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EghtesadOnline: The head of the Securities and Exchange Organization, Shahpour Mohammadi, traveled to Montenegro to promote bilateral cooperation with the Balkan country.

During his two-day trip, Mohammadi met Montenegro’s senior political and economic officials including the deputy interior minister and a deputy economy minister. Accordingly, a memorandum of understanding signed by the two sides in 2010 came into effect, reported the Securities & Exchange News Agency, reported on Saturday.

The two sides called for boosting mutual collaboration. The SEO chief said with the MoU coming into effect, bilateral cooperation will enter a new phase, particularly in legislative affairs (coordinating regulations within the framework of the International Organization of Securities Commissions), establishing master-feeder joint funds, connection between central deposits and playing the role of custodian, connecting bourses, accepting ETF or ETC by the two sides, establishing project funds in the two countries and issuing securities.

Concurrent with his visit to the Balkan country, a conference on the occasion of the 25th anniversary of Montenegro Stock Exchange JSC Podgorica was held Friday at Hotel Hilton in Podgorica. Mohammadi  attended the event and expressed the hope that the two sides could build cooperation in the capital market, Financial Tribune reported.

400 Culprits Fined

Speaking to IBENA, Mohammadi noted that 400 offenders in the stock market were fined in the past two and a half years. Those found guilty could be fined up to1.2 billion rials ($8,540) as per law. Another 75 criminal cases are under investigation.

Referring to the growth in the Iranian capital market, he said trade in this market surpassed 240 trillion rials ($1.7 billion) since the beginning of the current fiscal in March.


Iran Securities and Exchange Organization Chief Montenegro Shahpour Mohammadi