Tehran Stock Exchange   Brilliant performance in a short span As one of the most essential components of a cohesive and thriving capital market, the "Stock Exchange" plays a decisive role in attracting the deposits and leading the scattered and floating capital (s) to the proper economic directions. Along with the world-wide development of the share and stock market the "Stock Exchange" also has gained more significance in the Islamic Republic of Iran, during the recent years. Due to implementation of the First-Five Year Economic Development Programme, ratification of the specific laws allowing the cession of the shares of the state companies to the private sector, and active engagement of the said sector in the country's economic infrastructure "Tehran Stock Exchange" indicated a rapid growth and by the end of 1373 (Solar Calendar) 1994-1995 fiscal year, only six years after its inception, its volume of transaction remarkably increased to Rls.188.5 bn. Demonstrating a 123% increase in the coefficient of the shares' total price in 1995, as compared with that of the 1993 fiscal year, "Tehran Stock Exchange" stood in the first position well ahead of the North African and the Middle East countries. The necessary measures taken in 1995 n Stock Exchange's share, in support of financial resource- orientated new investments, increased to 3% from that of only 1%. Therefore constituting a unique growth among all Middle Eastern countries. n The number of transacted shares exceeded 430 million in 1995, showing a 200% increase vis-a-vis that of the previous year. n The number of active membership in Tehran Stock Exchange, after acceptance of 40 new members, reached a total of 195 companies. n Currently the list of conditionally accepted members contains 28 companies out of which 18 are already omitted, not meeting the necessary requirement. n The list also included 30 suspended companies. n The number of applicants willing to join the stock market currently stands at 48. n The pattern of support for financial resources of the companies, via the increase of their available capitals, has continuously been enhanced due to implementation of the relevant incentive policies by numerous banks. Thus, showing a 1900 billion Rial figure by the end of 1995 fiscal year as compared to that of only Rls. 17.2 bn. in 1980. A few significant features of the 1996 programme:   n In compliance with the Second Five-Year Programme and for further expansion of the activities of the stock exchange, in addition to five existing satellite stations in cities of Mashhad, Tabriz, Kerman, Isfahan and Ahwaz, new satellite stations would soon be installed in other cities such as Yazd, Sari, Rasht, Zahedan and Oroumieh in 1995. n Specific efforts were also made in 1995 for stabilising the rate of "share gains tax" and reducing service charges or the commission on all transacted shares, to only 2%. n The inception of "Share Distribution Fund "has already provided all the necessary means for the rapid transfer of the relevant shares, particularly due to direct introduction of such shares into stock exchange organisation and the issuance of their respective transfer licenses