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companies as part of the overall credit profile of the client. The CBI stated that if the customer has failed to pay bills previously, this will negatively impact their rating.
New credit checks would also be considered through other means including delays on repayments, punctuality regarding maturities, financial misconduct including bounced cheques and late tax payments.
Government and state organisations taking part in the creditworthiness process including the Tax Office, Judiciary, Central Insurance of Iran, Islamic Republic of Iran Customs Administration (Irica), the Ministry of Cooperatives, Labour and Social Affairs, and the police.
The CBI has yet to list companies that will serve as the initial companies offering credit checks; however, international companies, many of which, including Equifax and Experian, are based in the US, are unlikely to be invited to participate.
8.3 Stock market
Tehran stock exchange broke through the two-million barrier
Iran’s biggest venture capital fund makes debut on over-the-counter Fara Bourse
January 18 saw the TSE’s main index, the TEDPIX, plummet by 36,989 points to 1.149mn, following its 6.5% slump recorded in the previous week’s trading. When the index broke through the one-million threshold for the first time in May last year there were even then warnings that it was overheating, but by August it smashed through the two-million barrier. Since then, the stock exchange has been regularly hit by painful bouts of losses.
Analysts said the TEDPIX made its astronomical gains despite there being no economic fundamentals to drive it to such highs. However, with Iran’s economy—particularly the Iranian rial (IRR)—battered by sanctions, many investors, encouraged by signals from the government that there would be a growing amount of privatisation and a slew of state enterprise flotations, appeared to stick with the TSE as their best bet to get a good return on investment. Then it all went pear-shaped.
Despite the carnage, there are plenty of analysts who believe that great value would be unlocked in Iranian stocks should the country shake off the economic shackles. In September, it was reported that more than 250 companies had registered an interest in listing on the TSE.
Iran’s biggest venture capital fund (VCF), “Pishgam”, on February 16 made its debut on the country’s over-the-counter Iran Fara Bourse (IFB), according to the junior equity exchange’s website.
The VCF reportedly comprises of 2.4mn units, each with a nominal value of Iranian rial (IRR) 1mn rial ($3.85 at the free market rate), putting the total value of the fund at IRR2.4 trillion ($9.2mn).
VCFs in Iran largely operate in fintech, nanotechnology, health and pharmaceuticals.
The focus of Pishgam is investing in startups that have already established developing businesses, rather than startups with fledgling businesses, IFB said.
Investments are to range from 100bn to 300bn rial, according to the Pishgam managers.
“Investors have to subscribe for a minimum 1,000 units worth one billion rials,
40 IRAN Country Report September 2021 www.intellinews.com