Information transparency rating model for the companies of each country should be based on the structure, reporting environment and information needs of users in that country. This research aims to develop an information transparency rating model for companies in Iran. Such a model, shall be comprehensive, include multiple indicators and components of the major international models, as well as consider the reporting environment, information needs and the current structure of Iran capital market. This way it can be effectively used for evaluating and rating the transparency level of Iranian companies. In order to develop this model, a conceptual matrix was prepared using the existing literature and international models and then adjusting and abridging their information indicators. Then, a survey was conducted among information users of the Iranian capital market on significance of the 189 extracted indicators of the conceptual matrix. To verify the model, determine the effective indicators and to weigh the indicators, the confirmatory factor analysis model and one sample t-test were used. The final result of this applied research is a comprehensive model containing 128 disclosure indicators, which helps to evaluate and rate the level and quality of information disclosure and transparency of companies listed in the Tehran Stock Exchange.