During the specialized government session, Deputy Prime Minister and Minister of National Economy Serik Zhumangarin heard a report from Nurzhan Tursunkhanov, Deputy Chairman of the Agency for Regulation and Development of the Financial Market. Discussions focused on the capital market development strategy and the new draft law designed to replace existing legislation.
What is the current state of Kazakhstan's securities market?
According to financial regulator statistics, Kazakhstan's securities market has nearly doubled over the past five years. The combined volume of the equity and bond markets increased from 51.1 trillion tenge in 2021 to 99.8 trillion tenge in 2025. In the first nine months of this year, retail investor accounts surpassed 5 million. Stock market capitalization currently stands at 41.8 trillion tenge, equivalent to 26% of gross domestic product (GDP). The bond market reached 58 trillion tenge, or 36% of GDP. Within the bond market structure, government securities account for 59%, quasi-public sector debt represents 30%, and corporate bonds issued by private enterprises make up only 11%.
What targets and priority directions are set in the Capital Market Development Program?
The Capital Market Development Program through 2030 encompasses 7 focus areas and 35 strategic initiatives. The program covers the development of pension assets and investment funds, expanding the debt securities and financial derivatives markets, increasing IPO opportunities, and broadening equity market access for small and medium-sized enterprises. To address relatively low turnover (the annual turnover rate for stocks is 1.4% against a target of 5–10%, while bond turnover is around 9% against a target of 20–25%), the program proposes developing market-maker mechanisms, introducing securities lending and covered short selling, fostering independent investment research, and facilitating international investor participation in Kazakhstan's market.
What institutional changes does the new draft law introduce?
The proposed law "On Capital Market" is planned to replace the law "On the Securities Market," which has been in force since 2003, aligning domestic rules with European Union and International Organization of Securities Commissions (IOSCO) regulatory standards. The draft legislation broadens regulatory coverage to financial derivatives and digital financial assets, establishes unified qualification criteria for accredited investors, mandates brokerage firms to execute client orders on terms most favorable to clients, and regulates the investment advisory framework. In addition, authorities plan to introduce a "single window" principle via the Central Securities Depository to streamline bond issuance and listing disclosure procedures.
Frequently Asked Questions
Which existing legislation will the new draft law replace?
The draft law "On Capital Market" is planned to replace the law "On the Securities Market," which has been in effect since 2003.
What is the private sector's current share in the bond market?
According to official figures, private enterprise bonds account for only 11% of Kazakhstan's total bond market volume, with the vast majority consisting of government securities and quasi-public sector debt.
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What service model will be implemented at the Central Depository?
A "single window" model is planned for implementation at the Central Securities Depository to simplify review and issuance procedures for enterprises entering the capital market.
How does this policy relate to Chinese companies?
The official statement from the Government of Kazakhstan makes no mention of Chinese enterprises, and no inferences are drawn in this article.
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Sources
- Official Information Source of the Prime Minister of the Republic of Kazakhstan (primeminister.kz), 5 November 2026: https://primeminister.kz/ru/news/v-pravitelstve-prezentovali-proekt-zakona-o-rynke-kapitala-32089
- GURK.kz reprint of Agency for Regulation and Development of the Financial Market materials, 5 November 2026: https://gurk.kz/news/glava-agentstva-predstavila-deputatam-programmu-razvitiya-ry-nka-kapitala-i-polozheniya-novogo-zakona