[Last updated: 1 January 2024, unless otherwise noted]

The Stock Exchange of Thailand (more commonly referred to as the SET) has five markets:

• The SET.
• The Market for Alternative Investment (the mai).
• The Bond Electronic Exchange (the BEX).
• The Thailand Futures Exchange Plc (the TFEX).
• The LiVE Exchange (the LiVEx).

At present, foreign companies can seek listing on the SET by way of both primary listing and secondary listing (dual listing). The information below relates only to the SET, and the offering and listing of a foreign company's newly issued shares on the SET, unless noted otherwise.

As of 28 December 2023, the aggregate market capitalization of listed securities on the SET was THB17.43 trillion (approximately US$507.21 billion). This represents a decrease of 14.73% compared to 28 December 2022 when the aggregate market capitalization was THB20.44 trillion (approximately US$594.80 billion).

In 2023, foreign investors were net sellers with trading in Thai shares valued at THB192.08 billion (approximately US$5.59 billion).

The information as of 1 January 2024 showed 628 listed Thai companies on the SET, and 212 listed Thai companies on the mai.

Companies from all industry sectors and in a variety of sizes have listed on the SET. The SET has not specialized in, or encouraged, listings by any particular type of company. It is open to all business sectors.

The Securities and Exchange Commission of Thailand (commonly known as the Thai SEC) is the main regulatory authority for the capital markets of Thailand. The Thai SEC was established in 1992 by virtue of the Securities and Exchange Act, B.E. 2535 (the SEA). The Thai SEC has the power and duty to formulate policies to promote and develop, as well as to supervise, the capital markets of Thailand. It oversees and regulates matters concerning securities, securities businesses, the securities exchange, over-the-counter centers and related businesses, organizations related to the securities business, issuance or offer of securities for sale to the public, acquisition of securities for business takeovers, and prevention of unfair securities trading practices. The Capital Markets Supervisory Board, which is overseen by the Thai SEC, was established in 2008, with the authority to promulgate and issue regulations under the SEA regarding various capital market-related transactions. In addition, under the Royal Decree on the Digital Asset Businesses B.E. 2561 (the DAB), the Thai SEC has the duty and power to establish policies as prescribed under the DAB to regulate and supervise the issuance and offering of digital assets and the undertaking of digital asset businesses.

In 2019, the SEA was further amended by the SEA (No. 6) B.E. 2562 (2019), which came into force on 17 April 2019, to address the following issues:

• To enhance flexibility of securities business supervision.
• To enhance supervision of mutual fund management.
• To enhance supervision over the SET to be in line with international standards.
• To enhance competitiveness of the capital market.
• To establish the Capital Market Development Fund (CMDF) as a center to promote market develop
• To enhance effectiveness, clarity and transparency of the Thai SEC's operation.

Pursuant to the SEA, any offering of securities to public investors in Thailand requires prior approval from the Office of the Securities and Exchange Commission (the SEC Office), an administrative office of the Thai SEC. Such an offering involves filing the registration statement and the draft prospectus with the SEC Office.

The relevant regulatory authority for listing on the SET is the Board of Governors of the Exchange, whose approval is required for any proposed listing on the SET.