KASE participated in discussion of the future of Kazakhstan's capital market
On May 13, 2026, Management Board Chairperson of the Kazakhstan Stock Exchange (KASE) Adil Mukhamejanov participated in a roundtable discussion on capital and insurance market development as part of the instructions of the President of the Republic of Kazakhstan, organized by the Republic of Kazakhstan's Agency for Regulation and Development of the Financial Market (ARDFM) jointly with Oliver Wyman.
The meeting was attended by the management of the RK Agency for Regulation and Development of the Financial Market (ARDFM), the Association of Financiers of Kazakhstan, as well as representatives of investment companies, second-tier banks, insurance organizations and other professional market players.
Participants noted that Kazakhstan's capital market is demonstrating steady growth, but its potential has not yet been fully realized. Currently, stock market capitalization accounts for approximately 24% of GDP, while in comparable countries this figure reaches 40-60%.
One of the key issues was the development of financing for small and medium enterprises (SMEs). Despite the launch of new platforms and instruments, companies still often prefer bank lending to entering the stock market. Participants emphasized the need to create more attractive conditions for companies to raise financing through capital market instruments, including simplifying the procedures, reducing the regulatory barriers, and developing the issuer support tools.
Special attention was paid to issues of low market liquidity, the limited number of institutional investors, and the insufficient level of financial and investment literacy among the population.
During the roundtable, priorities were also identified for protecting the rights of retail investors, disclosing of information, and increasing the responsibility of professional securities market participants. It was noted that, as of May 1, 2026, all the necessary legislative, regulatory and institutional conditions for launch of the digital financial asset market have been established in Kazakhstan.
The importance of joint work between the government and market participants to modernize legislation, develop stock market infrastructure and enhance its role in financing the country's economy was emphasized.