Background and Aims: In order to establish order in all activities related to the country's capital market, the Securities Market Law has assigned the responsibility of handling regulatory issues to the board of directors of the stock exchanges and has entrusted the appeal of those votes to the Stock Exchange Organization. The present study discusses the feasibility of complaining about the pending votes issued by the Stock Exchange Organization in light of the right to appeal.
Materials and Methods: The method of this article is descriptive and analytical, and the tool used is library.
Ethical Considerations: In writing this article, ethical principles and integrity have been observed.
Findings: By examining the process of drafting regulations for disciplinary issues, it is clearly evident that many amendments have been made, and that there have been repeals and changes to disciplinary issues and penalties, which indicates the diversity of opinions within the Stock Exchange Organization in drafting regulations. The fundamental principles of the country's legal and judicial justice, in accordance with the principles set forth in the Constitution, recognize appeals and lawsuits for everyone and place the judiciary as the basis for judgment. Therefore, entrusting some specialized matters to non-judicial authorities is not a reason for the lack of oversight of the decisions issued by the Stock Exchange Organization. As the legislator has declared the Supreme Council of the Stock Exchange to be the authority to handle complaints against the Stock Exchange Organization, it has simply ended the handling of the stock exchange organization by applying finality to disciplinary decisions.
Conclusion: The fact that the decisions of the Stock Exchange Organization cannot be appealed in the Administrative Court of Justice does not mean that it is denied from being heard in the courts, but according to general principles, if a matter cannot be heard in the Court, it can be heard in the courts, and the unanimous decision of the Administrative Court of Justice regarding the decisions of the Stock Exchange Organization is simply because the legislator has specified that it is a non-governmental public institution, and in the opposite sense, these decisions are appealable. Since the country's stock exchange organization is essentially governmental due to the government's dominance over the majority of the members of the Supreme Council of the Stock Exchange, and the philosophy of hearing the decisions of government authorities is in the Constitution, the supervision and appeal of the stock exchange's disciplinary decisions in public courts is certain.