Challenges Relationship between “Government” and “Securities & Exchange Organization”; Emphasizing High Exchange Council

Securities Exchange Organization is one of the regulatory models in the Iranian capital market. The main question in this article is: From the perspective of public law, what are the challenges relationship between the “government” and “Securities & Exchange Organization”? In answer to this question, it has been concluded, using a descriptive-analytical research method, that:The composition of the Council members is first and foremost state-owned. Secondly, the strong presence of the government in the organization strongly influences the organization's performance and policies as a public nongovernmental organization, in a way that fosters the “governmental” and “statehood” of the exchange. Thirdly, although legally defined, the organization is a public nongovernmental organization, but the broad level of government involvement in it has violated the principle of independence and the legal personality of the organization, suggesting that such oversight would pose risks to the organization. It follows the philosophy of a non-governmental public entity, and the role of the government in this organization is more than a guardianship institution. Fourth; the council is involved in two conflicting goals: governance and tenure, resulting in reduced the stock market productivity and efficiency. Fifth; for strategic success, the stock market needs to follow the market economy in the context of limited state.