Her position is expected to be taken by Vichate Tantiwanich, who is currently chairman of the Market for Alternative Investment (MAI).

Although Sopawadee's ability is widely acknowledged, she will be transferred to head SET subsidiary Thailand Securities Depository Co Ltd (TSD), which handles back-office work.

Observers consider Sopawadee's new position as less important than her former one.

"Khun Sopawadee is a highly capable person but she is a tough nut to crack. This quality might offend some powerful people who would prefer someone they can manipulate," said a source who asked not to be named.

The reshuffle news surprised market watchers, considering Sopawadee had earlier been a front runner, along with Patareeya Benjapolchai, to become the new SET president.

However, Patareeya was finally chosen on June 1 to replace Kittiratt Na Ranong, who resigned citing his failure to honour his pledge to list Chang Beer on the Thai stock market.

Sopawadee had been expected to take an assignment with equal or more responsibility. She spent many years working in the capital market supervision department, which has been crucial in checking the performance of listed companies.

During today's reshuffle approval process, Nongram Wongwanich, whose current position is president of TSD, is expected to be promoted to executive vice president of the SET overseeing the organisation's activities.

Nongram is widely known to be good friends with Patareeya.

Another source said SET chairman Vijit Supinit played a key role in the reshuffle.

The source said Vijit would like to see the internal management become more flexible."For instance, when the decisions were split, it was Khun Vijit who made the final call to pick Khun Patareeya," the source said.

"Khun Sopawadee has been widely accepted by the brokerage industry. She has knowledge and expertise in the capital markets. She earlier had a key role in the capital markets and was thought to be a shoe-in as the replacement for Khun Kittiratt. But, it turns out to be Patareeya," another source said.

The SET's organisational structure is separated into five divisions. The SET is seeking new executive vice presidents to oversee them.The divisions are the Market Regulation Division, currently headed by executive vice president Suthichai Chitvanich, and the Capital Market Opportunity Centre, headed by Sopawadee as well as Vichate. Then there is the Capital Market Education Division, headed by Punsak Vejanurug, the Research and Information Division, headed by senior vice president Sethaput Suthiwart-Narueput, and the Information Technology Division, headed by executive vice president Chaiyoot Chamnanlertkit.

Siriporn Chanjindamanee

 The Nation