عربی
   
     
ABOUT US
MEHR AFARIN BROKERAGE CO
 
 
Mehr Afarin Stock Broking Company (PTE LTD)
Mehr Afarin Stock Brokerage Co. (PTE LTD) with registration number 241377 issued by Iran’s Company Registration and Industrial Property Right Bureau on June 1, 2004 is headquartered in Tehran and has a network of offices all across Iran.
 
Our Vision:
Our vision is to become the most admired brokerage company in asia , renowned for our expertise in private beokerage , investment banking and asset management, and most valued for our advice, innovation and execution.
 
Our Mission:
Our mission is to set new standards in partnering with our clients and providing them with integrated financial solutions. As a global serving clients in every region of the world, cultural diversity is essential to our success. We strive to create an open, respectful workplace that encourages people to work together and with our clients to deliver superior products, services and results and support the success and prosperity of all our stakeholders.
 
Our Principles:
Three principles guide our employees in all decisions, actions and objectives:
 
1-Clients
A relentless focus on the needs of our clients. We know we can only set new standards in partnering with clients if we place them at the center of everything we do and have a complete understanding of their needs and aspirations. We believe that nothing short of excellence will suffice. Building on our tradition for innovation, we strive to develop new financial solutions and compelling value propositions to address client needs.
 
2-Teamwork
Teamwork must be at the heart of all we do. We are committed to working together as a team across businesses and regions to deliver added value to clients. As an integrated organization, we are well positioned to capitalize on our combined strengths and expertise to provide holistic product offerings and seamless service that set us apart from our peers. Dedication, determination and dialogue are the keys to successful teamwork at our company .
 
3-Reputation
Our reputation is everything. We are committed to maintaining, enhancing and monitoring our reputation by generating value for clients and shareholders, acting with professionalism, integrity and respect and serving as a reliable partner to all our stakeholders.
 
Our services:
Mehr Afarin offers a comprehensive range of equity-related trading services to individual investors, institutions, corporations and governmental organizations. Our services include:
1. Stock Trading - Accepting buy and sell orders via the Internet and through text messages (SMS), executing transactions, and transmitting confirmations via the Internet.
2. Reference Brokerage License - On October 11, 2008 Mehr Afarin acquired a Reference Brokerage License with registration number 121/53694. In accordance with the referenced license, the Company is in charge of analyzing financial statements of non-listed companies in coordination with Tehran stock Exchange (TSE) and Tehran Securities and Exchange Organization (SEO) to provide the basis for final approval of initial public offerings.
3. Portfolio management for individuals and corporations - On October 11, 2008 Mehr Afarin acquired a portfolio management license with registration number 121/53681. Mehr Afarin’s Asset Management unit is a leading asset manager for institutions, individuals and financial intermediaries. The Company’s investment professionals are located around the world, providing strategies that span the full spectrum of asset classes including equity, fixed income, cash liquidity, currency, real estate, infrastructure, hedge funds and private equity. Specific products may differ from market to market.
4. Investment management is the professional management of various securities (shares, bonds etc.) and assets (e.g., real estate), to meet specified investment goals for the benefit of the investors. Investors may be institutions (insurance companies, pension funds, corporations etc.) or private investors (both directly via investment contracts and more commonly via collective investment schemes e.g. mutual funds or Exchange Traded Funds).
5. The term “asset management” is often used to refer to the investment management of collective investments, whilst the more generic “fund management” term may refer to all forms of institutional investment as well as investment management for private investors. Investment managers who specialize in advisory or discretionary management on behalf of wealthy private investors may often refer to their services as “wealth management” or “portfolio management” often within the context of so-called "private banking".
6. The provision of 'investment management services' includes elements of financial analysis, asset selection, stock selection, plan implementation and ongoing monitoring of investments. Investment management is a large and important global industry in its own right responsible for caretaking of trillions of dollars, euro, pounds and yen. Coming under the remit of financial services many of the world's largest companies are at least in part investment managers and employ millions of staff and create billions in revenue.
7. Fund manager refers to both a firm that provides investment management services and an individual who directs fund management decisions.
8. Our financial specialists extend their professional expertise to clients seeking to enhance their investment returns providing professional consulting service regarding financial analysis of listed companies.
9. In coordination with the Tehran Stock Exchange corporation, Mehr Afarin stock brokerage is allowed to perform the IPO (initial public stock offering) for newly established companies seeking capital.
10. Providing Fund from banks and credit &financial institutes involved in equity trading for customers who are interested in short and long selling. Our experienced fund management team can provide either a full discretionary or advisory service covering both the direct property market and the indirect property market. We make use of best available research in formulating portfolio strategy with financial modeling tailored to the individual client needs and risk parameters. Our rigorous stock selection process and extensive contact base enables us to build robust portfolios, capable of meeting investment objectives and providing attractive risk-adjusted returns. Portfolios are managed in-house by our dedicated asset management team. We have a strong track record of performance for our clients against a variety of benchmarks.
11. Trading the stocks listed on the non official 4th board
12. Block Trading - financial consulting for sale or purchase of block of equity.
Our client-focused sales traders work with research, sector specialists and position traders to provide advice, timely market information, liquidity and best execution.
Our global technology platform enables us to accommodate customers in any region, as well as a broad range of cross-border flows via dedicated international desks.
Our strong capital base and leading trading and market-making capabilities ensure that Mehr Afarin is a top ten liquidity provider to major buy-side trading institutions.
A potentially more cost-efficient way to sell out a large position would be to work with Mehr Afarin Equity Capital Markets (ECM) to sell the stock to another institution in a block sale.
13. Mehr Afarin Commodities is responsible for the sale of commodity financial products, as well as options and selected physical commodities, to institutional and corporate clients around the world. Products include Precious Metals, Base Metals, Agricultural Commodities and petrochemical.
Mehr Afarin Brokerage House is an active market maker in the traditional soft and agricultural commodities and their options. We market innovative structured baskets that revolve around the underlying products.
 
