Amid multiple pressures on Thailand's capital market—including fragile confidence, volatility from global factors, and questions over regulatory effectiveness—the regulator is under close scrutiny. The Securities and Exchange Commission (SEC). is being closely monitored.
Thairath Money delves into the SEC's 3-year strategic plan (2026–2028) under the leadership of Professor Dr. Pronong Bussaratrakul, Secretary-General of the SEC. This plan builds upon and elevates previous frameworks, centered on the core principle of “Building Trust, Powering Growth” to make Thailand's capital market a key driver of the national economy.
Professor Dr. Pronong Bussaratrakul, Secretary-General of the SEC, stated that regarding concerns about law enforcement efficiency, the SEC believes there has been continuous improvement but remains committed to raising standards even higher, aiming to be “better still.” The SEC prioritizes dedicating resources and applying modern technology, such as AI, to enhance operational capabilities.
The SEC welcomes all expectations without dispute but notes that law enforcement operates within a value chain requiring coordination with multiple sectors, presenting challenges at every step. Therefore, the SEC is ready to learn and develop to overcome these limitations.
To implement the 3-year strategy (2026–2028), the SEC focuses on three main areas (3Ts):
1. Tie: Connecting with past initiatives—continuing what works, quickly fixing obstacles, and emphasizing ongoing progress in areas of public concern, especially law enforcement that must be “fast, thorough, and impartial.” This reflects proactive work in 2025 with 170 enforcement cases involving 409 offenders.
Lessons from major cases like MORE and STARK have led to concrete measures, such as revising NVDR rules to allow trading only by foreigners and promoting the Securities Bureau to secure sufficient collateral information to manage risk.
2. Trends: Responding to external challenges including technology shifts, sustainability, and an aging society. Although Thailand's capital market has proven its resilience, the major question is how to keep it aligned with global markets and provide real access to capital for small businesses and entrepreneurs.
3. Trust: Building investor confidence, the fundamental foundation. Without trust, the market cannot progress. This year, emphasis is on improving the quality of companies listing from the start, attracting high-quality new listings, enhancing corporate governance, and maintaining the integrity of gatekeepers such as financial advisors and auditors.
The SEC’s direction over the next three years under this strategy targets five clear goals:
The SEC concludes by emphasizing that these efforts cannot succeed alone. It calls on all market participants—including related agencies, listed companies, and investors—to collaborate to make Thailand’s capital market a true economic engine.
“We know where we've been and where we're going, but we are not walking alone. If you hesitate to move forward, the SEC is confident in our direction, but we cannot achieve these goals by ourselves,” said Professor Dr. Pronong. . .
Regarding efforts to curb grey capital and scammers, the SEC has intensified regulation in two main areas: On the fundraising side, focusing on verifying shareholder structures and ensuring truthful reporting, working proactively with the Anti-Money Laundering Office, police, and the Department of Special Investigation to prevent the capital market from becoming a money laundering hub. On the intermediary side, strict Know Your Customer (KYC) and Customer Due Diligence (CDD) rules ensure appropriate advice aligned with the law.
The SEC affirms that the Thai Individual Savings Account (TISA) will definitely be introduced this year. The scheme will be flexible, allowing investment in stocks with good returns according to individual risk tolerance. The SEC plans to engage with the Ministry of Finance following the new government formation.
Regarding the Market Maker concept being studied by the Stock Exchange to address liquidity issues in small and mid-cap stocks, the SEC sees it as an interesting tool but insists on thorough discussion to finalize fair and effective regulations without unintended negative consequences.
The key is an efficient monitoring system to prevent inappropriate behavior or price manipulation. If these risks can be controlled, Market Makers can genuinely support the capital market.
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