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The Stock Exchange of Thailand (SET) is pursuing a sweeping package of statutory and structural reforms to strengthen corporate governance, attract high-growth new economy listings and make Thai companies more attractive to investors, says SET chairman Kitipong Urapeepatanapong.

“When I assumed the chairmanship [in May 2024], the Thai stock market was in a deep trough, tumbling towards 1,200 because economic conditions and politics were unstable,” he told the Bangkok Post.

“The moment politics turns unstable, foreign investors simply exit. And Thailand requires foreign investment.”

Since May 2024, the SET index has gained nearly 14%, outperforming Malaysia and Indonesia but lagging gains in South Korea, Taiwan, Singapore and Japan, where valuations for tech companies have risen sharply thanks to the investment boom in AI and related infrastructure.

Mr Kitipong acknowledged that the dominance of “old economy” companies in the banking, utilities and petrochemical sectors in the SET index has contributed to the Thai market’s relative underperformance.

But SET aims to close this gap by attracting new listings from companies that support the physical supply chains central to the AI ecosystem, such as data centres, optical fibre fabricators, and tech and power infrastructure manufacturers.

Mr Kitipong also outlined plans to modernise SET’s fundamental architecture to strengthen investor confidence, boost liquidity and attract new high-performing listings.

This includes new dual-class share structures to attract family-owned businesses and startups, introducing sovereign “Golden Shares” in state-controlled enterprises, strengthening investigative powers for securities regulators, proposing private trust legislation, and scaling up its flagship JUMP+ corporate value programme.

The JUMP+ programme, patterned after the “Corporate Value Up” initiatives of Japan and South Korea, targets listed companies identified as fundamentally sound but undervalued “hidden gems” and assists them in drafting three-year roadmaps across growth, governance and green transition metrics.

“I have proposed to the government that if a company joins JUMP+ and adopts online tax filing, we should grant a dividend tax exemption, waiving the 10% withholding tax for the first three years of profit,” Mr Kitipong said.

“The government expands its revenue base, company valuations rise and everybody wins.”

Under JUMP+, eligible enterprises can access advisory subsidies of up to 5 million baht funded by the Capital Market Development Fund to recruit external management consultants, upgrade operational technology and pursue strategic mergers and acquisitions.

To overcome the reluctance of closely held family enterprises and innovative start-ups to list, the exchange has also proposed amendments to the Public Limited Companies Act to authorise dual-class shares with weighted voting rights.

“Dual-class shares are vital for new IPOs,” Mr Kitipong said, noting that founders frequently reject public listings for fear of losing control. “The owner can float 30 to 40% to secure liquidity but retain 70% of the voting power over board appointments and key management matters.”

Also proposed is a plan to issue sovereign “golden shares” for listed state enterprises such as PTT and Krungthai Bank. By allowing state equity holdings to drop below 50%, enterprise debt is removed from the national public debt, giving management greater commercial flexibility.

In return, the government retains a single statutory Golden Share with absolute veto rights over matters of vital national interest, including public utility tariffs and energy security.

Market regulators are also proposing reforms to strengthen investigative powers to boost investor confidence, including giving the Securities and Exchange Commission authority to conduct direct inquiries, bypassing delays in police investigations.

“Previously, manipulation cases took five or six years to reach prosecutors, and more than half ended with no indictment,” Mr Kitipong said. “Manipulators treated it as an asymmetric gamble: even if caught, the fine was negligible compared to their profits. That degree of regulatory delay hurts deterrence.”

SET has also strengthened its real-time algorithmic surveillance, restricted short selling strictly to large-cap companies, and established a centralised credit bureau to prevent multi-broker margin abuse. SET is also launching a certification programme for listed company directors to boost corporate governance.

Mr Kitipong said SET also supported passing a new trust law to encourage wealthy Thai families to establish trusts and family offices locally rather than offshore.

SET is also working with the Thai Bankers’ Association to encourage small and medium-sized enterprises (SMEs) to abandon the practice of maintaining separate bookkeeping accounts.

Companies that adopt electronic filing, invoicing and payments will receive discounted bank lending rates and automatic credit approvals. The Revenue Department will also offer expedited value-added tax refunds for electronic filers.

“The fundamental reason SMEs cannot access bank financing is that they keep two sets of books,” Mr Kitipong said.

The cabinet on Tuesday approved a cannabis control bill that will restrict cannabis use for medical purposes only.

The bill represents the third attempt to pass a definitive law to plug regulatory gaps that have existed since Thailand became the first Asian country to decriminalise cannabis use in 2022.

Public Health Minister Pattana Promphat said the bill would require cannabis and cannabis extract to be used only for medical treatment by medical professionals and for research.

‘This is to protect the health of people, especially children and youth, and prevent cannabis abuse,’ he said.

The bill was the product of regulatory impact assessment and comprehensive public hearings, said Mr Pattana. It serves the principle that ‘cannabis must be used for medicinal and health interest, not for recreation’.

A national committee will be formed to set cannabis-related policies and supporting measures. The public health minister will chair the panel.

The cultivation, production, import, export and sale of cannabis must be subject to three-year licences to be issued by the director-general of the Department of Thai Traditional and Alternative Medicine.

No licences will be needed for the sales of cannabis roots, stems, branches, leaves and seeds and cannabis use for medical treatment by medical professionals.

Cannabis must not be sold to people younger than 20 years old and pregnant and breast-feeding women. Sales also will not be permitted in society-sensitive areas such as temples, schools, dormitories, public parks, zoos and amusement parks.

