"Kitipong", Chairman of the Stock Exchange Board, promotes 4 missions to restore faith in the Thai capital market.
"Kitipong Urapeepattanaphong" reveals 4 main missions in the position of Chairman of the Stock Exchange of Thailand's Board of Directors Accelerate cooperation to build investor confidence Both enforcing the law and protecting investors are equal. Creating transparency in the operations of listed companies new product development Creating an investment scripture Ready to push the Thai capital market to be the investment center of the region.
Following the resolution of the Stock Exchange of Thailand (SET) Board of Directors on May 15, 2567, to elect Professor Kitipong Urapippattanapong as the 19th Chairman of the SET, it is crucial, in this time of crisis of confidence in the Thai capital market, that strict and decisive enforcement of the law to punish offenders is necessary to restore confidence and revive faith in the Thai capital market.
Given Mr. Kitipong's extensive experience as a highly skilled lawyer, his appointment as Chairman of the Stock Exchange of Thailand is considered to be " the right place at the right time."
Finance and Banking conducted an exclusive interview with Professor Kitipong Urapipattanapong, Chairman of the Stock Exchange of Thailand, regarding his important mission during his 15-month term in office, effective from May 17, 2567.
“I intend to serve as Chairman of the Stock Exchange. The best in pushing the Thai capital market to be the investment center of the region. and cooperate with all parties and agencies in building investor confidence. Whether in the matter of law enforcement Equal protection of investors Including creating transparency in the operations of listed companies.”
In addition to building confidence Mr. Kitipong said There are still many missions that we need to do together and develop together, such as ESG, ESG Fund, and using Carbon Credit to see results.
However, driving all of the above matters to be successful requires the cooperation, opinions, and support of all committee members. Executives from all sectors of the Stock Exchange of Thailand Other external agencies and organizations related This is to make the Thai capital market a key mechanism for sustainable economic development of the country.
Mr. Kitipong stated that his four key tasks in his tenure as Chairman of the Stock Exchange of Thailand are as follows:
1. Build confidence in the Thai stock market by tackling fraudulent groups, including those involved in stock manipulation and accounting falsification, decisively and effectively. Currently, capital market offenses, particularly stock manipulation, are increasing in complexity and are being carried out by organized groups, not just a few individuals. This makes investigations increasingly difficult, requiring cooperation from various sectors to address and strengthen preventative measures.
Mr. Kitipong said It is important to build knowledge of the entire process from upstream. midstream and downstream both from the Stock Exchange Securities and Exchange Commission (SEC), Anti-Money Laundering Office (AMLO), Department of Special Investigation (DSI), and Office of the Attorney General. To make the case more expeditious By breaking the law such as fraud or stock manipulation, assets must be seized first. Then speed up the process of proving the case to quickly convict the perpetrators. In some cases, it can be done right away. Some matters require amendments to the law in order for these processes to be effective in a timely manner.
For example, the case of More Return Public Company Limited (MORE), which had a damage value of 4,000 million baht, had fast enforcement of the law. It took only 1 year and 6 months compared to the past where the law was enforced on average of 3 - 4 years. The MORE case had a huge impact on the capital market. and requires cooperation from many agencies In addition, there is a major fraud case involving Stark Corporation Public Company Limited (STARK) where financial statement alterations were found.
“Small companies enter the stock market and create a price to make a profit. and then discard that stock It was found that companies on the Market for Alternative Investment (mai) had a large share price increase. This may be because the company is small. There are few shares. News is created Someone believed the rumor. or setting the IPO price too high for the fundamentals From now on, the Stock Exchange Will reveal information about 10-20 companies' IPO stocks and who are the financial advisors. When entering the market So how has the stock price changed? or disclosing information about the allocation of shares to related persons This information will be used to analyze and set conditions, such as low-baht stocks (Stock Penny).”
2. New Product Development: From Mr. Kitipong's perspective, the capital market should offer more new products, such as tax-deductible mutual funds that allow for tax deductions exceeding 5 baht. He cited an example from a study trip to Japan where investors can deduct up to 1.5 million baht from their taxes. Furthermore, there should be New Investment funds to expand the investor base, such as mutual funds for youth that parents can purchase for their children and sell when they reach 18 years of age, or mutual funds for senior citizens that allow them to accumulate savings for retirement, potentially enabling them to withdraw funds monthly for daily expenses after retirement. Finally, he suggested attracting foreign companies to list on the Thai stock exchange to further establish the Thai capital market as a regional investment hub.
“We can use this mechanism to bring in more investors to the capital market. Moreover, there is the issue of taxes. If there is a fund for youth It can be a fund that can be used for tax deduction. The Stock Exchange must create a New Investment Standard to make it more accessible.”
3. To create fairness in the capital market and develop capital market infrastructure, the Stock Exchange of Thailand will use artificial intelligence (AI) mechanisms to examine the balance sheets of listed companies that are suspicious, such as export businesses. While similar companies may be experiencing losses, if a company shows profitability and suspicious activity is detected, the system will alert investors to the abnormality. This acts as a red flag, indicating the nature of the irregularity in the company, providing information for investors to make informed decisions and promptly summoning auditors for questioning. This authority rests with the Securities and Exchange Commission (SEC), while the Stock Exchange of Thailand will only possess preliminary data.
In the future, the law may be amended to allow the SEC Office to file lawsuits on its own. Or the prosecutor was temporarily borrowed to join the case. Just like Japan does today.
In addition, there must be a way to find ways for small member companies (brokers) to have tools or facilities (Facility) that are equal to large brokers. To reduce the advantages and disadvantages of all investor groups. Despite this Mr. Kitipong said that it was a personal idea that he would present to the Stock Exchange's board.
Regarding fairness and equality in stock trading, such as doing a naked short or selling stocks without having stocks in hand. Sending automatic trading orders (Program Trading) as well as group investors High-frequency trading (HFT) or those who focus on high-speed trading We must give importance and have measures in place to take care of both prevention and suppression. In this matter, the Stock Exchange Measures have been gradually issued continuously.
“Thai stocks have fallen for many reasons, one of which is the quality of products in the capital market. and confidence in regulatory measures to prevent fraud. Creating stock prices Account decoration Things that result from fraud by executives of listed companies still exist. which accepts that there are both good and bad companies Importantly, as a lawyer, the law must be enforced quickly, clearly and with strict punishment.”
4. Create an investment guide . In the future, we aim to create books or textbooks about the capital market and incorporate them into the education curriculum, from school students to university students, to enhance their understanding of investment and to provide greater access to the capital market for the younger generation.
Mr. Kitipong concluded by saying that “Accepting the position of Chairman of the Stock Exchange of Thailand There probably won't be any problems. This is because he has come to serve as a director of the Stock Exchange of Thailand. This is the 4th time already, so I understand the capital market system and am familiar with various people. in the capital market very well.”
Read other news