 
MehrAfarin Rank
 
Tehran stock exchange annual ranking
Total No of brokerage companies MehrAfarin Rank Date
69 52 September 2005
82 32 September 2006
90 10 September 2007
86 19 September 2008
 
Contact us:
Head Office: First Floor - No.20 - Saleh St. - Hafez Ave. opposite Tehran Stock Exchange. PostalCode:1135616516
Phone: (+98)2166743900
Fax: (+98)2166744851
Email: info@mehrbroker.ir
Web Site: www.mehrbroker.com  www.mehrbroker.ir
 
Branch offices:
Vozara Branch: No.17th, 4th Floor, 6th St.- Khaled Aslamboly St. Tehran – Iran
Isfahan Branch: 2nd floor – Makan 2 Complex -. Nazar Cross, Isfahan – Iran
Karaj Branch: .151,2nd Floor – enghelab Blvd. - Rajaiy Shahr Karaj - Iran
Kerman Branch: 1st Floor - Bank Saderat Tower - Jomhoory eslamy Blvd. KermanIran
Yazd Branch: Ground Floor - Ghaem Complex - Ghaem Blvd. Yazd – Iran
West Tehran Agency: No.442, 1st Floor - Azady St.- opposite the Ministry of Labor
 
Curriculum Vitae of Chairman
Name: Shahin Cheraghi
Date of birth: 24Th July 1970
Nationality: Iranian
Qualifications:
   • Bachelor of Business Management, Tehran University
   • Master of Financial Management, Shahid Beheshti University
   • Senior expert in capital market certificate, Central Bank of Iran
   • Senior expert in stock broker and dealing system, Tehran stock exchange
Employment History
   • Chairman of Mehr Afarin Brokerage Company (2004 – present)
   • Member of the Board of Toseahe _va_omran Kerman company ( 2004-present)
   • Member of the Board of Atieh Andishan Mes Investment company (2004-present)
   • Chief Executive Director of Tavan Afza Investment company (2003-2004)
   • Chief Executive Director of Sangab Hamedan company,the affiliation of Ministry of Industries and Mines, Melat bank and
    investment company of Melat bank(2000-2003)
   • Deputy director of financial and administrative affairs of Sangab Azarshahr company,the affiliation of Ministry of Mines and
    Industries(1995-2000)
   • Official auditor of Auditing organization, construction and Mining companies Branch (1990-1995)
 
