In the name of allah, the most merciful, the most merciful. Hello, dear compatriots, ladies and gentlemen. Welcome to the first page. As much as you hear weather news or news related to the state of the coin and gold market, you probably hear news related to the Capital Market as well as other news. And if you are active in this market, then you should follow this news more closely. Tonight, the first page of the program will be hosted by the head of the securities and exchange organization, mr. Dr. Eshghi. I say hello again, and i say hello again , dear viewers. And you, mr. Qutbasi. We are at your service. Stay healthy, dr. Eshghi. Lets take a look at what the role of the Stock Exchange organization is, according to the law. Exchange based on article 2 in order to protect the rights of shareholders , the Securities Market law has the task of organizing the preservation and development of the Capital Market. In the regulations and instructions that have been changed, we address this important point in the development of instruments and markets, and also in the handling of cases and violations that occur in the Capital Market, all are in line with the protection of shareholders rights, which the Stock Exchange organization and its the Supreme Council of the Stock Exchange for the purpose of the formation and the regulations are written based on this, so lets sum it up in one sentence in order to protect the rights of the shareholders and to organize the maintenance and development of the Capital Market. This is the main task of the market of the Stock Exchange organization. The law has been put on your shoulders , what have you done since mehr 1400 until now . This mehr 140, it has been almost 2 years since the new team of the Stock Exchange organization has been working and serving. At the very beginning, we defined a series of strategies for the Stock Exchange organization, which were based on three general axes. The first axis is the protection of capital rights investors with emphasis on high profits. Well, a phenomenon that we witnessed in the Capital Market was the direct discussion of sorcery by members of the public. Those events were part of the events of 2019 and sometimes during periods when the market faced serious upheavals. With the lack of a Capital Market, they made the most losses. One of our new leaders was the discussion of indirect development. Launching that funds supplementary retirement , capital guarantee funds , sector funds that invest in a specific industry. Can find the product he needs, now we can claim that this portfolio of products has been completed with the launch of various funds that we had. There is also an interesting statistic that i would like to say. The percentage of daily market transactions was related to indirect instruments it means funds, but now the daily transactions of the market are related to Investment Funds, what does that mean . That is, instead of directly buying stocks and buying stocks themselves, investors choose among indirect tools that are Investment Funds. This has many benefits for the market and for the investor. First of all, the transaction fees are extremely low. The age of investment means that we were able to reduce the cost of transactions in the Capital Market with this method. Of course, this has a series of conflicts of interest in the market. There are too many direct frauds, well, they dont like this very much, but we developed this sector and , alhamdulillah, we got good results. It is better to work in the market, people who are not familiar with the market should directly invest in the funds, another benefit is that there are a number of people who are upset that the funds are growing , they are the ones who can deal with the market. The seduction of real people whom he does not know they should kill the shares that they were advertising, well, this space has become a bit more limited for them, of course, these sectors are always in the market, and we have our own tools to deal with these people, and although investors must be careful enough for this, so one of our serious discussions , in fact, the first dimension is the development of indirect marketing. There is attention to the tools of the housing market, we paid serious attention to this, of course, in the Capital Market in general, we believe that the share of the housing sector in the Capital Market is still very low and should be developed. We in the Stock Exchange organization have a strategy. Now we are following up that the housing sector has always been profitable, we have a lot of demand in the housing market, but on the one hand , there are resources for this sector, but they never come together or they come together very hard. We have defined a real estate and independent property fund, it was launched, and now independent real estate funds are also being launched. The second part is to help direct resources to the housing supply, that is, the issue of housing production, which we have now with the help of the housing loan tool. We are working , we have reached the final stages god willing, it will be finalized soon. In this tool , god willing, we will be able to direct the resources directly towards the production of housing, which, according to the discussions we had with the builders and companies that are active in this matter , will be well received, god willing. The next issue is to increase the quality of providing services to investors. We saw when we were faced with the peak of people turning to Financial Institutions that the Investment Companies were not able to provide the Necessary Services in the Investment Companies, of course, with the development of electronic systems. This was done but one was also created in some Financial Institutions, and sometimes no permission was given in that Financial Institution for 13 years. In the last two years, we have authorized more than 206 Financial Institutions to operate, from capital supply companies , Portfolio Management companies, Investment Funds , Investment Holding companies. Shares increased from 45 thousand billion tomans to more than 100 thousand billion tomans. A billion tomans have been reached. This shows that Financial Institutions have a role in the Capital Market. We also broke these monopolies. There was a long page of requests from the magicians. Naturally, not everyone agreed with those who had followed the rules, but finally the lock on the operating license was broken. In the last two years, more than 10 companies have obtained registration and establishment licenses, and i think it has been stopped for more than 10 years. It was a year later, the license was suspended no new ones were given and all of these are approved through the National License portal. All these requests come from the National License portal. The Stock Exchange organization, as one of the leading organizations in this field , is transferring all the licenses, most