In this lesson you will learn what Sejam is, why you must register with it before any trade on the Tehran Stock Exchange, how registration and identity verification work step by step, and how the trading code (also called the brokerage code) is issued. This lesson only explains the administrative path into the market; it is not an invitation to buy anything or a recommendation of any specific brokerage.
Definitions
Sejam (سجام, the Comprehensive Customer Information System) is a unified registry run by Iran's Central Securities Depository of Iran (CSDI, شرکت سپردهگذاری مرکزی اوراق بهادار و تسویه وجوه). Register once with Sejam and your identity is verified across every capital market institution (brokerages, mutual funds, the commodity exchange), so you never have to resubmit identity documents to each one separately.
The trading code (کد بورسی, also called کد معاملاتی) is a unique identifier assigned to each investor once they sign up with a brokerage; it combines three Persian letters and five digits and tags every buy and sell order in the trading system. Sejam and the trading code are not the same thing: Sejam registers your identity across the whole capital market, while the trading code is the actual trading permit, issued only after Sejam is complete and you have signed a contract with a brokerage.
A brokerage is an intermediary licensed by Iran's Securities and Exchange Organization (SEO) that routes your buy and sell orders into the exchange's trading system; without a signed contract with a brokerage you cannot trade, even with a fully completed Sejam registration. For the other basic building blocks of the Tehran Stock Exchange, such as symbols and the main index, see the earlier lesson "Tehran Stock Exchange 101: What Are Shares, Tickers, and the Overall Index?".
The registration path, step by step
- Go to sejam.ir (or a brokerage's own app that offers Sejam onboarding) and pay the online registration fee.
- Fill in identity information (national ID number, birth certificate number), contact information (a mobile number that must be officially registered under your own national ID with the carrier), and occupational and financial information; this last part is self declared and needs no proof of income.
- Receive a ten digit tracking code that shows the status of your file.
- Complete identity verification through one of two routes:
- In person: visit a designated government service office (پیشخوان دولت) or a brokerage branch with your original ID documents.
- Remote: record a short selfie video reading out a random code, through the Sejam app or a brokerage's own verification app. This must be completed within seven calendar days of starting registration, or the file expires and you must start over.
- Once identity verification is confirmed, choose a brokerage licensed by the Securities and Exchange Organization and electronically sign its online contract.
- The trading code is issued and sent, typically within about forty eight hours of completing the steps above, together with the username and password for the online trading platform, by SMS.
Worked example
Suppose Sara, twenty six years old, wants to invest on the Tehran Stock Exchange for the first time. On Saturday she registers on sejam.ir, pays the registration fee, fills in the forms, and receives a tracking code. The same day, through a brokerage's app, she completes remote identity verification, three days ahead of the seven day deadline. On Monday, once Sejam confirms her identity, she signs that brokerage's online contract. On Wednesday morning her trading code arrives by SMS; using the username and password she received, she logs into the online trading platform, deposits funds into her brokerage account, and places her first buy order. This example is entirely hypothetical and only illustrates the real sequence of steps, not a guaranteed timeline for any individual.
In Iran's market
In Iran, Sejam registration is not only required for buying and selling shares; it is also a prerequisite for issuing or redeeming mutual fund units, obtaining a trading code on the commodity exchange (for example, for coin futures), and even managing certain Justice Shares (سهام عدالت) holdings. Based on sources checked in July 2026 (Tir 1405), the online Sejam registration fee runs around one hundred thousand rials (about ten thousand tomans), which some brokerages pay on a new customer's behalf; identity verification through a brokerage's own app is usually free, while in person verification at a government service office may carry a separate fee (roughly five to ten thousand tomans).
The list of licensed brokerages is published by the Securities and Exchange Organization. Choosing a brokerage is a separate step from Sejam registration: you can switch brokerages later without registering with Sejam again. When comparing brokerages, two practical factors are worth checking: the trading fee schedule (which varies slightly between brokerages) and the quality of the online trading app, since both directly shape your day to day experience.
Common mistakes
One common mistake is registering with a mobile number that is officially registered, with the carrier, under someone else's name (a family member's, for instance); in that case the system cannot match your identity and the registration is rejected. A second mistake is confusing the "Sejam tracking code" with the "trading code": the tracking code only shows what stage your Sejam file is at, while the trading code is the actual trading permit, issued only after you choose a brokerage. A third mistake is putting off remote identity verification until close to the seventh day; if a technical problem comes up in that short window (a low quality selfie video, for example), there is not enough time left to fix it, and you have to register from scratch.
Summary
Sejam registers your identity once, for good, across Iran's capital market; the trading code, which a brokerage issues after that registration, is the actual permit to buy and sell. The three main steps are: register online at sejam.ir, complete identity verification (in person or remote) within the deadline, and finally choose a licensed brokerage. To revisit the concept of markets and price discovery that this path builds on, see the lesson "How Markets Discover Prices", and browse the full lesson list on the Learn page.
Educational
Educational
Analysis
Analysis