Securities committee finds violations at over 100 JSCs this year
By Aynur Jafarova
Azerbaijan's State Committee for Securities revealed serious breach of law in the activity of 105 joint stock companies in January-May 2013 and imposed administrative fines totaling 21,450 manats (about $27,300) over the violations, a report of the committee says.
During the reporting period the State Committee issued instructions to be followed by 45 JSCs to eliminate the irregularities.
Also, the committee received 146 complaints and 13 appeals concerning 361 joint stock companies in January-May.
The official exchange rate as of June 18 was 0.7846 AZN (manats) per USD.
Established in November 2008, Azerbaijan's State Committee for Securities' main responsibilites include regulating activity in the securities market, creating favorable conditions for investment, promoting and maintaining an environment for healthy and fair competition in the securities market, protecting the rights of market players, investors and shareholders and preparation of licensing regulations.