Paiboon Nalinthrangkurn, the new chairman of the Federation of Thai Capital Market Organisations, vows to push aggressively for FeTCO to play a broader role in the economy, starting with representation on the Joint Public Private Committee.
Though the federation was set up six years ago, it still has low public recognition. As the capital market is a major part of the economy, FeTCO's role should be promoted accordingly, he said yesterday.
His aim is for it to be represented on the committee, which currently comprises members of three private organisations - the Federation of Thai Industries, the Thai Chamber of Commerce and the Thai Bankers Association - aside from government leaders.
He said FeTCO would soon know whether it could join the panel.
"The Joint PublicPrivate Committee will be an arena for us to express views on solving economic problems," he said. "When economic problems occur, we are unable to take action, unlike the other agencies [on the panel]. Capital inflows to the Thai capital market are an example of something that could prompt action by us, but we have been ignored [to date]."
Paiboon, chairman of the Securities Analysts Association (SAA), was appointed FeTCO chairman to replace Anon Sirisaengtaksin, whose term ended. He will be at the helm until August 29, 2012.
Aside from the wider role on the joint committee, his next priority is to have FeTCO represented at the meetings of economic ministries, like other key econom¬ic organisations, he added.
His other urgent mission is to coordinate with the Stock Exchange of Thailand to negotiate with the Finance Ministry over easing corporate tax to facilitate mergers and acquisitions.
He said more M&A activity would boost the size of the capital market, aside from the introduction of new listings to the bourse.
Many listed companies have expressed interest in M&As but if they have to pay corporate tax on such deals, they could be discouraged from following through, he noted.
FeTCO also plans to transform itself into a juristic person, a process that should take at least three to five years.
Under his leadership, FeTCO will hold more meetings, from twice a year to four times annual¬ly, for higher efficiency.
Stock Exchange of Thailand president Charamporn Jotikasthira, as a director and secretary general of the association, said Paiboon's agenda would win support from the exchange, as it would increase Thailand's competitiveness amid changes in the capital market.
Paiboon's extensive experience should lead to the organisation's sustainable growth, at a time when the capital market opens up for greater competition, he said.
FeTCO comprises six capitalmarket organisations, including the SAA and the Association of Listed Companies.