SEC Thailand updates major shareholder rules to increase transparency

The Securities and Exchange Commission (SEC) of Thailand has updated its regulations regarding major shareholders for securities and digital asset businesses. The new rules aim to increase transparency and allow for better scrutiny of the true controlling parties within these businesses.

Under the updated criteria, any “significant fund provider” who assists a major shareholder—whether directly or indirectly—in acquiring shares will be classified as a major shareholder. This classification requires formal approval from the SEC. The definition of a significant fund provider is broad, encompassing various forms of financial support, including the provision of cash or assets, guarantees, contracts, or investments in other instruments.

The regulations also mandate that individuals sharing the same significant fund provider must be counted together when determining major shareholder status, similar to how spouses or minor children are treated. These measures are intended to mitigate risks such as money laundering and to protect investors and the overall stability of the capital market. The new rules are scheduled to take effect on August 16, 2026.