Investors appealed to the SSC against more than 400 joint-stock companies

Over  eight months of this year, the State Committee on Securities  received 221 letters of complaint. Compared with the same period last year, the number of appeals to the SSC increased by 36 %. And according to the version of the World Economic Forum in the Global Competitiveness Index, in the financial sector in 2013-2014 has made a serious progress. 

According to the SSC , investors complained about the violation of their rights in 404 JSC. This is by 145 or by  56 % more than in the comparable period of 2012. According to the results of investigation of complaints, the SSC has applied administrative sanctions against 144 entities in the amount of 200 to 300 manat. Total fines amounted to 29.7 million manat, which is by 22% less than in January- August 2012.

According to the legislation, the general meeting of shareholders should be held no later than at the expiration of the first six months of the financial year. After conducting the meeting,  annual reports should be published of the JSC within a month. However, by the 1st September, only 316 JSC submitted annual reports to the SSC. The press also publicized a tenth of these reports. This means that investors do not have a source of information on the situation in joint stock companies, including their financial condition. 08D