Thailand's capital market regulators are preparing to roll out a series of major reforms following this week's formation of a new government, aiming to revitalise market activity, attract new-economy businesses, and strengthen long-term investor confidence.
The Stock Exchange of Thailand (SET) and Securities and Exchange Commission (SEC) are spearheading the Thailand Individual Savings Account (TISA), the Jump+ programme, and a comprehensive upgrade of electronic securities laws.
TISA, envisioned as a permanent long-term savings vehicle, is designed without a sunset clause to ensure policy continuity as part of a roadmap designed to stimulate and modernise Thailand's capital market, said SET president Asadej Kongsiri.
The programme emphasises flexibility, allowing investors to tailor asset allocation strategies according to their age and risk profile, an approach aimed at fostering sustainable wealth accumulation among retail investors.
The bourse is also working with the Public Debt Management Office to enable retail investors to purchase government savings bonds directly through brokerage accounts, similar to equities.
This initiative would not only simplify access, but also allow bonds to be used as collateral for investment products such as margin loans, improving portfolio diversification and capital efficiency, Mr Asadej said.
Plans are underway to expand underlying assets on the Thailand Futures Exchange (TFEX) to include emerging asset classes such as cryptocurrencies and carbon credits.
The move is intended to bridge traditional finance with the digital economy and green finance. The proposal was approved by the previous caretaker cabinet and is pending further implementation, Mr Asadej noted.
Meanwhile, the SEC is prepared to adopt a "targeted regulation" approach, selectively relaxing certain rules to better align with the unique characteristics of these industries while maintaining overall market integrity.
The regulator plans to collaborate closely with the Finance Ministry to remove transactional bottlenecks and improve access to financial products through digital channels.
According to Mr Asadej, the Jump+ initiative encourages listed companies to focus on value creation by clearly communicating three-year business plans, return on equity targets, and dividend policies.
"This transparency is expected to strengthen investor confidence and attract both domestic and foreign capital," he said.
Thailand is also preparing to issue its first Transition Bond later this year, becoming the second country after Japan to pioneer this instrument. The bond will support corporate transition towards a low-carbon economy, reinforcing Thailand's commitment to sustainable finance.
Collectively, these initiatives aim to position the capital market as a key engine of economic growth, supporting Thailand's target of 3% GDP expansion while enhancing long-term savings opportunities for the public, Mr Asadej noted.
MARKET CONCERNS
Regulators also acknowledged investor concerns surrounding high-frequency trading (HFT) and short selling, emphasising a balanced and data-driven approach.
"Regulatory frameworks are under continuous review to maintain equilibrium," said Mr Asadej, adding that multiple measures have been introduced over the past two years, prompting some foreign investors to question whether rules have become "overly restrictive".
The SET has commissioned research from leading institutions both in Thailand and abroad to assess the real impact of HFT in the Thai market.
Pornanong Budsaratragoon, secretary-general of the SEC, said the regulator has intensified screenings of initial public offerings, suspending more than 40 cases over the past two years to prevent potential harm to investors.
The SEC adheres to a "proportionate regulation" framework, ensuring rules are neither too restrictive to hinder liquidity and innovation, nor too lenient to compromise investor protection.
Authorities insisted that enforcement remains non-negotiable. While some measures may negatively impact short-term sentiment, they are viewed as necessary discipline to build long-term market credibility, noted the SEC.
Close coordination between the SEC, SET, and market participants is central to policy execution. Regulators aim to balance empirical data with market sentiment to ensure effective outcomes, Mrs Pornanong said.
Yet the SEC is willing to relax certain outdated rules in exchange for broader system benefits and to support emerging sectors such as data centres, moving away from a one-size-fits-all regulatory model, she said.