Advertising ban

The bill bans advertisement and promotion of the consumption of cannabis buds, resin and paraphernalia in order to prevent cannabis abuse.

Violators will be liable to jail and fines for illegal cannabis production, import, export and sale, while cannabis abusers will face only fines.

Decriminalising cannabis has long been a flagship policy of the Bhumjaithai Party, which saw the potential for creating a lucrative cannabis-based economy.

When Anutin Charnvirakul, now the prime minister, was the minister of public health in the government of Gen Prayut Chan-o-cha, he issued a regulation removing cannabis from a list of narcotic drugs in June 2022.

But few other regulations existed to govern cannabis usage, and a free-for-all ensued, with recreational use skyrocketing and thousands of weed shops sprouting all over the country.

Bhumjaithai proposed a law to plug the holes, but the Prayut government’s term ran out before it could be debated.

The Pheu Thai government under Paetongtarn Shinawatra subsequently proposed a new bill to regulate the cannabis industry but it failed to make headway before her administration lost power last year.

Mr Pattana said earlier this year that there were about 11,000 cannabis dispensaries in Thailand. He estimated that within three years there would be only about 2,000 left that met the requirements for clinics.

The cabinet has approved a 43-billion-baht extension of the government’s Thai Chuay Thai Plus (Thais help Thais plus) co-payment scheme for October and November, along with an additional 700-baht allowance for state welfare cardholders in October, Finance Minister Ekniti Nitithanprapas said on Tuesday.

The extended 60/40 scheme will provide eligible participants with up to 1,000 baht to spend on qualifying food, beverages, goods and services at participating shops through the end of November. The government will subsidise 60% of eligible purchases, subject to a daily limit of 200 baht per person.

The extension is intended to ease the impact of high oil prices linked to the conflict in the Middle East, support household purchasing power and stimulate the grassroots economy, Mr Ekniti, who is also deputy prime minister, said.

The measure will be financed with remaining funds from relief projects under a broader 400-billion-baht borrowing plan designed to address the impact of the energy crisis and support Thailand’s energy transition.

Lavaron Sangsnit, permanent secretary for finance, said about 44 billion baht remained available for measures to ease the people’s financial burden.

Under the welfare top-up, eligible cardholders will receive a total of 1,000 baht in October, up from the regular 300 baht, with the additional 700 baht available for purchases at participating Thong Fah (Blue Flag) low-cost shops and other outlets designated by the Ministry of Commerce.

The government said the measures were necessary because volatile energy prices could weaken household purchasing power and private consumption, key drivers of the economy, while putting further pressure on growth and inflation.

The first phase of Thai Chuay Thai Plus, which began in June and ends this month, covered about 40 million people, with each eligible participant receiving up to 1,000 baht per month.

Eligible participants can confirm their registration through the Pao Tang mobile application from Oct 1 to 15. Businesses already participating in the scheme can confirm their participation in the additional phase through the Tang Rat app from Oct 1 to Nov 30.

The subsidies can be used from Oct 1 to Nov 30 at participating shops between 6am and 11pm. Food and beverages can also be purchased through participating delivery platforms via the Pao Tang app between 6am and 9pm.

Mr Ekniti said he remained confident that the economy would expand by 2.5% this year, in line with the Finance Ministry’s forecast issued in July.

The condominium market in Chon Buri recovered in the second quarter of 2026, supported by student-related purchases, before demand shifted towards industrial workers in the third quarter, according to SET-listed Origin Property.

Apisit Soonthronchukiat, chief marketing and sales officer, said demand in Chon Buri remained resilient, with foreign buyers, students and industrial workers driving condominium sales in Pattaya, Bang Saen and Si Racha, respectively.

“Student demand typically peaks when universities reopen, as parents buy condos for their children, while investors seek units to tap the student rental market,” he said.

According to the Real Estate Information Center, condominium sales in Chon Buri jumped 74.5% year-on-year in the second quarter, helping to drive a 39% increase in the province’s residential sales.

The best-performing areas were Pattaya-Na Jomtien, where sales increased by 21% on foreign demand, and Bang Saen-Nong Mon-Bang Phra, which grew by 9% on purchases linked to student demand.

However, student-related purchases dropped after universities had been open for a while in the third quarter, while demand from workers employed at industrial estates increased to fill the gap, Mr Apisit said.

“Rental demand in the Eastern Economic Corridor provinces is very strong, with some companies seeking 30-40 new condo units for employees,” he said. “We rent them to companies before selling the units with tenants to investors.”

Origin targets this corporate rental demand with ready-to-move-in projects that have fewer than 100 remaining units, creating an opportunity to sell units to investors with secured rental contracts.

Mr Apisit said the shift towards renting is also spreading among younger workers, who value greater flexibility and face tighter mortgage conditions amid economic and global uncertainties.

The trend is also visible in Greater Bangkok, where condo demand remains but mortgage qualification has become a major obstacle, particularly for buyers seeking units priced below 3 million baht.

Origin’s average mortgage rejection rate stood at 40% in the first eight months of the year, with the highest rate recorded among buyers of units priced between 1.5-3 million baht, many of whom were first-jobbers with limited credit histories.

“Consumer instalment obligations, whether through financial institutions or retailers, are included in lenders’ assessments of borrowers’ repayment capacity when they apply for home loans,” said Mr Apisit.

He added that the fourth quarter would provide an opportunity for developers to accelerate condominium sales through events and campaigns, but developers must work harder across online, offline and agent channels to meet targets.

“Even if the transfer target is 100%, developers have to sell 150% to achieve it, whether through online and offline marketing or sales through agents,” he said.