million shareholders had registered in the TSE, with investment firms having 562,375 shareholders, which makes it the "favorite industry" in the stock market. The number of registered shareholders in the TSE increased to 4.5 million in 2011, 7 million in 2014 and 9 million in 2016. As of 2014, about 300 foreign investors (including 25 Iranian citizens abroad) comprise 0.5 percent of the TSE. This number increased to 746 in 2016. By comparison, foreigners own 60 percent of Turkish equities. In 2016, there were 127 foreign institutional traders in Iran's equity markets. Funds management As of 2009, 21 mutual funds managed by permitted brokerage firms and investment banks are investing in the TSE according to the investment funds regulation. Mutual funds are open ended and their operation permission is issued by the Iran Securities and Exchange Organization (SEO). Since then, 41 funds have been established, four of which are fixed income funds and the remainder of which are equity funds. As of August 2010, total assets under management within the Iranian fund management industry amount to approximately $230 million with great potential for development. According to The Wall Street Journal in 2015, Western fund managers are already planning financial services companies in Tehran. Indices • TSE All-Share Price Index (TEPIX) • TSE Dividend & Price "total return" Index (TEDPIX) • TSE All-Share FF adjusted (TEFIX) • TSE TEFIX-30 - Blue chip index • TSE Cash Dividend Index (TEDIX) • TSE-50 - (Top 50 most active companies) • Each industry (sector) Index • Industrial Index • Financial Index • Each Company Index (based on Price & Volume) In 1990, the All-Shares Price Index (TEPIX) was introduced to the market as the main indicator of share price movements. TEPIX is a weighted market value of all share prices appearing on the TSE Board and is measured every two minutes. In addition to the TEPIX, daily price indices of shares of each company, each sector, and the "Top Fifty" most active companies (TSE-50) are computed. Performance 2000–2004: The performance of the TSE has had no correlation with major exchanges or emerging stock markets over the past few years and not even with the oil price. While the overall indices of the world's five major exchanges – New York City, London, Paris, Frankfurt and Tokyo plunged by 40 to 70% between March 2001 and April 2003, the TSE index (Tepix) bucked the trend by