Will the stock market be freed in the 7th development plan / Todli stocks of automobile manufacturers? – Tejarat News

According to Tejarat News, Article 5 of the 7th Development Plan Bill, which is currently being considered in the parliament, with the title of popularizing the economy, emphasizes the acceleration of the privatization process. Clause “b” of this article obliges the Ministry of Economy to carry out certain measures in cooperation with other executive bodies “until the end of the second year” of the development plan, with the aim of proportionalizing the management powers of the government and non-governmental public institutions in companies with their shares.

Deprivation of voting rights of subsidiary companies

According to the provisions of Article 5 of the 7th Development Plan Bill, the Ministry of Economy (Stock Exchange Organization) is obliged to strengthen the position of minority shareholders and non-controlling shareholders in the corporate governance system, to provide appropriate mechanisms to propose minority shareholders for proposals in the board of directors and assemblies. provide companies.

Also, in order to deal with pyramidal and multi-layered shareholder structures, the Ministry of Economy is obliged to specify the beneficiaries of the parent companies (holdings) after identifying the layers of shareholders. According to the announced list of this ministry, government agencies and public non-governmental organizations are required to hand over the desired shares by the end of the second year of the program.

In the note of this paragraph, from Article 5 of the Seventh Development Plan Bill, it is emphasized that from the date of promulgation of this law, in case of acquisition of the shares of public companies by their subsidiaries or affiliated companies, the owners of these shares have no voting rights and in the quorums related to the formation of public assemblies And their decisions are not considered.

Based on this, managers of companies that have at least one management chair directly or indirectly (through ownership) of public companies registered with the Stock Exchange and Securities Organization, are required to submit the list of owned companies and their ownership percentage to the Stock Exchange Organization and Provide securities.

Also, the Securities and Exchange Organization will be obliged to act in such a way that the composition of shareholders with voting rights of each company is announced by the Central Securities Depository and Funds Settlement Company, taking into account the provisions of this article.

Some analysts have evaluated this clause as opening the way for the supply of Tudli shares of automobile manufacturers. According to this view, it is said that due to the removal of the voting rights of Tudli companies, the car manufacturers will finally give up the multi-layer ownership and the way will be opened for the transfer of subsidiary companies and even the car manufacturers themselves. .

Strengthening the position of the energy exchange

The articles related to the capital market are not limited to this, and this bill also involves the capital market in some other ways. Clause “P” of this article of the bill also emphasizes that in order to attract the participation of the private sector and facilitate the transfer process, the use of the debt cancellation method through the transfer of ownership or shares of state-owned companies to non-governmental public institutions, pension funds, and the like is prohibited in transfers. . Also, handing over government property and assets to public institutions is allowed only after two public invitations and the private sector not accepting the invitation.

Meanwhile, another provision of this bill, which is related to the electricity industry, can strengthen the position of the energy exchange and institutionalize the process of supply and demand in the energy exchange and price discovery in this market.

This bill has suggested that 60% of power plants’ electricity should be sold in the stock market until the end of the implementation period of the development law. Also, the electricity capacity of the country should be increased to 124,000 megawatts, and the current range is between 80,000 and 90,000 megawatts, which is expected to increase by 30% by the end of the seventh plan. However, it should be noted that in order to achieve this goal, gas production must also increase; Because most of the country’s power plants are gas.

Improving financing conditions through the capital market

In another part of this bill, Clause P of Article 3 has emphasized that the Ministry of Economic Affairs and Finance (Stock Exchange and Securities Organization) is obliged to provide a suitable platform for the public offering of shares of projects with high efficiency and currency gain in the form of joint stock companies within a period of three months. General project or issue of debt bonds to provide their financing and take action to remove financing obstacles through the issuance of debt bonds.

At the same time, paragraph 3 states that banks, financial and credit institutions, financial funds, and the Securities and Exchange Organization are allowed based on the regulations issued by the Ministry of Economy in cooperation with the Ministry of Economy within 6 months at the latest after the notification of the 7th Development Plan Law. Samet and other related institutions are approved by the Council of Ministers to accept intangible assets that can be exchanged in the market, including digital assets, in the validation, collateral, guarantee and underwriting processes.

The bill of the 7th development program contains many positive and negative provisions and has provoked different votes and opinions. Critics of the bill say that some of its provisions are not applicable due to the infrastructure and laws, and others are not effective enough to improve the country’s situation. Currently, the parliamentarians are fighting over this bill. The parliament has currently extended the 6th plan until the end of this year and it is not yet clear when the bill of the 7th plan will become a law and be notified for implementation.

Read more reports on the capital market page.