan.
He added: The proposed plan is ambiguous in terms of the goods subject to the obligation to supply, how to propose and determine their examples, the status of the current goods accepted in commodity exchanges, the way the working group makes decisions, as well as the role of the current working group in regulating the petrochemical products market, and the scope for increasing decisions It creates night and day, and the last type of these decisions is the sudden cancellation of the car supply in the commodity exchange despite previous notifications, the creation of the necessary infrastructure by the commodity exchange and the deposit of the corresponding guarantee by the customers, which reduces capital confidence. Investors went to the capital market.
The CEO of Isatis Brokerage said: Considering the review of the plan to amend the capital market law in the Islamic Council and the existence of conflicting cases between this working group and the amendment of the new law, it is suggested that this plan be reviewed after the amendment of the capital market law and within its framework, considering the importance and Its great impact on the economy and the capital market, the matter should be re-examined by the Economic Commission of the Islamic Council and the potential of the Supreme Council of the Stock Exchange should not be used in this plan and a separate working group should not be formed.
According to this capital market expert; It is suggested that in order to encourage companies to offer in commodity exchanges, incentive measures; For example, increasing the tax exemptions of the companies supplying in the commodity exchanges should be used in the amendment of the capital market law, and at the same time, it is suggested to the manufacturing companies to use the new tools of the commodity exchanges, such as long-term contracts and premium discovery, in their long-term planning and to use the capabilities The export ring of commodity exchanges should have the necessary use.