The Tehran Stock Exchange (TSE) is entering a new era of life after having officially and successfully completed the demutualization process by registering itself as a public joint stock company in the Registry of Deeds and Real Estate during November 2006. Financial institutions and brokerage firms own 40 and 32 percent of the shares of the TSE Company respectively, while the remaining 28 percent is owned by individuals after the public subscription announcement. Separation of the current employees into the both Securities & Exchange Organization (SEO) and TSE, hiring qualified staff, searching for a new location and building is on the agenda of the newly formed company which is currently under way and in process. Meanwhile, the TSE’s Board of Directors appointed Dr. Ali Rahmani as the first Managing Director. The TSE started demutualization after the ratification of the new Iranian Capital Market Law in November 2005.