Highlights 4 missions to restore faith in the Thai capital market
“I intend to act as chairman of the board of the Stock Exchange. the best To push the Thai capital market to be the investment center of the region. Coordinating cooperation with every department, every agency to build investor confidence. Both law enforcement Equal protection of investors Including creating transparency among listed companies.”
After the Stock Exchange of Thailand (SET) board of directors passed a resolution selecting Special Professor Kitipong Urapeepattanapong To serve as the 19th Chairman of the Stock Exchange of Thailand on May 15, 2567, in a time of crisis of faith in the Thai capital market like this, law enforcement to punish offenders must be carried out strictly and decisively. To regain confidence and restore faith in the Thai capital market.
With his long experience as a skilled lawyer, Prof. (Special) Kitipong is considered to be taking the position of Chairman of the Stock Exchange of Thailand. “Right place, right time” very much
bank finance Had a special interview Special Professor Kitipong Urapeepattanapong Chairman of the Stock Exchange of Thailand Regarding important missions in the term of office for 15 months from 17 May 2567 onwards.
“I intend to act as chairman of the board of the Stock Exchange. the best In order to push 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, Prof. (Special) Kitipong said that there are many other missions that need to be done together and jointly developed, such as ESG, ESG Fund, and using Carbon Credit to see results.
However, driving all of the above matters to success 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 to make the Thai capital market a key mechanism for sustainable economic development of the country
Click 4 missions to restore confidence in the capital market
Prof. (Special) Kitipong said There are 4 important tasks in holding the position of Chairman of the Stock Exchange of Thailand:
1.Build confidence in the Thai stock market By dealing with corrupt groups, both in price creation (stock manipulation) and accounting manipulation. seriously as an example case. At present, capital market errors have been found Whether it is the issue of stock manipulation that is increasing The offense became more complicated. and do it as a process It's not just 2-3 people doing it together, with cooperation from many groups of people. making inspection more and more difficult Therefore, cooperation from various sectors is required. Let's come together to help solve the problem and increase the preventive measures to be more intense.
Prof. (Special) Kitipong said that it is important to create knowledge throughout 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, action can be taken immediately. 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 in the past when the law was enforced on average 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, namely Stark Corporation Public Company Limited (STARK), where it was discovered that the financial statements had been altered. It was found that the law enforcement process was also delayed.
The other issue is stock manipulation, where small companies enter the stock market and create a price to make a profit. and discarding those shares. It was found that companies on the Market for Alternative Investment (mai) had created a large share price. This may be because the company is small. There are few shares. News is created Someone believes the rumor. or setting the IPO price too high for the fundamentals
From now on, the Stock Exchange It will reveal information on IPO shares of 10-20 companies and who is the financial advisor. 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 stocks with a low baht price (Stock Penny).
2. New product developmentIn the view of Prof. (Special) Kitipong, he sees that the capital market should have more new products, such as tax-deductible mutual funds that can be used to deduct taxes of more than 5 baht, using an example from a study tour in Japan. It was found that investors can receive a tax deduction of up to 1.5 million baht. In addition, there should be a New Investment fund to expand the investor base to a new group, such as a mutual fund for youth that parents can buy for their children and then sell them when they are 18 years old, etc.
Another example is mutual funds for senior citizens. that can accumulate money into the fund It is considered to create savings for use after retirement, such as after retirement. You can gradually withdraw money to spend in your daily life every month, etc. Including finding foreign companies to register on the Thai stock market in order to push the Thai capital market to be the investment center of the region.
“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. Create fairness and develop capital market infrastructure. by the Stock Exchange It will use artificial intelligence (AI) data mechanisms to investigate suspicious balance sheets of listed companies, such as export businesses, when companies doing the same business are suffering losses. But if there is a company that has made a profit and is found suspicious. The system will notify investors of abnormalities. It is like a warning signal or a red flag (Red Flag) that the company is abnormal in order to provide information for investors to make decisions.
Then have the auditor explain the information. This power resides with the SEC, while the Stock Exchange There is basic information. If the Stock Exchange sends the information to the SEC, it can call for clarification immediately before the incident occurs. Otherwise, investors will believe the news. that was released From now on, the supervisory department of the Stock Exchange of Thailand and the SEC will join together more. From what is currently being done But it will become more intimate, such as signing a memorandum of understanding (MOU) to act together.
“In the future there may be amendments to the law. The SEC can file a lawsuit on its own. Or the prosecutor was temporarily borrowed to join the case. Just like Japan does today. This matter has been discussed with the Prime Minister.”
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. In order to reduce the advantages and disadvantages of all groups of investors, however, in this matter, Prof. (Special) Kitipong said that It is a personal idea that will be presented to the Stock Exchange board next.
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 them is We cannot compete with the quality of listed companies or products. Therefore, I look at how we will regulate these things. including fraud, stock manipulation, creating fake accounts Of course, in the capital market there are both good companies and there are none. There are also good people and bad people in the capital market. What is important as a lawyer is that law enforcement must be swift, clear and punitive.”
4. Create an investment scripture. In the future, they want to create books or textbooks about capital markets into the curriculum of the education system. From students in schools and students in universities. To enhance knowledge and understanding about investments and to allow the new generation to have more access to the capital market.
“Right place, right time”
The 19th Chairman of the SET Board
Prof. (Special) Kitipong is a former chairman of the board of Baker & McKenzie Company Limited and a director in several listed companies. Including playing a role in tax law reform Before becoming the chairman of the board of the Stock Exchange of Thailand Being a director of the Stock Exchange Appointed by the SEC, he assumed the position of director on August 5, 2565. He is currently 68 years old.
Prof. (Special) Kitipong told "Bank Finance" Listen to the origins of his advancement to the position of 19th Chairman of the Stock Exchange's Board of Directors: According to the law (Securities and Exchange Act), directors from the SEC must act as Chairman of the Stock Exchange's board. And he himself used to be a director of the Stock Exchange. Coming from an outsider or spending two periods as a board member of the Stock Exchange
“The most recent period of being on the board of the Stock Exchange was the era when Dr. Prasarn Trairatworakul Chairman of the board My term will expire in August 2568 or will be in office for another 15 months and I will do my best.”
Prof. (Special) Kitipong said that the Stock Exchange Have confidence problems both corruption Unfairness in trading, whether it be HFT, trading programs, etc., by small customers Can't compete with the big guys. Later, measures were taken to regulate these matters. But enacting measures must use regulations and laws.
Therefore, the Stock Exchange of Thailand board You see me as the most senior. Both in terms of being a legal expert In addition, they are directors who are representatives of the SEC and do not have to learn new work. Therefore, the Stock Exchange board views that insiders are probably the most suitable because they can continue working immediately. In the past, there may not have been a situation where the board president resigned in the middle of school. (Referring to Pichai Chunhavajira) because in the past Chairman of the Stock Exchange Board Stay until the end of term
“If you ask me, it's like a coincidence. and the timing is suitable for the Stock Exchange's board. You may think that I am a legal expert. Has experience working in the private sector for more than 40 years and has been a director in approximately 7-8 organizations after retiring from regular work 3 years ago, or approximately 65 years of age, giving him a vision of working in both the public and private sectors. has helped to reform the law, etc.”
Prof. (Special) Kittiphong said that there are many things that he would like to accomplish. I want to make it a legacy, making people feel that the chairman of the board of the stock exchange This person has come and done something good. to the capital market Because other matters such as your own wealth are sufficient while working full time. After retirement, he has the objective of working for the public. By raising the status of the Thai capital market to build confidence
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