In a meeting with members of Iran Chamber of Cooperatives, head of Securities and Exchange Organization, Mohammad Fetanat, announced that the so-called "cooperative stock market" is scheduled to be launched soon as Iran's fifth stock exchange market, SENA reported.

"A special taskforce will be set up comprised of representatives from both SEO and ICC to facilitate listing of cooperatives in the new stock market and create new financial instruments," said Fetanad.

He acknowledged that creating the new stock market would require detailed analysis by experts and preparing the necessary infrastructure. He further noted that the cooperative sector's participation in the equity market is essential for achieving the goal of increasing the cooperative sector's share in the economy to 25 percent as envisioned by Article 44 of the Constitution.

"In addition to new financial instruments, establishing special banks and insurances is necessary for the creation of the cooperative stock market," said Fetanat. Currently, the four major Iranian exchanges include Tehran Stock Exchange, Iran Fara Bourse, Iran Mercantile Exchange and Iran Energy Exchange.

By Financial Tribune