Curriculum Vitae M.D
Name: Esmail Foadian
Date of birth: 21st February 1952
Nationality: Iranian

Education:
   • Post Diploma in Banking Service, Allameh Tabatabiy University
   • BA in Management, Management Education Centre

Training courses
   • Bank of Tehran
       Practical banking in local & foreign currencies.
       Money & banking, Money & credit facilities

   • Central Bank of Iran:
       Islamic banking operations & contracts
       Banking Facilities as usury - free

   • National west minister Bank London U.K
       International Banking

Employment History:
   • Chief executive officer of Mehr Afarin Brokerage Company (2004 – To Present)
   • Chief executive officer of Bank Mellat Brokerage Company (2001-2004)
   • Managing director of public relations and Headquarter (1998-2001)
   • CEO of Bank Mellat Brokerage Company (1995-1998)
   • Managing director of Kish fishing company, New Zealand Branch,(1992-1995)
   • Internal Auditor & Marketing Manager of Mellat Bank, London Branch,London – U.K (1989 – 1992)
   • Managing director of management office of branches in region 2 in Tehran (1986 – 1989)
   • Faculty Member of educational center of Bank Mellat education centre
   • And trainer of Islamic Banking (1983 – 1986)
   • Head of foreign exchange & letter of credit section, Bank Mellat Sabzeh maidan branch, Tehran (1978 – 1983)
   • Bank Tehran, Bazar branch (1974-1978)
 
ABOUT TSE ( T EHRAN  S TOCK  E XCHANGE )
History

TSE opened in February 1967. During its first year of activity, only six companies were listed in TSE. Then Government bonds and certain State-baked certificate were traded in the market.
The Tehran Stock Exchange has come a long way. Today TSE has evolved into an exciting and growing marketplace where individual and institutional investor trade securities of over 420 companies.
TSE activities process could be divided into three periods:

A) Since the beginning of TSE activity until revolution (1967-1978)
In the period of 1967 to 1978 the number of listed companies and their capital raised from 6 with IRRs 6.2 b to 105 (22 private banks, 2 insurance companies, and 81 industrial corporations) with IRRs 240 b.
In 1967 the value of shares and bonds traded in the TSE, was IR 15 m, which increased to IRRs 34.2 b in 1978.
Actually, most of this development activity was due to the ratification of ownership development of manufacturing units' stocks and tax exemption for the listed companies' laws.

B) Since revolution until the end of imposed war:(1979-1988)
In the second period of TSE activities, two important events i.e. the Islamic revolution and Iraq's invasion were reduced exchange activities severely and exiting number of listed companies from TSE. In 1978 the value of shares traded was reduced to IRRs 4.1 b and this trend continued to 1982 and reached IRRs 9 m. From 1982 the trend of shares value increased and finally at the end of the period reached IRRs 9.9 b.

c) Since the end of imposed war until now (1989-2006)
In fact, TSE was taken into account as one of the most important executive mechanisms for national economy optimization in order to facilitate the equipment and active contribution of the private sector in the productive activities through transferring some of the state duties to the private sector, gathering and errant savings, all to be directed toward investment.
In 1989, economic authorities' attention to restarting of TSE activities increased the number of listed companies from 56 in 1988 to 422 in 2006. Furthermore, in 1988 the annual value of shares traded in the TSE, was IRRs 9.9 b, which increased to IRRs 44.8 b in 2006. During this period, especially between 2001 -2004, return of TSE investments grown up considerably and in 2003 reached to 131.4% which on that year was the highest return between WFE's members.
Historical Highlights
1966 The Law for the Establishment of the Stock Exchange was approved by The parliament.
1967 The Tehran Stock Exchange commenced operation on Feb. 4.
1969 Trade of Treasury and Land Reform bills started.
1972 Stocks of 23 companies and three bonds were traded at TSE.
1983 The law for Usury-Free Banking was enacted. Trading in bonds was abandoned.
1988 Eight-year war between Iran and Iraq came to an end.
1989 Sharp increase in trade from the beginning of autumn.
1992 TSE admitted as a full member of the International Federation of Stock Exchanges.
1995 TSE joins the Federation of Euro-Asian Stock Exchanges as one of its founding members.
2002 Capital market physical development occurs; principal steps in dissemination of information, education and development of financial products.
2003 Listed companies are allowed to issue corporate bonds
2005 The TSE new law is ratified by parliament. Increase the number of Regional floors to 21.
2006 TSE Demutualization is accomplished
Membership in International Organizations
 Federation of Euro- Asian Stock Exchanges (FEAS): joined as full member in 1995.
 World Federation of Exchanges (WFE): joined as full member in 1994.

