Conditions for ensuring effective functioning of the securities market of Uzbekistan | Статья в журнале «Вопросы экономики и управления»

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Рубрика: Экономическое развитие и рост

Опубликовано в Вопросы экономики и управления №3 (19) май 2019 г.

Дата публикации: 26.04.2019

Статья просмотрена: 31 раз

Библиографическое описание:

Бекмухамедова, Б. У. Conditions for ensuring effective functioning of the securities market of Uzbekistan / Б. У. Бекмухамедова. — Текст : непосредственный // Вопросы экономики и управления. — 2019. — № 3 (19). — С. 7-10. — URL: (дата обращения: 03.12.2020).

Securities are an inevitable attribute of any normal commodity circulation. Being a commodity, they are able to serve both as a means of credit by themselves and a means of payment, very effectively replacing cash in this quality. At the present stage, the transition to a market-based organization of the economy and the formation of a securities market required the revival and use of the whole variety of securities [2].

The securities market is a part of the financial market that issues and circulates securities, through which free financial resources are channeled to various sectors of the economy. The development of the state's economy characterizes its state. Under the condition of ensuring the effective functioning of the securities market, it contributes to the accumulation of capital, covering the economy’s needs for investment, creates the conditions necessary for the transformation of savings into investments and back, forms an objective market price of savings and investments, ensures macroeconomic balance, and stimulates an increase in corporate management policy. Minewhile, the securities market creates access for enterprises compared to bank loans, to cheaper capital. Consequently, an effective organization of the securities market can become a financial lever capable of ensuring a high level of economic growth in a short time [3].

The classic function of the securities market is that being an integral part of a modern market economy, it allows you to organically link the interests of investors with free financial resources and the interests of issuers who need investments, thereby fulfilling the role of a mechanism for transferring savings into investments. The creation of such a market is a task, that is currently being solved in Uzbekistan. [4]

The securities market in the Republic of Uzbekistan was created on the basis of state initiative and support. It should be noted that functioning securities market (RCB), which was formed in 1992–1996. and gradually being improved now is one of the important results of the ongoing reforms in the Republic of Uzbekistan.

The economic reforms carried out in Uzbekistan marked the beginning of the birth of the national securities market. An infrastructure of the securities market is being created, which consists of the organizers of the trading, a two-level depository system, and includes more than two hundred professional participants of the securities market.

It is necessary to actively use securities nowadays, which, as an investment tool, stimulate an increase in the efficiency of the liquid value movement, contribute to the development of corporate ownership, which allows to manage equity capital in a civilized manner, which ultimately ensures the holistic development of the financial market. Being the financial lever by which it is possible in a short time to bring the country's economy to a much higher level, The securities market performs the function of overflowing savings into investments. During this period, special attention should be paid to the effective legislative regulation of the securities market and to block the possibility of speculative processes.

In the first half of 2018, the Center and its territorial bodies registered primary issues of shares as:

− Domestic Desire JSC (2.5 billion sums)

− JSC Quality Electronics (2.5 billion sums)

− Casement JSC (1.6 billion sums)

− Tingkap JSC (1.6 billion sums)

− Quality Device JSC (3.2 billion sums)

− Prime Tech Product JSC (3.2 billion sums)

− Techno continental JSC (3.2 billion sums)

− Silk Capital (2.9 billion sums)

Also, during the first half of this year. registered additional issues of shares as:

− Uzagroservice JSC (for 106.89 billion sums)

− Ipoteka Bank (for 111.66 billion sums)

− HC «Uzagrotehsanoat holding» (200.0 billion sums)

− JSCB Orient Finance (for 248.16 billion sums)

− Bank “Turon Bank” (for 487.38 billion sums)

− JSCB “Agro Bank” (for 857.9 billion sums)

− O'zbekiston Temir Yollari JSC (by 4.74 trillion sums)

− Uzpakhtasanoat JSC (for 193.3 billion sums)

− Uzagrotekhmash JSC (134.5 billion sums)

− Uzagrotekhsanoat Holding JSC (132.79 billion sums)

− Aloqabank (for 99.9 billion sums) and others.

