Wednesday, 19, May, 2021

The President Shavkat Mirziyoyev signed a decree on measures to further develop the capital market. The Decree approved the program for development of the capital market for 2021–2023, the target figures to be achieved as a result of the implementation of the program, the roadmap for the implementation of the development program, as well as the list of enterprises whose shares are subject to public offering through the stock exchange in 2021–2023.

Thus, it is planned to bring the total volume of securities in free circulation to at least 5% of GDP. On the recommendation of the underwriter, starting from January 1, 2023, domestic issuers can place their shares on foreign stock markets after a preliminary placement on the national stock exchange. The results of IPOs or SPOs will not be subject to reconsideration. 

The main areas of the capital market development are: 

- increasing the competitiveness and bringing capital market capitalization to 45 trillion soums (US$ 4.3 billion) before 2024, creating an effective financing mechanism, alternative to bank lending; 

- increasing the accessibility of the capital market for all categories of investors through active integration with international financial markets, widespread use of modern information and communication technologies and the use of advanced approaches that have been successfully tested abroad; 

- bringing to 5% before 2024 of the part of projects financed by issuing securities within the framework of national and regional investment programs, by ensuring the harmonious functioning and development of all segments of the capital market; 

- facilitating active financing of investments aimed at development in the stock market by introducing advanced international practices, eliminating unnecessary barriers and restrictions, etc.

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