On 30 March 2024, Thai SEC announced revised criteria for non-voting depository receipts (NVDR) services, to support foreign investors in Thai stock market, and prevent Thai investors from using NVDR.

• Key revisions include prohibiting securities companies from increasing Thai investors' NVDR shareholdings, except through/via pre-enforced rights or legal transfers.
• Foreign securities companies are required to inform clients about these restrictions, disclose true beneficiary information for all transactions involving Thai NVDR securities.
• Additionally, customers shall disclose information that can identify the true identity of every beneficiary who transacts with NVDR securities.
• The announcement came into effect 1 April 2024.