About the TSE Logo
Gun-metal relief discovered in Lorestan province, among the Achaemedian dynasty's (550-330 BC) antiquities. Featuring four men, hands in hands, indicating unity and cooperation; standing inside circles of the globe, which is itself, according to Iranian ancient myths, put on the back of two cows, symbols of intelligence and prosperity.
TSE MEMBERS:
TSE MEMBERS ARE INCLUDING BROKERS,BROKER,DEALERS AND INSTIUTIONS PREMITTED SEO PRESENTLY,87 BROKERAGE FIRMS ARE PERMITTED TO BE TSE MEMBERS WHO OPERATE AROUND COUNTRY WITH 430 BRANCHES .

Sector Name IN TSE
Coal & Lignite Mining Machinery & Equipment Computer & Related Activities
Agriculture Electric Machinery & Apparatus Technical & Engineering Services
Metal Ores Mining Radio, TV & Communication Equipment Real Estate And Construction
Other Mining Medical, Precision & Optical Instruments Ceramic & Tile
Textiles Motor Vehicles And Auto Parts Cement, Lime & Gypsum
Tanning Dressing And Leather Other Transport Equipment Other Non-metallic Mineral Products
Wood & By-products Furniture Investment Companies
Paper & By-products Sugar & Byproducts Banks, Credit & Other Financial Institutions
Publishing, Printing & Reproduction Medial Diversified Industrials (Conglumerates) Other Financial Intermediaries
Refined Petroleum Products & Nuclear Fuel Non-sugar Products Transportation
Rubber & Plastic Products Pharmaceuticals Financial Intermediaries
Basic Metals Chemicals & By-products  
Metal Products Industrial And Engineering Project Management  
Indices
• TSE All Share Price Index (TEPIX)
• Industrial Index
• Financial Index
• TSE Dividend & Price Index (TEDPIX)
• TSE Dividend Index (TEDIX)
• TSE-50

In 1990, the All-Shares Price Index (TEPIX) was introduced to the market as the main indicator of share price movements.TEPIX is a weighted market value of all share prices appearing on the TSE Board and is measured every two minutes. In addition to the TEPIX, daily price indices of shares of each company, each sector, and the Top Fifty most active companies (TSE-50) are computed.
The Government of Iran directly holds 35 percent of the TSE, while securing another 40 percent through pension funds and investment companies. Foreign investment accounts for only about 2 percent of the stock market.

Legal structure
The new securities Act which is more comprehensive and advanced than the previous one was passed on November 16, 2005 by the Iranian parliament to support investor's rights and aimed at organizing, preservation and development of transparent, fair and effective market.
Under the new Act, the Securities & Exchange High Council(Council) and the Securities and Exchange Organization(SEO) was introduced and created as regulators of Iran capital market and TSE have been demutualized i.e. the membership organization entity was turned into a public joint stock company.
The Council is the highest authority and is responsible for all related policies, market strategies, and supervision of the market. The Chairman of the Council will be the Minister of Economy & Finance; other members are: Minister of Commerce, Governor of the Central Bank of Iran, President of the Chamber of Commerce, Attorney General, Chairman of SEO, representatives of the active market associations, three financial experts requested by the Minister of Economy & Finance and approved by the Council of Ministers, and one representative form each commodity exchange.
The SEO will be responsible for administration and supervisory duties, governed by the Board of Directors. The SEO's Board of Directors will be elected by the Council.

The regulatory framework of the capital market
TSE overriding goal is to provide reliable facilities for the efficient and orderly conduct of trading securities. It is also entrusted to regulate the activities of brokers and safeguard the interests of the investing public through ongoing trading floor and broker supervision and overall market surveillance.
TSE is comprised of a seven-member Board of Directors that sets strategy and operating policy. These individuals, elected for a term of two years by shareholders' general assembly appoint a Managing Director. The job of the Managing Director is to manage the operations of the Exchange through various department heads that report to him. Managing Director's term of office is for a two-year renewable term.

