Misleading advertisements in the stock market always have a wide impact on stock prices and customers' decisions. For this reason, the securities market law and the advertising instructions of brokerage companies and some other laws and regulations have addressed this issue. In this research, in addition to explaining the exact concept of misleading advertisements in the Iranian securities market and determining its examples, we intend to deal with the effects of misleading advertisements in the securities market. Stock brokers, as a financial institution of the capital market, always use advertising tools. Therefore, the explanation of the regulations governing the advertising of brokerage companies in the securities market, in addition to explaining the essence of the concept of misleading advertising, leads to the determination of examples and demarcation between correct and misleading advertisements. Therefore, the legal study and analysis of misleading advertisements by brokerage companies, according to the legal principles and jurisprudence foundations and existing laws, leads to the inference of the legal situation and the effects of this issue. Civil liability, criminal liability and disciplinary liability, as the case may be, are among the effects and results of this action. If the elements of the three responsibilities are met, the brokerage companies are responsible for all three types of responsibilities, and otherwise they are responsible for one or two of the mentioned responsibilities. The method of this research is theoretical and based on library studies.