Evaluation of the Regulatory Mechanisms of the Stock Exchange Organization Using ISM-MICMAC Methods

AbstractOne of the factors that can contribute to the favorable flow of transactions in the financial markets is the creation of a framework through which all existing parties, including publishers, brokers, and natural or legal persons active in the stock market, can easily and with maximum security make a deal This is the reason why institutions operate in all securities markets to maintain the trading framework and control the way it is carried out. In Iran, the Securities and Exchange Organization supervises stock transactions through its subsidiaries (including the Tehran Stock Exchange and the Iran Foreign Exchange Company) as the custodian of transactions in the capital market. This research aims to evaluate and identify the regulatory mechanisms of the stock market using a combined approach based on the ISM technique and MICMAC analysis. The analysis of the research findings showed that the fluctuation range limit variables were determined as the most effective and the first influencing variables. Then, volume-based variables, clarification announcements regarding rumors, clarification announcements regarding stock price fluctuation, holding a news conference, and trading symbol stops are in the following categories of influential variables. Therefore, according to the results of the present research, it is suggested that the stock exchange organization as a supervisory body reconsider how much the range of fluctuations should be limited or whether this monitoring mechanism exists or not so that other monitoring mechanisms that are affected The fluctuation range mechanism is supposed to have optimal, positive and fruitful effects on investors' decision-making, and investors will see less damage regarding the selection and purchase of company shares.