Roles of TSE
Legislation establishing Tehran Stock Exchange (TSE) was formally enacted in 1966 and the TSE began trading on April 6, 1967. Forty years after the establishment of the TSE, a new Securities Act was passed in November 2005. Under this Act, the TSE have been demutualized.
As defined in the Article of Association, the TSE's primary roles are:
 Establishing, organizing and managing of the Stock Exchange in order to trade listed securities
 Listing of securities
 Prescribing membership requirements for members and supervising their performance, and regulating their activities
 To oversee the transactions of the Exchange listed securities
 Monitoring the performance of issuers of the listed securities
 process and disseminate the information regarding the securities orders and transactions of securities

Capital and Shareholders
The capital stock of the Company is equal to the sum of 150 billion Rials, which is divided into 150 million registered common shares of 1000 Rials each. Shareholders of the Company shall be classified as follows:
 Class one: Persons who have received the license for brokerage activities in compliance with the Stock Exchange Establishment Law [1966] or those who shall receive the license for broker/dealer activities in compliance with the Securities Act [2005] and shall be accepted as the members of the TSE.
 Class two: Financial institutions other than brokerage firms who shall receive the activity license from the SEO.
 Class three: All persons other than class one or two above.

The maximum percentage of shares belonging to each class of shareholders defined above will be determined by the SEO. At the moment the maximum percentages are 40, 40, and 20 percent respectively.

Trading Hours
All transactions must be carried out on the Trading Floor using the Exchange's Automated Trading System (ATS). Trading is conducted for 3 hours each day from 9:00 a.m to 12:00 noon, Saturdays through Wednesdays, with the exception of public holidays, including a pre-opening period of 30 minutes starting from 8:30 a.m.
Trading floor is open to investors during operating hours and provides facilities like large screens displaying real time trading data. Additional space is available which oversees the trading floor that contains touch-screen terminals which can be used by investors to view the details of outstanding buy and sell orders.



Clearing and Settlement
The Central Securities Depository of Iran (CSDI) accomplishes clearing and settlement of trading, maintains and transfers the securities as dematerialization and acts as the central registry of the country's securities market as well. In near future, the institution will be benefited by the new depository software, carrying out clearing and settlement of trading on the basis of DVP and acting as CCP in trade clearings. CSDI will be managed as a public joint stock co., with TSE, brokers and banks as its shareholders.
The CSDI is an integral part of a transparent, viable, fair and efficient equities market in Iran that has attracted domestic investor's confidence and will contribute to the wealth of the nation.
Clearing & Settlement
Central Depository Central Securities Depository of Iran (CSDI)
Period T+3
Registered Yes
Settlement Book entry
Clearing Netting
DVP In the Future
Risk Sharing In the Future
Margin/Lending In the Future
Commission & Fees
The client will have to pay the following charges:
1. Brokerage fees
2. With effect from 22 May 2007, the brokerage fees for shares and rights are 0.4% of the value of the transaction payable by both the sellers and the buyers subject to maximum Mil IRR 100.
3. TSE Commission
4. 0.14% of transaction value (payable by both buyer and seller) with a maximum of Mil IRR 200.
5. SEO Commission
6. 0.1% of transaction value (payable by both buyer and seller) with a maximum of Mil IRR 200.
7. Clearing Fee
8. 0.01% of transaction value (payable by both buyer and seller) with a maximum of Mil IRR 200.
9. Taxes
10. The sellers pay 0.5 percent of the value of the transaction. There are no taxes on Capital Gain.
11. 22.5% tax levied on Compeny's profit and there is no Dividend Tax on shareholders directly.

Trading Mechanisms
The trading system is an order driven system, which matches buying and selling orders of the investors. Investors can place their orders with TSE accredited brokers, who enter these orders into the trading system. Then, the system automatically matches buy and sell orders of a particular security based on the price and quantity requirements. The mechanism for which the price of equities is determined is as follows:
 The best price (price priority)
 Time of order priority
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.
Thus, when the lowest sell and the highest buy orders match in price, the transaction is executed at the price. In short, the TSE market is a pure order- driven Market.
The trading system also generates and displays details of current and historical trading activity, including prices, volumes traded and outstanding buy and sell orders. This ensures that investors have the required information to be able to take informed investment decisions.

