As the Thai capital market enters an important phase of transition, requiring it to adapt to regional competition, shifting investor behavior, and technological developments, the SEC has prioritized structural measures in collaboration with government agencies and capital market organizations. These measures are intended to enable the Thai capital market to serve as both an efficient source of fundraising for the business sector and a reliable avenue for the public’s long-term savings and investment.

The “Advancing Thai Capital Market Competitiveness & Attractiveness” under the Taskforce for a Competitive and Attractive Market (Taskforce), which was established in 2025 and has operated continuously since then, are being carried out under four key measures: Quality Demand; Attractive Supply; Trusted Market; and Supportive Ecosystem. These cover cultivating long-term investment culture through individual savings accounts; enhancing the role of institutional investors; attracting quality companies and new economy businesses into the capital market; enhancing the quality and value of listed companies through the Jump+ and Value Up Programs; streamlining IPO and foreign listing processes to boost competitiveness; strengthening governance of capital market professionals (gatekeepers); and leveraging technology to broaden access to information and increase capital market efficiency.

On 16 June 2026, the Taskforce convened a meeting to review progress on the implementation of the measures. The key progress can be summarized as follows:
(1) Quality Demand: Work on the development framework for individual investment accounts (Thailand Individual Savings Accounts: TISA) has progressed in collaboration with the MOF, the SEC, the FETCO, and the SET. Further discussions are underway, and a proposal is being prepared for submission to the Cabinet. For institutional investors, greater scope has been provided to increase their investment allocation to the Thai capital market.
(2) Attractive Supply: Progress has been made in attracting quality companies and businesses in target industries to the capital market and in enhancing the quality of listed companies through the Jump+ Program, which has 142 participating companies, and the Corporate Value Up Program, under which four companies have participated and disclosed information and approximately 117 companies are under consideration.
(3) Trusted Market: Disclosure rules for listed companies have been revised, including enhancements to the Interim MD&A, revisions to the rules on material transactions and related party transactions, and the strengthening of the roles of internal auditors, financial advisors, and company secretaries to reinforce mechanisms for preventing and detecting inappropriate conduct in the capital market.
(4) Supportive Ecosystem: Examples include accommodating the tokenized bonds and funds, developing digital infrastructure, reviewing the market structure to align with trading behavior, and promoting e-proxy to reduce obstacles to the exercise of rights by foreign investors.

In addition, the Taskforce’s meeting acknowledged the establishment of the “Thai Bond Market Development Taskforce” (Bond Market Taskforce), with the SEC and the ThaiBMA serving as the lead agencies to drive and coordinate the initiative. On 16 June 2026, the Taskforce held its first official joint meeting with the Bond Market Taskforce. The Bond Market Taskforce aims to consider comprehensive approaches to developing the bond market and enhancing its quality, given that the Thai bond market is equivalent to approximately 96 percent of GDP, while the value of corporate bonds stands at approximately 4.68 trillion baht, or around 25 percent of GDP, reflecting the bond market’s growing role as an alternative source of financing for the business sector.

However, the bond market still requires further development in several areas, particularly its investor composition, with retail investors accounting for nearly 50 percent of the corporate bond market — a level significantly higher than in developed markets, where retail investor participation is substantially lower. Further improvements are also needed in information disclosure, investor protection, the development of bond market professionals, and building an ecosystem to properly accommodate high-yield bonds and distressed bonds.

The Bond Market Taskforce will focus on four key measures: (1) expanding and enhancing a quality and diversified investor base; (2) increasing product choices and diversity to meet the needs of the business sector and investors; (3) promoting transparency and credibility in the bond market by raising disclosure standards and strengthening investor protection; and (4) developing the ecosystem, infrastructure, and rules that facilitate the sustainable growth of the Thai bond market.

The Thai Bond Market Development Taskforce will begin discussions with stakeholders in relevant sectors to study key issues and prepare policy proposals and implementation plans, while moving agreed-upon measures toward concrete outcomes.

Mrs. Pornanong Budsaratragoon, SEC Secretary-General, said: “The Advancing Thai Capital Market Competitiveness & Attractiveness aim to develop the capital market into a key economic driver, serving as a source of funding for quality businesses and a long-term investment alternative for the public. At the same time, they seek to strengthen a credible, transparent, and competitive capital market. Together, these efforts are intended to lay out a medium- to long-term reform framework for the Thai capital market. In terms of progress, as of the first half of 2026, of the 14 key measures, nine have made clear progress, three are under design or further discussion, and two need to be accelerated. Importantly, enhancing the Thai capital market cannot be achieved by any single agency alone, but requires cooperation from all sectors in the capital market.

For bond market development, efforts must proceed in parallel in several areas: expanding investor access, enhancing data quality, establishing investor protection mechanisms appropriate to risk levels, and developing a more efficient secondary market. The key objective is to enable retail investors to access quality bonds while maintaining appropriate risk diversification. At the same time, the roles of institutional investors and professionals must be strengthened so that the Thai bond market can grow with stability, transparency, and broad-based confidence.”