of the licenses are transferred there. The rest of the licenses or licenses that are newly defined are actually transferred there and we give their licenses there. We had a series of discussions about the payment of dividends. All by the Customer Community system, which is in the independent depository Company Called se jam all the companies were required to pay that way. So far this year, the profits of all the shareholders have been paid through the sejam system. More than 50 thousand billion tomans have been paid. There is another thing that we have done regarding the payment of profits , which is really it happened that for many years, a series of profits were distributed by the assemblies, but they remained inside the companies, and the companies did not pay them on the pretext that we do not have the details of these. So far, almost 12 Million People from 116 profit publishers have received um salal they received a deposition that these may not be a large number for a single person, about 20 thousand tomans, one million tomans, 5 million tomans, even the number. We had a lot of money from them, but when it is collected, several thousand billion tomans were deposited in the accounts of the companies, which we also paid as royalties, which were really the responsibility of the companies and did not pay through the sjam system. Now thats it. Since you said this, let me ask you a question about the system of the deceased, why has it not been launched yet, on the other hand, the judiciary says that the information is Available Online to the company, it is a central deposit. It has been given, but the depository company says that the information is not online and only a photo. Now if you want to see a report first, then you have to see the report. The assets of gharras adalat shares will be determined soon. This system is ready. It is almost up to our efforts. By the end of september, let us announce that september 100 has also ended, but this time there was no news about the launch of the system for the deceased. A system for transferring the property of 3. 5 million deceased people to verras, which was supposed to be done in collaboration with the judiciary and the depository company by september last year. Be launched in september, i announced that the deposit back system was ready. The meetings we had with mr. Dr. Kazemi fard were based on the fact that we can have those items of information. From the side of the judiciary, in this cooperation, the judiciary should have provided the information of the deceased to the depository company. This data is available as a web service. The Stock Exchange organization has placed the depository company as well as the implementation of the necessary infrastructure for the transfer system of the deceased. During the last one year , we have asked the depository company many times about the reason for the delay in starting the system of the deceased since 1985. Since 1997, onor has only been given a photo of inheritance monopoly based on the service of 1997, and it does not actually cover the number of those who died. At the moment, the officials of the judiciary deny this claim. The Stock Exchange and Securities Organization had been presented and it was decided that the depository company would have access to the information on inheritance monopolies through the Stock Exchange and Securities Organization, and this year also the rulings would be available to the company directly through the National Center for Information Exchange online and completely free of charge. A deposit has been placed. With this it has been at least 6 months that the Central Depository company has Online Access to the information of the deceased, but there is still no news about the launch of this system. You can see the program on the first page with the presence of dr. What is the deceased . Yes, the question you said is yes, the Judicial Branch has provided the service to the Stock Exchange and ulabada organization. The point is that this service that has been provided is the certificate of authenticity service, because these assets want to be divided based on this. This is actually an image that must be converted into numbers. We were actually obsessed with converting these photos the photos of the monopoly certificate reach the numbers and actually the percentages that should be divided and implemented correctly. Ok. Due to the fact that it was necessary to equip our Operational Network and provide them with a series of softwares, we wanted to use the cooperation of a series of offices that also perform specialized work in the field of qadai devices due to the back and forth that it happened this year, it didnt pass, that is, our plan was to have it happen last year, but alhamdulillah, this work in the deposit has been done from next week, we have the necessary training. Now , we will call on the given Employment Companies from next week to refer the deceased persons to the employment details and , god willing, this discussion of forced transfer will be done. Of course, we also had a plan that if it is possible to carry out this forced transfer, if the information is available in one place, we will carry out these forced transfers in one place, in such a way that there is no need to be present at all, but for now, with considering that the information is not available in one place , we will call starting from next week, considering that the number is high and this has been accumulated for several years and it is not possible for us to call everyone at once. It may happen again. God willing, there are more dead people, yes, and god willing, if the offices announce their arrival to help, it has not been decided yet , but god willing, they will be added so that this work will continue at a faster pace, but god willing , it will start officially from next week , only with note that you yourself say this for years it didnt happen and it stopped. Now the numbers are the same as in the previous years. Is it a creditor or is it subject to the socalled debt adjustment . See, this division of the matrifian matrix has two parts. It was one million tomans, it was the daily value of whatever it is, the shares themselves are actually transferred directly or indirectly , and the shares are transferred at the daily price, naturally, a part of the profits of the industries, which from the past years, the people who did not receive the profits this is not the stage for us to get this information inshaallah, the discussion of the distribution will be done. After all, it is in the failed accounts in the bank accounts, any amount that has accrued interest , it is actually calculated, and each person is paid to the last rial. It has been paid in the past, of course, i would like to mention that until the year 2018, the profits that belonged to the equity shares were for the payment of installments. Since the year 2009, when the profits were