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As from late September 2006, the Tehran Stock Exchange (TSE) has introduced “Unofficial Board” which is in fact a “temporary” Board. “Loss-making, failing to proper information dissemination, and low level of turnover” were parts of the criteria for relegation of TSE listed companies to this new Board.
In an official statement, the TSE has informed shareholders and investors regarding the high risk of the companies listed in the Board, adding that purchasing shares of such companies is available both for small and main shareholders, while re-selling them is not available for small shareholders (less than 2.5%). Re-selling shares (above 2.5%) is also become possible after necessary explanations from the selling party to the TSE.
Trading in this Board is negotiable and only certain brokers are obliged to trade in this Board based on the decision of the Board of Directors.
Based on the approvals of the Exchange High Council, deadline for the companies listed in this Board to promote in the TSE Secondary Board will be up to the end of current Iranian year (ends March 21st); failing to meet the TSE Secondary Board listing criteria will cause to de-list them forever. It should be stated that re-listing of such companies need special requirements.
Currently, some 43 companies are now relegated to the Unofficial Board.
