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Literature review. Among the foreign authors who dealt with the problems of attracting
investments, the stock market and pricing should be named W. Sharp and his fundamental work
"Investments"; Analysis of Securities by B. Graham and D. Dodd; the theory of reflexivity
presented in the works of J. Soros. R. Tewles, B. Williams, E. Bradley, D. Garner dealt with the
issues of the influence of stock market development on economic growth, ownership structure as
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2020 йил 4-сон
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a factor determining the model of a market economy, clarification of the causes and
substantiation of methods for preventing financial crises, and development of policies for the
development of national stock markets. The theoretical aspects of the formation of the market
infrastructure are reflected in the works of H. Singer, P. Samuelson. The most in-depth studies in
this area were carried out by specialists from the World Bank, the International Monetary Fund,
the International Organization of Securities Commissions, and the World Federation of
Exchanges.
Special attention is paid to this issue in the scientific works of economists of our republic
H.Akramov, U.Aliev, I.Alimov, I.Butikov, N.Jumaev, V.Kotov, F.Mirzaev, E.Nosirov,
M.Khamidulin, F.Khamidova, Shokhazamiy, F.Yuldashev, T. Yadgarov, J. Karimkulov, U.
Khalikov, H. Khudoikulov, A. Khojamurodov.
Research methodology: In the scientific paper, analysis and synthesis, systematic
approach, abstract-logical thinking, economic analysis, grouping, expert evaluation and
comparison methods were used.
Analysis and Results. In the Law of the Republic of Uzbekistan "On the Securities
Market" (new edition), securities are defined as follows, ―Securities - documents certifying
property rights or loan relations between the legal entity that issued these documents and their
owner, providing for the payment of income in the form of dividends or interest and the
possibility of transferring rights arising from these documents to other persons‖. [1]
This law defines the following securities:
Share, a bill of exchange, government securities, certificate of deposit, corporate bonds,
bond, international bond, option, futures on securities, treasury obligations of the Republic of
Uzbekistan.
Securities are the most effective means of attracting foreign investment. In turn, it is
necessary to dwell on the role and formation of the stock market in the Republic.
In March 1991, the Tashkent Universal Commodity and Stock Exchange was established
in the Republic as an open joint-stock company. In January 1992, the stock department of the
Tashkent Stock Exchange began regular trading in securities for the first time in the country. In
June 1992, the Law of the Republic of Uzbekistan "On exchanges and exchange activities" was
adopted. This law introduced significant changes in the activities of stock exchanges and
established mandatory requirements. According to the law, the authorized capital of the exchange
was to be at least 50 million rubles. Exchanges could not create any trading structures. Ministries,
agencies, state committees and others could be the founders of the exchange. [8]
The Law "On Securities and Stock Exchanges" adopted on September 2, 1993 was an
important event in the development and regulation of the stock market of Uzbekistan. This Law
used to regulate the activities of the stock exchange and other professional participants in this
market, as well as determine the legal status of the issuer of securities (shares, bonds, treasury
obligations, derivatives, certificates of deposit, bills of exchange). [3]
On April 8, 1994, in accordance with the Presidential Decree No. 745 of January 21, 1994
"On measures to further deepen economic reforms, protection of property and ensuring the
development of entrepreneurship", the Republican Stock Exchange "Tashkent" was established.
In 1995, branches of RSE "Tashkent" were established in Andijan, Camarkand, Bukhara and
other regions. These branches began to represent the interests of the exchange in the regions of
the Republic.
In accordance with the Presidential Decree No. PF-1414 of March 26, 1996, the Center
for Coordination and Development of the Securities Market under the State Competition
Committee of the Republic of Uzbekistan was established. The Center has been designated as the
state body responsible for regulating the securities market.
On April 25, 1996, the Law of the Republic of Uzbekistan "On the mechanism of the
securities market" was adopted. This law established liability measures for securities market
participants, as well as for non-compliance of securities market participants with the legislation.
On April 25, 1996, the Law "On Joint Stock Companies and Protection of Shareholders'
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