The Securities and Exchange Commission has selected six directors as the SEC's representatives to the Stock Exchange of Thailand's board of governors, taking effect on Monday.
The six SEC representatives to the SET board are Kitipong Urapeepattanapong, Jarumporn Chotikasathien, Chaiyawat Wibulswasdi, Voravan Tarapoom, Seree Nontasut and Sopawadee Lertmanaschai.
On June 26, the SET announced the election of four governors: Norachet Sangruji, Paiboon Nalinthrangkurn, Pattera Dilokrungthirapop and Thiti Tantikulanan.
Under the new Securities and Exchange Act, the SET's board of governors will comprise six appointees of the SEC, four members elected by brokerage firms and a de facto position held by the SET president.
This is a change from the previous structure in which five governors were appointed by the SEC and five elected by brokerage firms.
All 10 members will have a three-year tenure. But after one-and-a-half years, five members must relinquish their positions, to be determined by drawing lots.
The SEC's board of directors held a meeting on Thursday to approve rules and regulations on bond issuance, aiming to increase investor protection and close regulatory loopholes, said SEC secretary-general Ruenvadee Suwanmongkol.
The new regulations stipulate that companies planning to issue debentures are not allowed to raise funds from a private placement for 10 individual investors or PP10 if such debenture-issuing companies fail to disclose required information to the SEC.
Other amended regulations include those on monitoring debenture issuers' debt repayment ability and intermediaries involved with debenture distribution, increasing mechanism management through requiring debenture issuers and registrars to report on debenture defaults and solutions, and protecting investors' interest by lawsuits.
The SEC will conduct a public hearing with relevant organisations and offer a grace period for regulatory adjustment.
Separately, the market regulator yesterday launched a mobile app called SEC Check First to provide information to the public on navigating investment products, individuals and intermediaries in the capital market licensed by the SEC.
The objective is to equip investors and the public with information for their decision-making process and prevent people from becoming victims of fraud, Ms Ruenvadee said.
"The SEC gives priority to strong investor protection, which is considered as part of our policy implementation process, to prevent people from becoming victims of investment scams and raising the level of investor protection," she said.