Daily Price Fluctuations
According to the rules, the price fluctuation is fixed to a maximum of 3% either way from the last closing. Restriction on Rights is 6%. This can be changed in specific situation by the Board of the TSE in case of unusual price movements . Short selling is not permitted. There are no minimum trading lots.

Types of Transactions
There are 3 Market supported by the trading system:
 Main Market (ordinary shares & rights)
 Secondary Market (ordinary shares & rights)
 Corporate participation certificates (corporate bonds) Market

Secondary Market (Parallel Market) provides an exchange facility where the listed securities of small and midsize companies can be traded efficiently and competitively.
Trading
Days Saturday-Wednesday
Hours 9:00-12:00
Market segmentation Main Market(Main and Secondary Boards), Secondary Market
System Automated Trading System (ATS) (order driven)
Mechanisms Opening/Continuous auction
Market-maker/ Specialists Yes (Selective)
Instruments Shares & Rights, Corporate Participation Bonds
Currency Local
Real time information bid/ask, closing price, total volume, Total Value company announcements
brokers’ commission 0.4% of value of transaction paid 60% by sellers and 40% by buyers, Maximum 100 Mil RLS.
Transaction tax 0.5% by seller
TSE Service charge 0.14% of value of transaction paid 60% by the sellers and 40% by the buyers, Maximum 200 Mil RLS.
CSD Service charge 0.01% of value of transaction paid 60% by sellers and 40% by buyers, Maximum 200 Mil RLS.
Dividend tax None
Capital gain tax None
TEPIX= Tehran Exchange Price Index (All Shares)
TEDPIX=Total Return Index
  2000 2001 2002 2003 2004 2005 2006 2007
GDP (bilion Rials) 576,493 664,620 916,465 1,095,305 1,406,031 1,701,214 2,011,150 -
Market capitalization (billion Rials) 59,705.8 76,853.9 114,396.8 278,916.5 411,494 352,116 349,875 423,016
As % of GDP 10.3% 11.6% 12.4% 25.4% 29.2% 20.7% 17.4% -
Number of listed companies 306 314 327 370 411 420 320 315
Total number of shares listed (million) 14,862.5 17,834.7 23,198.3 37,069.8 62,956.1 103,535 111,515 148,961
Number of New shares issued (million) 2,422.6 2,670.4 5,207.5 13,871.5 25,886.3 40,579 7,980 37,446
Turnover (billion Rials) 8,752.9 8,684.3 15,262.4 42,630.1 104,707.5 71,528 45,053 76,798
Number of working days 242 243 243 244 242 243 242 242
Average daily turnover (million Rials) 36,169 35,737.8 62,808.2 174,713.5 432,675.6 294,353 186,170 317,314
Turnover ratio (%) 14.7% 12.7% 13.3% 15.2% 28.3% 18.7% 13.8% 18.2%
Number of shares traded (million) 1,682.1 1,693.4 3,021.9 6,389.9 13,626.6 16,784 11,961 24,213
Number of transactions 680,026 641,487 810,871 1,019,515 2,252,972 1,363,353 1,596.563 1,715,988
Number of purchasers 339,036 313,098 356,312 441,920 1,876,278 2,225,152 1,816,163 2,116,052
P/E Ratio 4.6 5.2 6.6 10.7 8.8 5.7 5.6 5.2
Number of individual shareholders 1,350,000 1,600,000 1,850,000 2,100,000 2,500,000 2,650,000 2,900,000 3,200,000
Dividend yield (%) 18.2 15.3 11.9 7.2 7.3 10.6 9.3 12.7
TEPIX (March 1990 = 100) 2,883.2 3,554.3 5,044 10,886.5 13,543.3 10,259 10,074 9,737
TEDPIX (March 1998 = 1653.08) 4,914.7 6,987.8 11,098.2 25,678.6 34,109.9 28,822 31,208 34,399
Number of Brokers 53 55 56 56 61 69 90 89
Exchange Rate(US$ vs. IRR) 8188.1 8008.4 8018.9 8343.9 8,795 9,093 9,221 9230