Mr. Asadej Kongsiri, SET President, said: “The SET is committed to enhancing the capability and attractiveness of the Thai capital market to ensure its competitiveness in the regional arena. We have been working with the SEC, the Ministry of Finance, government agencies, and capital market organizations under the Taskforce for a Competitive and Attractive Market to strengthen the market, increase its competitiveness, and support long-term economic growth. Over the past period, the SET has initiated and implemented several key projects that have delivered tangible results, including JUMP+, with more than 142 listed companies participating and currently communicating their business plans and growth potential to investors; the use of AI technology to prepare research coverage for small- and medium-cap stocks to broaden investors’ access to information; and the launch of the ‘wiset’ application, a platform that consolidates investment portfolios across all asset classes in one place.

For measures currently underway, the SET is driving forward the BOI to IPO and EEC to IPO initiatives to attract new economy businesses to the capital market, while also developing the Bond Connect Platform to provide investors with more convenient access to government bonds in the primary market, thereby expanding investment choices. These efforts mark an important step that underscores the SET’s commitment to driving the capital market toward becoming a credible, open, and opportunity-driven market, in line with the SET’s vision, ‘The Trusted Gateway to Inclusive Opportunities.’”

Ms. Nawaporn Wiriyanupong, Director of the Savings and Investment Policy Division, Fiscal Policy Office, said: “The Ministry of Finance prioritizes the development of the Thai capital market as a key mechanism to support economic growth, business-sector fundraising, and long-term wealth creation for the public. Advancing the Thai Capital Market Competitiveness & Attractiveness through cooperation among government agencies and capital market organizations is therefore an important agenda that requires continuous action and concrete results.

The measures being advanced — whether promoting a long-term investment culture, increasing the role of institutional investors, attracting quality companies to the capital market, enhancing governance and strengthening the role of gatekeepers, or using technology to improve efficiency and broaden access — all share the common objective of making the Thai capital market deeper, more credible, and regionally competitive. At the same time, the Ministry of Finance is ready to support relevant measures, taking into account public benefits, the overall economy, and fiscal discipline in a comprehensive manner, so that the Thai capital market can develop with stability and sustainability.

For the bond market, developing the investor base, increasing access to quality bonds, enhancing data quality, strengthening the role of gatekeepers, and leveraging technology and centralized data platforms will help strengthen market confidence and reduce vulnerabilities. In parallel, it is important to maintain a balance among promoting fundraising, protecting investors, and safeguarding the stability of the overall financial system.”

Mr. Paiboon Nalinthrangkurn, FETCO Chairman, said: “The FETCO prioritizes the systematic enhancement of the Thai capital market’s competitiveness and attractiveness by supporting the implementation of these measures through cooperation among the SEC, the Ministry of Finance, the Stock Exchange of Thailand, and capital market businesses. The aim is to strike a balance among increasing quality products and fundraising entities, promoting long-term investors, enhancing governance and the roles of capital market participants, and applying technology to improve capital market efficiency and broaden access.

For the bond market, the FETCO supports expanding retail investors’ access to quality bonds, alongside risk diversification through professional investors, comprehensive and easy-to-understand disclosure, and the development of infrastructure and the secondary market to effectively accommodate quality bonds, sustainability bonds, and high-yield bonds as well as distressed bonds. This will help strengthen confidence, reduce market vulnerabilities, and support the Thai capital market’s role as a strong, sustainable, and competitive source of fundraising and investment over the long term.”

Miss Ariya Tiranaprakit, ThaiBMA President, said: “The bond market is one of the key pillars of Thailand’s financial system for fundraising and savings management. The ThaiBMA, as a bond information center and self-regulatory organization, stands ready to work with the SEC to support the expansion of a quality investor base, increase product diversity, raise data standards to promote transparency and investor protection, and develop an ecosystem and rules conducive to growth. The ThaiBMA will accelerate discussions with stakeholders across sectors to prepare comprehensive policy proposals and implementation plans, build confidence, and drive the Thai bond market toward stable and sustainable growth.”

The SEC and the SET will continue to conduct public consultations and discussions with relevant agencies and stakeholders to ensure that the measures can be practically implemented, align with the capital market context, and deliver concrete outcomes for investors, the business sector, and the Thai economy over the long term. Under the Bond Market Taskforce framework, discussions with relevant parties are planned for June–July 2026. The results are expected to be reported to the FETCO by July 2026, and the work plan finalized by September 2026. 

All relevant agencies are ready to continue working together to further develop the Thai capital market and bond market toward a financial ecosystem that is transparent, credible, accessible, and internationally competitive, with a focus on the interests of investors, the business sector, and the Thai economy, so that the Thai capital market can continue to develop with stability and sustainability.