People from other countries can invest in Tehran stock Exchange. Foreign investors can invest in TSE, directly or indirectly (mutual funds) by intermediation of TSE's members.
It’s a unique trading ID that you need to have in order to be able to either own or trade shares or bonds in TSE and IFB. You are not required to have this trading code to invest in the mutual funds. For more information on how to obtain a trading code, please contact us at: info.tfbroker.com.
For trading at TSE, one must choose a member firm (broker) to trade through it. Using TSE Trading System, your stockbroker will buy or sell shares based on your instructions. Currently, there are 101 member firms operating at TSE. They get their license from Securities and Exchange Organization (SEO).
Non-Iranians and Iranians who are living overseas. To be more specific, if the incoming source of capital is not based in the main land, it is considered as “foreign investment” and investors shall go through processes of fund transfer and opening necessary bank accounts for their investment.

Each of the following persons is considered to be a foreigner/ foreign entity:
  • An individual person who does not enjoy the Iranian citizenship;
  • Any legal entity that has been registered in a country other than Iran;
  • Any legal entity that has been registered in Iran whereby the total shares of the persons stated in subparagraphs (a) and (b) above in the capital of such entity shall exceed fifty (50%) percent. In the event that the mutual fund is regarded to be a foreign entity, it shall remain to be the same (foreign entity) as long as the shares of the persons stated in subparagraphs (a) and (b) above in its capital have not reduced to 40%.
 The government of I.R. Iran welcomes foreign investments and urges all the foreign investors to attentively peruse Iran’s FOREIGN INVESTMENT PROMOTION AND PROTECTION ACT (FIPPA), and its executive bylaws to know their own rights and be informed of the facilities and protections they may enjoy as well as the legal obligations and requirements caused by investing in Iran.
the restrictions imposed on the possession of shares by the non-strategic foreign investors on every exchange or OTC market are set forth as follows:

1. The number of shares owned by the total foreign investors shall not exceed twenty (20%) percent of the total shares number of the companies listed on the exchange or on the OTC market or twenty percent (20%) of the shares number of any company listed on the exchange or on the OTC market.
2. The number of shares owned by each foreign investor in any company listed on the exchange or on the OTC market shall not exceed ten percent (10%) of the shares number of such company.

  • Please note SEO will supervise the limitations mentioned in Note 1.
  • Please note that there were no limitations for trading in rights issued.
Strategic foreign investor refers to the one who intends to possess over 10 percent of a listed share. Such foreign investor should contact "Organization for Investment, Economic and Technical Assistance of Iran (OIETAI). They grant the license to buy up to 100 percent of a listed share (as Foreign Direct Investment "FDI"). Please note that such investor cannot withdraw its capital whenever he / she may; he may grant license from OIETAI again.

What are the benefits of "investment funds"?

Foreign investors may share their investments with Iranians, and managing investment will be observed by a well-qualified expert who obtains license. Those experts are well informed of Iranian market and have the ability and expertise in investing in this market. In a word, it is a less risky investment.
The foreign or Iranian nationalities/entities shall, by obtaining the trading license, be authorized to open accounts in Rials, in foreign exchanges, transfer foreign currencies to Iran, and convert them into Rials and vice versa in the Iranian banks for their banking and investing operations. Transfer of the original capital, capital gains and cash dividends received by the persons/ entities holding trading licenses overseas (outside Iran) shall be authorized in compliance with the national foreign exchange rules and other relevant standards and regulations. The Central Bank (CBI) of I.R.I shall deliver the foreign exchange equivalent of the transferable funds as described in Note 1 of this article to the foreign investor or the Iranian investor holding licenses at the official exchange rate in the national banking system in case of a single currency peg or ‎otherwise, at the floating exchange rate‎. Under particular circumstances and at the discretion exercised by the Central Bank of I.R.I., such funds shall be payable in equal installments at a four-month interval during the course of one year. The necessary guidelines for implementation of this article shall, within three months as of the approval date of the present regulations, be approved by the Ministry of Economic Affairs and Finance and the Central Bank of I.R.I.
You are required to provide us with your original passport or send us a photocopy of your passport certified by an Iranian Embassy located in your residing country.
Yes. Tadbirgaran Farda brokerage, offers on-line trading service. Any order that you place over the internet will be routed to a TSE member who will then reroute it to TSE market.
During auction trading, priority among orders is decided on two principles; price and time priority, to ensure that all orders are handled equally and transactions proceed smoothly.

