Stock exchanges
Number of listed companies
Domestic market capitalization
million US$

Iran Fara Bourse Securities Exchange

Name Iran Fara Bourse Securities Exchange
Country Iran (Islamic Republic of)
Number of listed companies 148
Domestic market capitalization 48495.158 million US$
SSE Partner Exchange Yes
Has annual sustainability report Yes

Iran Fara Bourse is reporting key measures of sustainability for the second consecutive year in its Annual Proxy Statement.

ESG reporting required as a listing rule No

Has written guidance on ESG reporting No

The local regulator authority has released a directive for corporate governance since 2018: Corporate Governance Instructions of Companies Listed in Tehran Stock Exchange and OTC Iran


Offers ESG related training Yes

Regular Corporate Governance courses are given for issuers.

Market covered by sustainability-related index No

Has sustainability bond listing segment Yes

Sukuks Market 

Sukuk securities are Sharia-compliant. Shariah-compliant instruments have been widely accepted as sustainable products.

Has SME listing platform Yes

Women on boards mandatory minimum rule No

Additional information


Organizational model of stock exchange
Public Joint Stock Company, Listed

Regulatory bodies
Securities and Exchanges Organization (SEO), an ordinary member of IOSCO as of Nov 27, 2018.

Regulatory model
• Limited exchange SRO

About the stock exchange
IFB headquartered in Tehran with no subsidiary. Founded in 2008, with over 190 employees, Iran Fara Bourse is operating the largest debt market and the second stock market of the country (by size and volume). Iran Fara Bourse mission is to foster innovation and entrepreneurship in private sector by delivering diverse Sharia-compliant financial instruments and platforms to the markets.
• Stock
Main market (First market, Second market) – Listed
SME market – Listed
UTP market (Yellow-board, Orange-board, Red-board) – Admitted
Third market (Intellectual Property, Merger & Acquisition, Underwriting corporation, bulk and wholesale offerings) – Unlisted
• Structured Financial Instruments
(Sukuks, Islamic Treasury Bills, Mortgage Rights)- Listed
• Funds
(ETF, ETFCF, VC, PE) – Listed
• Derivatives
(Call option, Put option, Embedded put option)

• Crowdfunding Platforms
• FinStars Owner (A platform to boost start-ups)
• Iran Capital Market SandBox

Criteria for Stock Exchange Database

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.


Criteria Considered

Country Country of primary residence or registration
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include:

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.