New Chairman at TSE Board of Directors

Tehran Stock Exchange’s board of directors has got a new chairman and vice chairman. Representatives of majority shareholders in the company also extended Chief Executive Hassan Qalibaf-Asl’s term for two more years, according to Ali Sahraei, TSE’s head of markets as reported by Boursepress. Qalibaf-Asl has run Iran’s main equity exchange since 2008. Since then, TSE’s equity market has grown to over $90 billion, owed to a wave of privatization by the government. The executive presided over TSE’s expansion into debt securities and proliferation of mutual funds, including exchange-traded funds. Esmaeil Fadaei-Nejad from Bank Tejarat was voted the new chairman of the exchange’s board of directors, replacing Mehdi Qomi, formerly of Mellat Bank. TSE also got a new vice chairman, Amin Tafreshi, who replaced Ali Yar-Salehi.