actually paid , the people who did not receive the profits after that are eligible to receive the profits. They are, naturally, when these profits were used to pay the principal of justice shares in fact, there was no more profit to be divided, but the profits that were particularly significant in the last two years will be divided according to the same percentages that are determined in the system that we provided to the brokerage companies. You mentioned Pension Funds or Supplementary Pension Fund in the beginning of the program. Lets see the report of my colleagues and hear more about it from you. Unveiling of funds to supplement Pension Funds. Financial institutions that actually invest longterm and indirectly in the Capital Market and individuals it is covered after retirement and it is a supplement for guaranteeing workers and employees. Fortunately, the legislator has provided for additional pension Investment Funds in the law. According to the minister of economy, the promotion of these funds is an aid to investment in the Capital Market, as well as the structural reform of Pension Funds. On the one hand, helping to solve the problem of fund imbalances and more precise, more professional, technical and expert investments that will help to improve the balance of the funds, and on the other hand, pushing an important and large capacity that exists in the market. It is because express and use the capacity of the fund. The head of the Stock ExchangeOrganization Also said and added about the higher efficiency of the Capital Market compared to other markets in the long term. In addition, the yield of Investment Funds is higher than the average yield of the stock market, and the transactions of the funds have more than doubled in the last two years. In the next 5 years, 10 years, 20 years, everyone will definitely see what blessings and benefits they will have for both the Capital Market and the owners of these units and the employers who invest in these funds for their employees. Create a fund supplementary pension has been issued and employers and Company Managers can sign contracts with these funds with a capital of at least 500 billion tomans. Supplementary Pension Funds, in addition to providing contributions to individuals, can provide stable sources for the Capital Market itself hossein bakhtiarian khabari sada and sima, mr. Eshghi, tell the people in simple language what these funds will do to peoples lives and their future. We have a mandatory pension fund, which is the Social Security of the open fund or other funds provided by institutions and executive bodies for employees and workers. Formed and actually continues to operate. But apart from these Pension Funds, they are actually compulsory insurance funds. We have come to define a Supplementary Pension Fund that is under the supervision of the Stock Exchange organization based on the Securities Market law. Its license is issued by the Stock Exchange organization and its regulations are written by the Stock Exchange organization. These funds are in such a way that employers who prefer to set aside some resources for the future of their employees, on the one hand, a part of the employees rights are usually set aside. This exists in Many Companies and executive bodies which, for example , is separate from karmans, but it is not a supplementary insurance for treatment. Yes, this is only for investment. For example, two percent of an employees salary is earned every month, more or less , the executive body of the Company Keeps this money in a separate account and invests it when the person wants to leave the organization. To retire, these resources are invested in an accumulated form and cleared to the persons account. Well, this work is done in different structures now inside companies and organizations, in fact, the devices, which sometimes have tax problems. Do you know about the way of investing in transparency . There are actually issues and they are not transparent enough. We have created a Supplementary Pension Fund in the Capital Market complex , where the employer can actually deduct a part of the employees salary. He should put a unit in this Investment Fund and buy the investment units of this fund. In fact, it is kept for the long term. The long term that i am saying and emphasizing is because when we consider the longterm returns of the Capital Market with all parallel markets and competing markets we compare officially and unofficially, it is not comparable at all. For example, in a 10year or 20year period, when we compare these yields , there is a difference of several times, for example, if the longterm yield of the market, for example, housing is 25 of the longterm yield of the market. The capital in these markets, for example , 10 years or 20 years , which we are comparing, is over 400,500. Unfortunately, what happened is because of the professional management that exists in the age of Investment Funds. It was from the market, so the predecessors predicted that what we have is that Pension Funds can collect these resources during the years that the employee is employed in the company, this is accumulated due to the much higher efficiency that exists in this market at the end of the persons mission at the time of retirement or from work. Dropping or stopping the cooperation of these resources at once based on the agreement between the employee and the employer, because the employer may say that if you only stayed here for two years, i will not give you anything, if you have worked here for more than 5 years , i will give you these resources that i gave myself. I will allocate it to you or make another promise and appointment we take all of this transparently from all employers, so these resources are invested in the Investment Fund. At the end of the mission, the person is paid in one lump sum. The benefits that this has. In the name of entrepreneurship and entrepreneurship, which has created Serious Problems , we all know more about these funds, according to the investment quotas that exist, the fund does not have the right to entrepreneurship, it does not manage the shares of any one company. He can buy , therefore, in the long term, we will have a management problem in this fund we dont have the resources of the fund in small form, it is invested in various stocks, according to the history of almost 17 to 18 years of Investment Funds that exist now, in the Capital Market , we do not have anything called default in brokerage funds, these are at the daily price. The transaction is delayed. Nonfulfillment of obligations means that the fund is not able to fulfill its obligations. We did not have such a thing, and the funds, according to the management that they apply within the quorum, which the Stock ExchangeOrganization Also has serious supervision over, and we have cases of violations. Many are formed for those who do not follow these rules we will take care of it and