No Complaints Filed Over Uzbektelecom Shares, Regulator Says

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan’s National Agency for Perspective Projects said it has not received any complaints from investors regarding shares of Uzbektelecom, despite a notable rise in their value prior to the suspension of trading. The regulator said it continues to monitor the situation.

The case relates to events in February, when trading in the company’s shares was halted on February 25 following a decision on capitalization.

Information about the decision, however, was disclosed only on February 26, although it had been adopted earlier on January 28. According to the agency, such a delay may have influenced the market and created advantages for certain participants.

Agency representatives noted that even in cases involving the use of insider information, current legislation does not provide effective enforcement measures for such violations.

The regulator said relevant amendments have already been incorporated into a draft law “On the Capital Market,” which is currently under review. The document is expected to be adopted by the end of this year, with the market set to operate under updated rules starting in 2027.

First Deputy Director of the agency Vyacheslav Pak said that existing penalties for failure to disclose information remain minimal, amounting to up to 3 million soums, while courts retain the authority to reduce fines further.

He added that this weakens companies’ incentives to ensure timely disclosure of information. Authorities expect the situation to improve once the new regulations come into force.