Chairman of the Executive Board
After the collapse of the social-political structure of socialism in early 1990s, Azerbaijan stepped to a new stage. In the context of ongoing significant processes there was a need to fulfill the important duties such as an integration into the new market economy, application of modern forms of ownership in the country along with the establishment of modern governance mechanisms and structures, financial and banking systems based on new grounds, as well as foreign economic relations.
In this regard, the country was in need of a strong leader for overcoming the existing challenges and eliminating political disorder. The national leader Heydar Aliyev, returning to power at the insistent request of Azerbaijani people in 1993, laid the foundation of a new stage of Azerbaijani statehood and its independence.
Firstly, political stability was ensured in the country in order to achieve the sustainability of our independence. Under the leadership of the national leader, a legislative framework was introduced to form a market economy in the country within a short period. Furthermore, targeted state programs were adopted, institutional reforms were undertaken and appropriate steps were taken to make fundamental changes in ownership relations.
Recovery of economic growth and production capacity made it necessary to increase the capitalization in different sectors of the economy, as well as the reorganization based on modern production skills and habits. In order to address these needs, initiatives for the development of private entrepreneurship and the formation of a favorable investment climate have been increased in the country. In 1995, the first phase of the privatization launched upon the decision of Heydar Aliyev. The initial legal relationships on shares issue and circulation were formed, as well as institutions providing the necessary infrastructure for privatization processes, namely the Auction Center, the “Property” National Depository Center were founded. The National Depository Center of the Republic of Azerbaijan became one of the most important institutions in the country's capital market.
Over the past period, the National Depository Center has taken an active part in registering property rights and regulating relations among stockholders, and has played an important role in formation of hundreds of joint stock companies and thousands of investors.
The National Depository Center became the Central Depository of the country after the adoption of the law on Securities Market, which entered into force upon the Decree of the President of the Republic of Azerbaijan dated July 14, 2015. Moreover, the important functions of the post-trade infrastructure of the securities market were centralized.
The National Depository Center was focused on strengthening the institutional development by applying corporate governance within our organization, further improvement of the information technologies and information flow system, and development of a range of customer-oriented services considering the processes taking place in the global economy. We were aimed to apply the clearing system for securities settlement, to offer modern and high-quality depository and registrar services to our corporate customers, as well as to improve human resource management and build a team spirit.
As one of the important financial institutions, the National Depository Center will continue to contribute to the development of the country's securities market. It is worth mentioning that we have both a professional team and strong potential for continuing our activities in this regard.