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New chairman in BSE

January 21, 2014

Baku /21.01.14/Turan : Shareholders of Baku Stock Exchange (BSE) once again changed its chairman. In recent years, leaders of Exchange do not stay long on the post and , as a rule, leave the position on their own wish . Amin Muradov was replaced by Fariz Azizov , who had been chairman of the Board of JSC National Depository Center , said the stock exchange . Muradov sat in this position for 11 months. This is the fourth chairman of BSE in the last 3 years. BSE is one of the few institutions in the world stock where there is no stock market indices or exchange listing. Quotation on the stock exchange bonds is for several financial institutions and a construction company. Therefore, the Exchange in Azerbaijan is not an institution, whose activities could characterize the dynamics of the economy, according to local experts . BSE has been in force since 2000. The paid up share capital is 1.26 million manat. Its shareholders are 21 structures, including the Istanbul Stock Exchange . BSE in 2012-2013 did not distribute profits to the shareholders. Retained earnings in the amount of AZN 1.8 million are kept in a bank deposit. BSE is not very transparent in the information policy. Much of information trusted to it is hidden from the public. Suffice it to note that annual reports are not disclosed by the stock exchange since 2010 . Things are even worse in the NDC, where 36 -year-old Fariz Azizov , a graduate of the Baku State University of Economics and the University of Manchester ( Britain ), led since 2011. The Depositary does not provide electronic services to depositors, promulgate a list of serviced issuers , etc. - 08D-

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Source: Turan Information Agency (Azerbaijan)

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