Stock Exchange of Thailand (SET)
Stock Exchange of Thailand (SET) is the structural Thai primary stock exchange. Operates the SET main board and SET mai alternative-listing board. Administers listing rules, foreign-ownership cap mechanics (NVDR vehicle), and ESG disclosure framework. Hosts SET ESG Ratings and Thailand Sustainability Investment (THSI) lists. Coordinates with Thai SEC on listing supervision.
Snapshot
Headline numbers a buyer checks first.
Established
1975
1975
Listed companies (SET main board)
~600
2024
Total market cap
THB 18T
2024
Regulated by
Securities and Exchange Commission (SEC)
2024
Profile overview
Stock Exchange of Thailand (SET) is the structural Thai primary stock exchange. Operates the SET main board and SET mai alternative-listing board. Administers listing rules, foreign-ownership cap mechanics (NVDR vehicle), and ESG disclosure framework. Hosts SET ESG Ratings and Thailand Sustainability Investment (THSI) lists. Coordinates with Thai SEC on listing supervision.
Market infrastructure segments
Equity markets
SET main board and mai alternative board
The SET main board lists approximately 700+ companies with combined market capitalisation of approximately USD 500-600 billion. The SET mai board provides lower-threshold listing for smaller, high-growth companies. Foreign ownership tracked via NVDR (Non-Voting Depositary Receipt) vehicle administered by Thai NVDR Company.
Derivatives market
TFEX (Thailand Futures Exchange)
TFEX is the SET subsidiary operating Thailand's derivatives market. Products include SET50 Index Futures, Single Stock Futures, interest-rate futures, gold futures, and commodity contracts. TFEX daily open interest approximately 250,000-400,000 contracts in FY2024. Regulated under SEC together with SET.
ESG and sustainability
SET ESG Ratings, THSI list
SET administers the Thailand Sustainability Investment (THSI) list and SET ESG Ratings annually. Approximately 170-200 companies on the THSI list in FY2024. Aligned with SEC CAP (Climate Action Plan) and TCFD disclosure framework. Also operates the SETHD high-dividend index used by income investors.
Post-trade infrastructure
Thailand Securities Depository (TSD)
Thailand Securities Depository (TSD) — SET subsidiary — provides central securities depository, clearing, and settlement services. DVP (delivery-versus-payment) settlement in T+2. TSD holds registry for all SET and mai-listed securities. Linked to international depositories for foreign-investor access.
SET market scale vs ASEAN peers
FY2024 estimates. Sources: WFE, SET Annual Report.
Stock Exchange of Thailand (SET)
Country
Thailand
Market cap (USD B)
~500-600
Listed companies
~700+
Avg. daily value (USD M)
~1,200-1,800
Bursa Malaysia
Country
Malaysia
Market cap (USD B)
~400-500
Listed companies
~900+
Avg. daily value (USD M)
~500-700
Indonesia Stock Exchange
Country
Indonesia
Market cap (USD B)
~600-700
Listed companies
~900+
Avg. daily value (USD M)
~700-900
Philippine Stock Exchange
Country
Philippines
Market cap (USD B)
~250-300
Listed companies
~280+
Avg. daily value (USD M)
~150-250
| Exchange | Country | Market cap (USD B) | Listed companies | Avg. daily value (USD M) |
|---|---|---|---|---|
| Stock Exchange of Thailand (SET) | Thailand | ~500-600 | ~700+ | ~1,200-1,800 |
| Bursa Malaysia | Malaysia | ~400-500 | ~900+ | ~500-700 |
| Indonesia Stock Exchange | Indonesia | ~600-700 | ~900+ | ~700-900 |
| Philippine Stock Exchange | Philippines | ~250-300 | ~280+ | ~150-250 |
Key developments 2025-2026
Listing pipeline
New IPO and listing activity
SET's IPO pipeline is the primary market-vitality indicator. FY2024 saw approximately 30-50 new listings including SET mai board. Watch for large-cap privatisations (state enterprise listings) and tech-company IPOs as signals of market confidence and international capital-flow receptivity.
NVDR and foreign limits
Foreign-ownership cap mechanics
Many Thai blue-chips have foreign-ownership limits (30-49%) that create NVDR trading premiums when foreign demand exceeds caps. SET's administration of NVDR transparency rules and disclosure of real-time foreign-ownership ratios is a structural market-quality factor watched by international portfolio managers.
CAP and IFRS adoption
Climate, sustainability, IFRS 17 timeline
SEC-SET Climate Action Plan requires phased TCFD disclosure by market capitalisation tier. IFRS 17 adoption for insurers from 2025 (FY2025 reporting) reshapes insurance-sector P&L comparability. SET's role in setting disclosure standards and enforcement timeline is the governance variable.
Where this profile is featured
Reports that reference this entity in their operator concentration or analysis.
Featured in
The SET Stock Exchange: Thailand's Equity Market, mai Board, and th...
Thailand's primary stock exchange; ~USD 500B+ market cap.
Featured in
Inside TFEX: Thai Futures, Options, and the Derivative-Investor Cohort
Parent body to TFEX derivative venue.
Featured in
Thai ESG Listed Disclosure: SET CAP Framework and Investor Pressure
Operates SETESG-rated index and SETHD high-dividend index; sustainability-development reporting requirements; ESG outreach and capacity building.
Featured in
SET Listing Rules and the Foreign-Ownership Cap by Sector
Operates SETESG-rated index and SETHD high-dividend index; sustainability-development reporting requirements; ESG outreach and capacity building.
Related Market profiles
Peers, parents, partners, agencies, and other Capital Markets actors.
Partner
Securities and Exchange Commission of Thailand (SEC)
Regulated by Thai SEC under Securities and Exchange Act.
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Sector peer
SET mai (Market for Alternative Investment)
Stock Exchange of Thailand alternative listing board for SMEs; lighter listing requirements than SET main board.
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Reports featuring this profile
Thailand Tokenization & Real-World Asset Bonds 2027 Market Intelligence
SET subsidiary operating the traditional-bourse digital-asset venue for tokenized equity-like securities; alternative rail to ICO Portal primary issuance.
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Sits alongside 6 other Atlas profilesThe SET Stock Exchange: Thailand's Equity Market, mai Board, and the Family-Conglomerate Free-Float
Thailand's primary stock exchange; ~USD 500B+ market cap.
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Sits alongside 4 other Atlas profilesInside TFEX: Thai Futures, Options, and the Derivative-Investor Cohort
Parent body to TFEX derivative venue.
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Sits alongside 5 other Atlas profilesThai ESG Listed Disclosure: SET Framework and Investor Pressure
Operates SETESG-rated index and SETHD high-dividend index; sustainability-development reporting requirements; ESG outreach and capacity building.
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Sits alongside 3 other Atlas profilesSET Listing Rules and the Foreign-Ownership Cap by Sector
Operates SETESG-rated index and SETHD high-dividend index; sustainability-development reporting requirements; ESG outreach and capacity building.
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Sits alongside 3 other Atlas profilesThai Stablecoin: Payment Corridor Use and THB-Pegged On-Chain
SET regulating digital-asset markets
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Sits alongside 4 other Atlas profiles