+359 2 980 48 25
73 Todor Alexandrov blvd, Sofia

About us


The company was registered in 1994. The capital is BGN 250 000. Licenses for an investment intermediary for activity in the country and abroad – Decision 103-IP / 11 June 1997 of the Securities and Stock Exchange Commission; Permit No. РГ 03-10 / 26.10.2000г. of the State Securities Commission /; Authorization by the Financial Supervision Commission No WG-03-0010 / 02.09.2005, № РГ-03-0010 / 03.04.2006г. and No WG-03-0010 / 10.05.2013.

You could see more details about the license status of Aval In JSC in ESMA’s MiFID/UCITS/AIFMD/TICOU entities register under LEI 894500BF9BZU4JWO6P79


73, Todor Aleksandrov Blvd., Sofia 1303, Bulgaria, tel. 02/980 48 25, 987 33 60, fax: 02/986 09 11, email:


Implementation on the territory of the Republic of Bulgaria within the European Union and the European Economic Area and in third countries of:

(a) investment services and activities under Article 5, paragraph 2, items 1, 2, 4, 5 and 7 of the ZPFI, as follows: – acceptance and transmission of orders in relation to one or more financial instruments, including brokerage for transactions in financial instruments; – executing orders on behalf of clients; – portfolio management; – providing investment advice to a client; – offering for initial sale of financial instruments without an unconditional and irrevocable obligation to acquire financial instruments on its own account.

b) additional services under Art. 5, para 3, items 1 – 5 and 7 of the ZPFI, as follows: – the safekeeping and administration of financial instruments on behalf of clients, including trusteeship clients in a depositary institution) and related services such as the management of the money received / the collateral provided; – granting of loans for transactions with one or more financial instruments, provided that the person providing the loan participates in the transaction under terms and conditions established by an ordinance; – company consultations on capital structure, industrial strategy and related issues as well as advice and services related to mergers and acquisitions; – provision of services related to foreign payment instruments in so far as they are related to the investment services provided; – investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments; – services under art. 5, para 2 and para 3, item 1-6 in relation to the underlying asset of derivative financial instruments under Article 3, item 2, letters “d”, “e”, ” and “and” of the ZPFI, insofar as they are related to the provision of services under Art. 5, para 3, items 1 – 6 and under Article 5, paragraph 2 of ZPFI.


The management system of the company is Board of Directors, consisting of three members.

Bistra Ilkova
Bistra Ilkova
Chairperson of the Board of Directors

Bistra Ilkova is Founder and Chairperson of the Board of Directors of Investment intermediary Aval In JSC

Velichka Sahakyan

Velichka Sahakyan is a member of the Board of Directors, Executive Director and representative of the Aval In

Evgenia Drumeva
Member of the Board of Directors

Evgenia Drumeva is a Member of the Board of Directors


Velichka Sahakyan – Executive Director and Representative;

Bistra Ilkova – Chairman of the Board of Directors;

Rumen Panayotov – Investment advisor;

Hristo Terziev – Stock Broker;

Mariela Popova – Back office;

Pavlina Vardarova – Chief accountant;

Todor Todorov – Compliance officer.

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