During the reporting period, the structure of share issues in terms of emissions are as follows:

− primary issues — 21.0 billion sums (8 units);

− additional issues — 8 263.0 billion sums (70 units), of which:

− open subscription — 75.2 billion sums (4 units);

− closed subscription — 8,187.7 billion sums (66 units).

− restored issues of Samarkand JSCB and Gazalkent oyna JSC — 32.8 billion sums (8 units);

− new issues are not registered.

As of June 30, 2018, USR made entries for the 159 issue (existing and canceled) corporate bonds of 101 issuers for a total of 548.86 billion sums. out of 159 issues 112 were redeemed and 27 were canceled. There are 20 issues of corporate bonds in circulation for 243.8 billion sums.

In connection with the expiration of the circulation period, bond issues were redeemed, during the reporting period:

− Ipoteka Bank JSCB (5 billion sums)

− JSCB “Ipak Yuli” (3.2 billion sums)

− Turon Bank (3 billion sums)

− Qishlok Qurilish Bank JSCB (for 5 billion sums). [5]

As of June 30, 2018, the number of valid licenses for professional activities in the securities market was 134, including in the first half of this year. 8 new licenses were issued, and 25 previously issued licenses were renewed.

So, 02/26/2018 The center issued licenses to IE Silk Capital LTD for professional activities as an investment intermediary and trust manager of investment assets, Alp Omad Invest LTD (for investment consultant), Freedom Finance LTD (for investment consultant, investment intermediary and trustee investment assets), LTD “Leman Capital” (on an investment intermediary and trust manager of investment assets).

Center terminated the licenses issued, during the first half of 2018, by Trepang-Broker LTD (for investment intermediary), Orient Capital Management LTD (for investment consultant) and Capital Investments Fergana LTD (for investment intermediary) due to their liquidation or suspension in previous years.

As a result, as of July 1, 2017 the number of legal entities having licenses to carry out professional activities in the securities market as is 76. For comparison, as of July 1, 2017, there were 77 professional securities market participants. [5]

Professional activities

Issued licenses in the first half of the year

Valid licenses

on 07/01/2018






Investment Broker







Investment Advisor







Investment funds







Trustee of investment assets







OTC Securities Trading Organizer







Transfer agent (license issuance canceled from 01.06.2018)














The legal entity licensed to engage in professional activities as an investment intermediary and (or) trustee is entitled to provide consulting services on the issue of securities, according to the Regulation on the licensing of professional activities in the securities market, approved by the Cabinet of Ministers dated 09.07.2003. No. 308 At the same time, it does not need to receive a separate license for the right to carry out professional activities as an investment consultant.

It does not require obtaining a separate license to carry out professional activities as an investment consultant to a person who provides consulting services to the unlimited circle of people through the media on issues of issuance, placement and circulation of securities for analyzing and forecasting the state of the securities market and its participants. As a result, of 01.07.2018 the number of legal entities licensed to carry out professional activities in the securities market is 76. For comparison, as of 01.07.2017. there were 77 professional securities market participants.

As a result, at the beginning of 2018, the total volume of current issues of shares of 659 joint-stock companies at a nominal value is 30.4 trillion. sums, which is 13.9 trillion. sums (1.8 times) more than at the beginning of last year. The growth in the volume and number of issues of shares is mainly associated with the implementation of the decree of the President of the Republic of Uzbekistan dated 12.21.2015. No. PP-2454, according to which in the authorized capital of JC the share of a foreign investor must be at least 15 %. Also, a significant amount of the issue was carried out pursuant to the resolution of the Cabinet of Ministers of 09.10.2015. No. 289, as well as the decrees of the President of the Republic of Uzbekistan dated 10.24.2016. No. PP-2640 and from 11.11.2016 No. PP-2658, which provides for the transfer of state assets in the form of shares (shares) and real estate to the authorized capital of economic management bodies. [5]

