ASTANA – Kazakhstan plans to modernize its capital market and expand access to stock market financing for businesses under a new development program through 2030 and a draft law designed to strengthen investor protection and align national regulations with international standards.
The program and draft law On the Capital Market were reviewed at a government meeting chaired by Deputy Prime Minister and Minister of National Economy Serik Zhumangarin. According to Nurzhan Tursunkhanov, deputy chairperson of the Agency for Regulation and Development of the Financial Market, Kazakhstan’s securities market has nearly doubled over the past five years.
The combined value of the stock and bond markets increased from 51.1 trillion tenge (US$112.6 billion) in 2021 to 99.8 trillion tenge (US$219.9 billion) in 2025. Deputy Prime Minister and Minister of National Economy Serik Zhumangarin chaired the program and draft law On the Capital Market.
Photo credit: PM’s press service. The number of retail investor accounts exceeded 5 million in the first nine months of 2026. The stock market’s capitalization stands at 41.8 trillion tenge (US$92.1 billion), equivalent to 26% of gross domestic product, while the bond market is valued at 58 trillion tenge (US$127.8 billion), or 36% of GDP.
However, much of the growth has been driven by share placements by quasi-state companies and the revaluation of issuers. Government securities account for 59% of the bond market, while bonds issued by quasi-state entities make up 30%. Private businesses account for the remaining 11%.
Trading activity also remains relatively low. The turnover ratio for shares stands at 1.4%, compared with a target range of 5% to 10%. For bonds, it is approximately 9%, against a target of 20% to 25%. The Capital Market Development Program to 2030 aims to address these gaps and expand opportunities for private-sector financing.
It includes seven areas and 35 strategic initiatives covering pension assets, investment funds, debt securities, derivatives, initial public offerings (IPOs) and improved access to the equity market for small and medium-sized businesses. The programme also focuses on increasing secondary-market liquidity, introducing new financial instruments and improving restructuring and regulatory mechanisms.
Among the proposed measures are securities lending and covered short-selling mechanisms, improvements to market-maker operations, support for independent investment research and broader access for international investors to Kazakh shares. The draft law On the Capital Market is intended to provide the legal framework for implementing the program and replace the Law on the Securities Market, which has been in force since 2003.
The proposed legislation seeks to bring Kazakhstan’s regulatory framework closer to European Union standards and those of the International Organization of Securities Commissions (IOSCO). It would also expand the scope of regulation to cover derivatives and digital financial assets.