Founding of investment funds (Deposit Insurance Corporation) in banks stimulate capital market
27/4/2016 12:00 am
Baghdad – Mostafa Hashemi
The Director of the Department of market systems in securities on Abd the urgency in establishing deposit insurance corporation to protect depositors in private and State banks to restore confidence of investors and savers in banks to encourage local banks to establish investment funds with the approval of the Central Bank.
And between Abdel Sayed need to exploit the environment for investment securities available well in Iraq, namely the existence of an efficient securities market manages to trade securities in a fair, efficient and orderly, as well as a good system of special deposit and settlement and clearing depository centre, referring to instructions relating to all regulatory and supervisory aspects of securities issued under the Securities Act No. 74 of 2004.
Called Abdel Sayed during the workshop organized by the stock exchange early this week to establish a Committee of the General Secretariat of the Council of Ministers and SCA Iraq market for securities, the Central Bank and the sectoral and company registration service to follow up and monitor the performance of the corporate board and executive management in implementing legally prescribed duties, they are responsible for the performance of Their companies.
It was necessary to stand against the actions of some sectoral that affect stock prices and performance companies, adding that the Central Bank is the body for sectoral 43 listed companies on the market of 98 companies listed are 23 banking company 6 financial investment companies and 14 company transfer.
The decision to increase the capital of banks to 250 billion impact in both stock prices and the performance of companies, shareholders and investors And foreigners.
He said that any banking company decides capital increase to 250 billion dinars in accordance with article 55/I of the companies Act (IPO in nominal amount of dinars) and the company's market share price 500 Fils or less (no less than par value per share), is it correct?
He said Mr. need for unlisted shareholding companies early disclosure of the annual financial statements during the period of not more than 45 days from the end of the fiscal year, in addition to annual and quarterly disclosure in accordance with timelines and accountability of the Board and executive management in the event of failure to comply with the time limits