Page 43 - IRANRptNov21

Tehran stock exchange chief quits after crypto mining equipment is found on premises
Speaking in the meeting, Khandouzi said his ministry planned to make the economy more predictable and eliminate pricing systems that were harmful to the capital market and the stock exchange, Mehr News Agency reported. He was also reported as saying that the government—a hardline administration that took over in August—would follow new strategies to compensate for the budget deficit by making government assets more productive and selling surplus properties.
Last week, the most traded companies on the TSE were Isfahan Refining Company, National Iranian Copper Industries Company, Mobarakeh Steel Company, automaker Iran Khodro (IKCO), Sabzevar Pars Steel Complex and Arian Chimia Tech Industrial Group.
The CEO of Tehran Stock Exchange (TSE) has submitted his resignation after unregistered cryptocurrency mining equipment was discovered on the TSE premises, IRNA has reported. Mahmoud Goudarzi was appointed as TSE caretaker CEO following the resignation of Ali Sahraee.
Reports about illegal crypto mining units at the bourse had been reportedly making the rounds and were soon confirmed by the Securities and Exchange Organisation.
Mostafa Beheshti, the SEO executive deputy, was reported as saying that the crypto mining units were not owned by any particular person, but “such activity is beyond the TSE’s purview and those in charge must be accountable”. Sahraee was reported to have linked the cryptomining operations to R&D plans that the TSE was working on in the past, while rejecting allegations that the TSE was seeking to profit from undeclared crypto operations.
The regulator stated that there was no mention of TSE crypto mining in the bourse’s financial reports, adding that relevant officials had been summoned to explain themselves.
Mining virtual currency is legal in Iran under rules approved by the government in July 2019. Illegal crypto mining farms have, however, increasingly sprung up because using subsidised electricity without a permit keeps tariffs lower.
Iran - Financial market as of Sep as of Apr as of Nov as of Jan as of Jun 2021 2021 2020 2020 2019
Equity market index: Tehran Stock Exchange (TEDPIX)
1,374,891 1,207,850 1,350,899 427,139 248,533
Market capitalisation: % of GDP
176.88 59.2% 59.2% 32.6% 23.9% (2020) (2019) (2019) (2017) (2017)
Market cap: Tehran Stock Exchange 1,374.89 1,150.64 1,366.55 327.20 (Dec 224.85 (TSE) (USD bn) 2019)
PE ratio: TSE 9.61 13.33 22.56 8.60 8.41 Source: CEIC
43 IRAN Country Report November 2021 www.intellinews.com