The Stock Exchange of Thailand

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The Stock Exchange of Thailand
Founded	1974 (established); April 30, 1975 (first trading day)
Headquarters	Bangkok, Thailand
Key People	Professor Kitipong Urapeepatanapong, Chairperson; Asadej Kongsiri, President
Products	Securities listing and trading; market data; market surveillance; derivatives and post-trade services through SET Group companies
Website	www.set.or.th

The Stock Exchange of Thailand (SET) is Thailand's principal regulated securities exchange. Established under the Securities Exchange of Thailand Act of 1974, it began trading on April 30, 1975, as the Securities Exchange of Thailand. It adopted its current name on January 1, 1991, and operates under the Securities and Exchange Act of 1992.

SET provides a market for listed securities and related services on a non-profit-sharing basis. Its work includes listings, oversight of listed-company disclosures, trading and market surveillance, oversight of member firms' trading activities, distribution of market information and investor education.

History

The modern Thai Capital Market traces its origins back to the early 1960s. In 1961 Thailand implemented its first five-year National Economic and Social Development Plan to support the promotion of economic growth and stability as well as to develop the Kingdom's standard of living. Following upon this, the Second National Economic and Social Development Plan (1967-1971) then proposed for the first time that an orderly securities market be established in order to mobilize additional capital for national economic development.

Thailand's first stock exchange was a private venture founded in July 1962 as a limited partnership. It became Bangkok Stock Exchange Co., Ltd. (BSE) in 1963 but ceased operations in the early 1970s, partly because of a lack of government support. Thailand's Second National Economic and Social Development Plan (1967–1971) proposed a regulated stock market to raise capital for economic development. Legislation enacted in 1974 established the Securities Exchange of Thailand, which opened for trading in 1975; it was renamed the Stock Exchange of Thailand in 1991. In outlining its proposal for the creation of a supervised securities market, the Second National Development Plan stressed that the market's most important role would be to mobilize funds to support Thailand's industrialization and economic development.

The exchange had one of its most challenging years in 2024 when its performance indicators lagged behind its regional counterparts. A lack of confidence that policymakers would be able to nudge the economy beyond tourism led to weak investor sentiment. US President Donald Trump’s tariff war added to the headwinds as a stronger dollar led investors to flee from emerging markets.

The launch of the Vayupak Fund on the Stock Exchange of Thailand was announced on August 13, 2024 by Pichai Chunhavajira, Thailand's minister of finance, along with Paophum Rojanasakul, the deputy finance minister, the permanent secretary of the Ministry of Finance, the secretary general of the Securities and Exchange Commission (SEC), and the president of the Stock Exchange of Thailand. The fund was intended to bolster investment in the capital market after a number of declines and volatility in the Thai stock index.

Thai regulators and market institutions instituted a series of reforms intended to shore up trust and strengthen oversight, but the reforms had little effect on the benchmark SET Index. Seven months after $4.5 billion was injected into the Vayupak Fund, the stock gauge tumbled more than 16% in the year, as foreigners pulled out $4.2 billion.

The market's outlook in 2024 was also damaged by a series of high-profile financial scandals that led to a loss of investor confidence.

In September 2026, SET and the New York Stock Exchange signed an agreement to explore a framework for dual listings and to develop products and indexes.

Markets and services

SET lists and facilitates trading in securities. The Market for Alternative Investment (mai), a market for smaller and growing companies, operates within the SET Group. The group also includes the Thailand Futures Exchange (TFEX), which runs a derivatives market; Thailand Securities Depository (TSD), which holds securities electronically and maintains shareholder records; and Thailand Clearing House (TCH), which clears and settles transactions on SET, mai and TFEX. These are separate group entities, rather than products traded directly on SET.

SET also lists depositary receipts that give Thai-market investors exposure to overseas stocks and exchange-traded funds. In September 2026, the exchange announced 28 new receipts linked to securities in Asia, the United States and Europe.

People

• Asadej Kongsiri, Director & President
• Kitipong Urapeepatanapong, Chairman of the Board

Governance

SET's Board of Governors has up to 11 members: six appointed by Thailand's Securities and Exchange Commission, four elected by SET member firms and the SET president, who sits on the board by virtue of that office. SET identifies Professor Kitipong Urapeepatanapong as chairperson, Pichet Sithi-Amnuai as vice chairperson and Asadej Kongsiri as president. Kongsiri took office on September 19, 2024.

Technology

SET introduced its SET CONNECT trading platform for equities in 2012 and later used it for derivatives. That history should not be confused with its present platform: on May 8, 2023, SET and TFEX introduced a new trading system developed with Nasdaq, alongside new market-data and surveillance systems. The system expanded the displayed bid-and-offer depth for SET and mai securities from five to 10 price levels.