Under the price priority rule, a selling (buying) order with the lowest (highest) price takes precedence. Under the time priority rule, an earlier order takes precedence over others at the same price.
Settlement is the transfer of funds and securities between buyer and seller once a transaction has been agreed upon. Currently, settlement for trades executed on the TSE market takes place on the 3rd business day after the transaction - often referred to as T+3. Central Securities Depository of Iran (CSDI) acts as central counterparty to settlement, so that funds are transferred between members (broker) and CSDI and securities transferred between client accounts. Transactions are settled by book-entry transfer between accounts.
Securities Depository of Iran (CSDI) is a public company, which handles the clearing and settlement operations, and also acts as the Central Depository for all securities in Iran. The main shareholders of CSDI are TSE, banks and member firms.
If the company has made a profit, the distribution of at least 10 percent of the annual profit among the shareholders is obligatory. Paying more than this rate depends on the resolution of the general assembly of the company.
Annual, semi-annual and quarterly reports and any information that could affect stock process have to be submitted to the SEO on a regular basis by every listed company. These reports and other financial statements are stored in the SEO library and are available to the public. Besides, SEO has implemented a network: CODAL (www.codal.ir), through which information affecting the price will be issued directly. All the information is free by now.
Yes, capital gains and dividends are tax free for both Iranians and foreign investors.
For price and other stock market information, investors can rely on the following sources: stockbrokers, Tehran Stock Exchange, media (newspapers, television and radio), and information service companies.

In addition, the TSE's Market Department (statistics section) issues statistical Weekly and Monthly reports and Fact Book in a regular basis. These contain among others, trading statistics, the composite index and sectorial indices, market capitalization of listed companies, volume and value traded. These publications are available at the TSE's website. (www.tsetmc.com) All these information are free by now.
Various indices are calculated in TSE such as price index (TEPIX) and Dividend index (TEDIX), Price and Dividend index (TEDPIX), index of 30 blue-chips, and free float index. In addition, indexes of 37 industries are also calculated. All of them are capitalization weighted indexes.
For Cash Market: Preopening 8:30 – 9:00, Trading 9:00 to 12:30
For Futures Market: Trading 9:00 to 12:30
these hours are effective Saturdays to Wednesdays, except public holidays.
Tehran Stock Exchange (TSE) is the first and biggest stock exchange in Iran. Tehran Stock Exchange was established in 1968. In 2005, the new Capital Market Law of Iran was approved by the parliament, and in 2006, according to this act, TSE was demutualized and reestablished as a joint stock company with over 6000 shareholders and a seven-member board. You can also check Regulations Governing Foreign Investment in the Iranian Exchanges and OTC Markets
Options can play a role in virtually every investor’s portfolio. They can be used to hedge against risk, generate income, and even speculate on market moves. Actually in Iran we have one kind of put options now, called “stock insurance” or “TabaE put options” which is almost similar to European options with a few differences.
The range of price movements on TSE and IFB is typically restricted to 5% daily either way from last closing. Restriction on Rights is 10%. This can be changed in specific situations by the Board of the TSE or IFB in case of unusual price movements resulting in an extremely high or low P/E ratio.
The following instruments are available on TSE:

  • Stocks (common and rights)
  • Bonds (Participants Certificate and Sukuk)
  • Derivatives (Single stock future and Stock options)*
  • Housing Mortgage Rights (HMR)
  • Exchange Traded Funds (ETF)
Yes. In order to invest directly on TSE, investors, individuals and entities, must have a valid investment license and also a trading code through a brokerage firm. Therefore choosing a stock broker may be the very first step of the procedure. For more information on issuance of an investment license and a trading code, please Contact Us on: info.tfbroker.com
In fact the fund’s unit’s issuance process is very simple and straightforward. On the following chart you will find everything may be needed.

Base Volume means the number of securities of the same type which is to be traded daily so that the total percentage of the spread during the day can serve as a base to determine the price for the following day. This was ratified by the regulatory body, SEO, to control the unreasonable rise in equity prices. The base volume differs for various companies in diverse industries. However, the O.T.C. Market is not restricted to Base Volume.
  • Trading Halt is used when there is any information likely to affect the investment decisions substantially, and is deemed by SEO and TSE necessary to be disclosed to the public.
  • A temporary suspension in the trading of a particular security on one or more exchanges, usually in anticipation of news announcements or to correct an order imbalance. A trading halt may also be imposed for purely regulatory reasons.
TSE and IFB trades are denominated in Iranian Rial (IRR). The money is transferred through exchange offices, calculated based on that day’s market spot exchange rate. Due to limitations imposed by international sanctions, it is not possible to electronically transfer money to Iran from abroad.
Yes, newly listed stocks are sold via an auction method; the buyer places his\her order in a different price with a broker who inputs the order into the trading system. The seller offers the shares at the greatest price in which orders are placed. The seller usually offers 5 - 10 percent of the shares in the first session. Daily price limits may only come into effect the day after the IPO.
No, there are no account charges or maintenance fees on the brokerage account in Tadbirgaran Farda brokerage.