Also, thanks to the ongoing state policy to create favorable conditions for the broad attraction of investments, drastically increase the efficiency of joint stock companies, ensure their openness and attractiveness, introduce modern methods of corporate management, strengthen the role of shareholders in the strategic management of enterprises, in 2018 the total turnover of the equity market and corporate bonds in the first half of 2018 amounted to 5.3 trillion. sums. This figure is 2.13 times less than in the same period of 2017 (11.7 trillion sums). One of the reasons for the decline is a transaction registered by the Central Securities Depository on 29.05.2017. on the placement of the state in the person of the State Committee on Competition of shares NHC «Uzbekneftgaz» for 10.1 trillion. sums.

In the first half of 2018, transactions in the primary market were concluded for 4,487.95 billion sums (3,940 transactions), in the secondary market for 821.60 billion sums (5,131 transactions). In particular, transactions with shares for 172.19 billion sums (6,185 transactions) were concluded on the organized market, which is 138.4 billion sums or 5.1 times higher than the volume of the same period in 2017 (33.7 billion. sums, 1 521 transactions). [5]

The volume of transactions in shares and corporate bonds on trading floors is:

− RSE “Toshkent” — 170.88 billion sums (6,041 transactions);

− ESLT “Elsis-Savdo” — 67.4 billion sums (146 transactions).

During the first half of 2018, over the OTC market, the Central Securities Depository and investment intermediaries registered 2,884 transactions in shares for 5.07 trillion. sums and 1 deal in corporate bonds for 3.0 million sums, including:

− in the primary market — 4,453.76 billion sums (453 transactions);

− in the secondary market — 617.50 billion sums (2,430 transactions).

For example, the Central Securities Depository on January 21, 2018 registered deals on the placement of the state by shares of Uzagrotekhsanoat Holding JSC (200.0 billion sums) and Uzbekiston Temir Yollari JSC (1.53 trillion sums), January 31, 2018 Agrobank (827.39 billion sums), 09.02.2018 shares of Uzneftgazdobycha JSC (110.68 billion soums), 19.02.2018 shares of Uzagroservice JSC (106.89 billion sums), March 24, 2018 shares of Turon Bank (487.38 billion sums), 05.05.2018 shares «Uzagrotehsanoat holding» (132.78 billion sums), 06.06.2018 shares «Uzagrotekhmash» (134.54 billion sums), as well as shares 26.06.2018. «Uzagrotehsanoat holding» (171.83 billion sums). [5]

The volume of transactions in shares in the secondary market with the participation of individuals during the reporting period amounted to 196.09 billion sums, which is 25.9 % of the total volume of transactions in the secondary market.


  1. Law of the Republic of Uzbekistan “On Securities and Stock Exchange” dated September 2, 1993
  2. Kuzmenko E. N., Solod O. V. The main trends in the development of the securities market of the Russian Federation // Scientific community of students of the XXI century. Economic Sciences: Sat. Art. on mat. XXXVIII Intern. stud scientific-practical conf. Number 1 (38).
  3. The entrepreneur in the securities market: questions and answers / Redcoll. M. Yunusmatov, S. Razykova, B. Nuritdinov and others.-Tashkent: Adolat, 2002. p. 61–80.
  4. Achilov M. F., Aliyev M. G., Kotov V. A., Teshaev Sh.Zh., Khamidullin M. B. The capital market of Uzbekistan: yesterday, today and tomorrow. Tashkent: Molia, 2002. — 268 p.
  5. News of the Center for the Coordination and Development of the Securities Market in Uzbekistan
Основные термины (генерируются автоматически): JSC, LTD, JSCB, OTC, ESLT, NHC, RCB, RSE, USR, XXXVIII.

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