Central Securities Depository Of IRAN

Chief Executive Officer at Central Securities Depository of Iran, Mohammad Baghestani, delivered a comprehensive report on the BoD's performance last year and outlined his vision for CSDI's future priorities and development goals in 2024-25 during the Annual Shareholders' Meeting on Monday 27 May, 2024.

Specialized Committees

Describing corporate governance as among one the overarching objectives that outline the key areas of activity at CSDI, Baghestani said the Board of Directors created a number of specialized committees and subcommittees to assist the Board in formulating robust strategies and making informed decisions during the implementation phase. The above-mentioned committees are grouped as follows:

• Audit Committee
• Enterprise Risk Committee
• Information Technology Committee
• Appointments and Compensation Committee
• Settlement Guarantee Fund Committee
• Building Committee
• Risk Management & Internal Control of Guarantees Received

In an address to the shareholders, the Chief Executive Officer disclosed that CSDI is the "beneficial" owner of the shares of Central Asset Management Company (49%) providing services in the field of issuing Islamic financial instruments, Samat Samaneh Co. (99.97%) developing required software for CSDI and Iran Financial Center (20%) in terms of education and research.

Major Accomplishments in 2023-24

The CSDI CEO meanwhile enumerated the achievements that have been made during the past Iranian fiscal year based on the Persian calendar (21 March, 2023 - 19 March, 2024):

• Revising basic version of service charges, having them approved at the Securities and Exchange Organization Board of Directors
• Launching homegrown smart system on mechanized transfer of Justice Shares of the deceased to the heirs, "Miraas System"
• Developing, exploiting domestic post-trade system i.e. IRPT
• Being listed at Iran Fara Bourse negotiated market
• Unveiling system on issuing pre-emption rights e-certificates
• Running electronic service for financial ability certificates in Iranian capital market
• Joining Association of Eurasian Central Securities Depositories (AECSD)
• Undergoing re-branding project, unveiling renewed brand identity
• Relocating headquarters to new premises in capital Tehran
• Exploiting daily settlement and final settlement of single stock futures contracts
• Initiating operations to build a data center for capital market with high compatibility with the latest technological standards
• Streamlining strategy planning for optimizing performance based on OKR and KPI Insights

2024-25 Developmental Goals

At the closing of his remarks, the CSDI chief briefed the shareholders on the goals and objectives set for the year ahead:

• Transition to T+1 clearing and settlement cycle
• Shift to automated portfolio management tools
• Full development, exploitation of domestic post-trade system i.e. IRPT
• Development, upgrade of "Miraas System" to mechanize transfer of Justice Shares of the deceased to the heirs
• Development, exploitation of CSDI centralized data center
• Development, upgrade of new platform to settle trades on IRENEX spot market
• Deployment of web services required by brokerage firms
• Establishment of mechanized system for operations related to embedded put options in securities
• Increase the number of banks cooperating with CSDI in settlement affairs

CSDI Annual General Meeting of Shareholders 2023-24 convened on May 27 in the capital city of Tehran with over 82 per cent of shareholders in attendance.

Release Date: 5/28/2024

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