Bangkok: 'Assadet' is confident that the Cabinet will approve the principle of the draft emergency decree to increase the SEC's power to prevent stock manipulation, restoring confidence in the Thai capital market and increasing the efficiency of trading supervision. Following the Cabinet meeting today approving the draft of the Royal Decree amending the Securities Act as proposed by the Ministry of Finance, Mr. Atsadej Kongsiri, Director and Managing Director of the Stock Exchange of Thailand, expressed confidence that the draft law will positively impact the capital market overall. The draft aims to enhance the efficiency of trading supervision and transaction inspections of listed companies. It also seeks to expedite legal proceedings and enforce laws regarding capital market crimes, deterring potential offenders. This legislative move is expected to bolster investor trust and confidence, which is deemed urgent for the Thai capital market.
According to Thai News Agency, Prime Minister Ms. Paethongtarn Shinawatra stated that the Cabinet approved the principle of the draft Emergency Decree to amend the Securities and Exchange Act as proposed by the Ministry of Finance. The amendments are designed to build investor confidence and maintain the stability of the country's economy by deterring wrongdoing in the capital market. Key amendments to the Securities and Exchange Act include enhancing inspection and supervision efficiency during short selling, raising performance standards for capital market professionals, and defining the rights of debenture holder representatives in business rehabilitation and bankruptcy processes.
Further, the amendments will require reporting liabilities in securities to the SEC office and introduce legal measures to aid in investigating wrongdoing and deterring damages. The measures will also address cases impacting confidence in the capital market or the country's economic system. Mrs. Pornanong Busaratrakul, Secretary-General of the SEC, remarked that these legal improvements would enhance the supervision of short selling, strengthen oversight of capital market professionals, and ensure the reporting of complete information for informed investment decisions. The SEC's increased power to handle cases aims to expedite processes and reinforce confidence in the capital market, which is vital for mitigating impacts during undesirable events. Strengthening the Thai capital market is viewed as a crucial mechanism for driving the nation's economy.