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The move will be made to seek his support in developing the bourse into one of Thailand's economic pillars.

The White Book details the Thai stock market's development in recent years, its role in the country's financial system, its goal of becoming one of the country's economic pillars and suggestions for its future development. It will be presented to Surapong by the SET and the Federation of Thai Capital Market Organisations.

It points out the Thai stock market not only is a source of fund mobilisation for local companies to expand their business, but also attracts capital inflow. However, the SET is facing a big challenge in competing with stock markets around the world to capture fund flows.

SET chairman Pakorn Malakul Na Ayudhya yesterday said the stock exchange would seek a meeting with Surapong.

Separately, the SET has agreed in principle with an Asian Development Bank (ADB) suggestion that it join with the Boston Consulting Group - its existing adviser - in mapping out the stock market's development over the next five years.

"The SET will map out its five-year development plan. The Boston Consulting Group is carrying out a study and will coordinate with the ADB. If the SET is to be demutualised, it will be concluded this May," he said.

Siriporn Chanjindamanee

The Nation