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2. Mukhametzyanova G. V., Pugacheva N. B. Cluster approach to the management of vocational education. —
Kazan: IPP PO RAO, 2007. — 144 seconds
3. Law of the Republic of Uzbekistan «On investment activity»
4. Decree of W.AND. O. Of the President of the Republic of Uzbekistan Shavkat Mirziyoyev «On additional
measures to ensure accelerated development of entrepreneurial activity, the full protection of private property
and the qualitative improvement of the business climate» of October 5, 2016
Conditions for ensuring effective functioning of the securities
market of Uzbekistan
Bekmuhamedova Barno Uktamovna, Senior Lecturer
Gulistan State University (Uzbekistan)
S
ecurities are an inevitable attribute of any normal com-
modity 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 or-
ganization of the economy and the formation of a securi-
ties 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 fi-
nancial resources are channeled to various sectors of the
economy. The development of the state’s economy char-
acterizes its state. Under the condition of ensuring the
effective functioning of the securities market, it contrib-
utes to the accumulation of capital,
covering the econo-
my’s needs for investment, creates the conditions neces-
sary for the transformation of savings into investments and
back, forms an objective market price of savings and in-
vestments, ensures macroeconomic balance, and stimu-
lates an increase in corporate management policy. Mine-
while, the securities market creates access for enterprises
compared
to bank loans, to cheaper capital. Consequently,
an effective organization of the securities market can be-
come 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 al-
lows 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 mecha-
nism for transferring savings into investments. The cre-
ation 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 im-
proved 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 secu-
rities 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 securi-
ties 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 ulti-
mately 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 pe-
riod, special attention should be paid to the effective legis-
lative 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 addi-
tional 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 is-
sues in terms of emissions are as follows:
− primary issues — 21.0 billion sums (8 units);
