At a Capital Market Day roundtable in Almaty, the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan said it is developing, with the National Bank of Kazakhstan and international consultants, a Capital Market Development Programme through 2030 and a new law on the capital market. The package is intended to build a more modern market model, widen long term financing through market channels and address persistent constraints including low liquidity, a limited active investor base and weak use of the stock market by businesses as a source of long term funding. Planned measures include expanding the investor base, reforming the pension asset management system, developing financing instruments for small and medium sized enterprises, introducing a one stop shop principle and fully digitising securities issuance procedures. The work also covers modernising exchange, clearing and depository infrastructure, developing new financial instruments, strengthening corporate governance and investor protection, and improving integration with international depository and settlement systems while removing infrastructure and regulatory barriers for foreign investors. As market context, the agency said equity market capitalisation has reached KZT 39 trillion, around 24 percent of GDP, corporate bonds exceed KZT 16 trillion, around 10 percent of GDP, and accounts at the central depository have surpassed 5 million. Participants in the roundtable drew up proposals and practical recommendations for the next stage of Kazakhstan's capital market development.

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