First conference of Iranian Association of Investment Institutions- dated 7 Mar. 2008.
Holding place: Aghadir Gathering Saloon, Faculty of Management of University of Tehran, Below Pol Nasr(Gisha), Jalal Ale Ahmad Junction and Shahid Chamran Highway
Subject of conference: main prerequisites for transfer of governmental economic agencies.
This conference started with speech of Dr. Ali Saghafi, Secretary General of Iranian Association of Investment Institutions. Text of this speech is as follows:
In the name of God
With compliments,
Good morning everybody,

Welcome to the first conference of Iranian Association of Investment Institutions. Arrival of al managers and authorities is welcomed to me. I thank the colleagues who assisted me to hold this conference. I thank respectful authorities of Faculty of Management of University of Tehran especially Dr. Seyed Javadin and Dr. Kaveh Mehrani.

Purpose of conference:
Purpose of this conference is to introduce the association and express its expectations and to make comment about expectations of Stock Exchange Organization and respectful members of the association. Some issues in which stock exchange is involved are mentioned so that attitudes can be expressed. Most of the elites of stock exchange are present in this conference; therefore, it is very difficult to mention the material which is suitable for this conference. I mention some notes as a reminder.
Purpose of association establishment:
Purpose of association establishment is to promote efficiency and to deepen stock exchange, to expand vocational cooperation and to establish relationship among the members. How can you achieve these objectives and move to them.
On the basis of the present theories, efficiency of market requires the conditions which you all are aware (efficiency hypotheses, zero transaction cost, zero information cost and information rapid reflection). Then one of the important works of the association is to realize such conditions relatively.
From 1990 up to now, to what extent 16 to 17 marker strategies were successful in this work? Evidences show that it takes time to reach suitable efficiency. At present, some persons can use information efficiency or make the market subjected to rumors so that some can misuse in such conditions. For this reason, some of transactions of stock exchange transaction lead only to displacement of wealth from a group to another group without any addition to wealth of the entire society (because human being is social and economic). What leads to increase in total wealth, is increase in GNP. On the other hand, if we can create the highest production with defined price from resources, economic resources will be appropriated optimally and all people in the society will get benefit from it.
Certainly, colleagues of investing associations using strategy of stock exchange and high capability to acquire and analyze information are able to find suitable places for investment and create wealth in this way. The association is place in which these institutions gather. In each institution, many experienced persons and elites. This convergence leads to tranquility and far sightedness and prevents from waste of force and resources.
Although limited number of persons have tried to unify the experienced persons, presence of money in high amount in market and personal motivations and lack of enough and suitable supervision and ensuring the person instead of formation of supervisory strategy ked to deviation of some persons. On the other hand, because some of the large economic agencies are governmental and they have effect on the companies admitted in stock exchange, the decisions made by the government in the level of such agencies have effect on the stock exchange and are regarded as interference of government in the market. Decisions of the government in the major level such as levying duties and tax and etc and manner of their execution lead to intense fluctuations of price of stock exchange which are made without consultation with the authorities of market.
Investing companies have common specifications in addition that they all have their own specifications. By establishing association on the basis of law, it should be tried to close attitudes of the experienced persons to each other and to move them to common point and reach coordination under its shadow. Then, the association is center of unification and reaching general objectives while special specifications of each investing institution are preserved.
Society expects the experienced persons to be coordinated and lack of coordination of the experienced persons is harmful to the society, for this purpose, establishment of this association and other associations is purposeful. One should look at these associations which are established in order to make coordination and communicate for removing strategic problems. Mental integration among the experienced persons is achieved though constructive cooperation and communication. The association is a place which provides opportunity for all to exchange ideas.
If the experienced persons of the market are subjected to intense conflict, the society will also be subjected to metal conflict leading to destructive effects. One of these effects is that malevolent persons will use this opportunity to dominate. The association tries to provide the opportunities for mental integration by taking the following actions:
1- Creation of common language: to have mutual understanding of presented concepts, issues and thoughts
2- Formulation of vocational ethics bylaw
3- Public reflection of common involvements of the association’s members
4-Creation of healthy space for expression of ideas to the concerned authorities
5-Settlement of conflicts among the members through arbitration
6- Cooperation with supervisory institutions for attracting attention of people and their representatives

Some of the above fields are made possible through education, publication of magazine, holding specialized conferences and through sessions and friendly gatherings and internal supervision and external supervision.
Activities of the association should lead to attraction of people, house and government. One of the specifications of attraction of public attention is impartiality. Privatization doesn’t mean that each company doesn’t work whenever it wants, but, it should be subjected to regulations. For this reason, the association is an organization which is self regulating and will try to enact regulations and execute them, provides opportunity for sympathy, coordination and close relationship among the experienced persons of the market. Undoubtedly, it will not be possible to perform this major work without your cooperation and assistance.
In this conference, spokesmen spoke about the following subjects:
1- Dr. Saleh Abadi(the association in capital market supervisor’s view)
2- Mr. Atabak(cement and sale price control)
3- Mr. Asgari Marani(proprietary interest and exploitation license mines)
4- Dr. Esmaeili Dana(petrochemistry and food price)
5- Dr. Moazemi(contracting and governmental contracts)