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Code: 42821 Visited: 815 Publish Date: Sep 12 2017 - 2:30
https://goo.gl/8DSeRc
Capital Market
Kara to Ease Stock Market Red Tape
Tehran, Sep. 12 (SENA) - A new electronic system, Kara, has become operational in the Iranian stock market to ease the red tape for the brokers who are applying for a trading code at the Central Securities Depository of Iran.

Tehran, Sep. 12 (SENA) - A new electronic system, Kara, has become operational in the Iranian stock market to ease the red tape for the brokers who are applying for a trading code at the Central Securities Depository of Iran.

 

The registration process will no longer be possible through the secretariat, according to the SCDI CEO Mohammad Reza Mohseni.

 

The aggregation of services which are centralized in an integrated system was the main purpose of the effort, Mohseni told SENA.

 

The new system is expected to cut paperwork, reduce costs, and diversify the services.

 

Training courses are already available for the brokers that want to get familiar with the Kara system.

 

The number of foreign entities who apply for a trading code on the Iranian stock market has been on rise in recent months.

 

“Nineteen legal entities from Turkey, China, Pakistan, Azerbaijan, India, Isle of Man, Oman, Iraq, the UAE, Afghanistan and Georgia were allowed in the last month alone to trade stocks in Iran,” Mohseni said, adding that the new system will accelerate the registration process.  

 

Investors from Uzbekistan, Poland, Switzerland, Sweden, Germany, Russia, Spain, the UK, the US, South Africa, the Netherlands, Japan, Cyprus, Italy, Norway, Greece, Indonesia, Maldives, Canada, Hong Kong, Qatar, Luxemburg, Syria, Kuwait, New Zealand, Malaysia, South Korea, Armenia, Virgin Islands, Nigeria and Cayman Islands already received a code from authorities to trade stocks.

 

Overall, 905 foreign entities currently hold a trading code, 228 of them are legal entities.

 

 
By: Security and Exchange News Agency (SENA)
 
 
 
 
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