Paving the Path for a Novel Stock Exchange to Attract Foreign Companies Specializing in Emerging Economies
The Stock Exchange of Thailand (SET) is actively promoting a new economy driven by technology and innovation, as evidenced by its recent partnership with the Board of Investment (BOI). This collaboration aims to attract investment and listings of high-tech firms in Thailand's capital markets, primarily focusing on the smart electronics, electric vehicles, and digital sectors.
The partnership, agreed upon on August 15, 2025, will leverage the respective programs of both agencies to support these companies through BOI tax incentives and SET's "JUMP+" growth and visibility program. This initiative represents a strategic effort to build Thailand’s “new economy,” but it does not yet signal a separate trading board distinct from SET's main board. Instead, it promotes the inclusion and visibility of these growth sectors within the existing market framework.
New Developments in SET
Prof. Kitipong Urapeepatanapong, the current Chairman of the SET, has expressed readiness to continue in his role if the SEC decides to extend his tenure, which ends on August 5, 2025. The SEC is expected to make a decision soon, with clarity anticipated by July.
In addition, the SET has tightened regulations to eliminate naked short selling and is proposing to allow short selling on SET100 stocks. The resale window for repurchased shares has also been extended from three to five years.
Over the past 12 months, the exchange has revised eligibility criteria for companies listing on both the SET and the Market for Alternative Investment (mai). The SET is also considering establishing a new trading board to accommodate New Economy stocks, although no specific plans or implementation have been announced yet.
Noteworthy Market Events
Thai Airways International (THAI) has recently been approved for relisting on the SET’s main board as of August 4, 2025, marking a significant market event. However, this event is unrelated to the proposed new trading board concept for New Economy stocks.
The SET is also planning to introduce incentives to encourage brokerage mergers to support a more robust and competitive financial ecosystem. The exchange aims to reduce the number of securities companies in Thailand from 39 to 18 to strengthen the sector's resilience and growth potential.
New regulations are expected to allow companies to participate in buyback programmes immediately without the previous six-month waiting period.
The SET is committed to advancing six critical initiatives, including the JUMP+ Project, Bond Connect Platform, Carbon Credit Ecosystem, attracting New Economy stocks, Thailand Individual Saving Account (TISA), implementing AI technology, family business support, and advocating for legal reforms.
References
[1] Thai Airways International (THAI) to relist on SET's main board
[2] Thai Airways International approved for relisting on SET's main board
[3] SET and BOI partner to attract high-tech firms to Thai capital markets
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