Business And Markets

Bourse Boss Bows Out

Bourse Boss Bows Out
Bourse Boss Bows Out

The managing director of Securities and Exchange Organization Hassan Ghalibaf-Asl submitted his resignation to the economy minister.
The resignation came days after steep declines in share prices and the inability of the SEO, the stock market regulator, to improve the situation.
In the letter posted on the SEO website, Ghalibaf-Asl said his efforts to lift the struggling stock market were futile "due to politicized moves and intervention of non-professionals in the working of the capital market.” He did not elaborate.
Over the weeks he had criticized the Industries Ministry for setting price caps for steel products offered at Iran Mercantile Exchange. 
The decision reportedly triggered a new bout of steep stock market decline, impacting the performance of large numbers of big cap listed companies. 
Qalibaf-Asl was appointed as SEO chief last April and succeeded Shapour Mohammadi. His past assignments include CEO of Tehran Stock Exchange, head of Iran Investment Company and director of Omid Investment Management Group Company.  He chaired the TSE for 10 years.  

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