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Asia Stock Loans SEC (Thai) THB

Thailand Stock Loans against SET shares

A stock loan against shares you hold on Thailand’s principal equity venue — for family offices, founders and controlling shareholders, without selling a single share.

01 · Process
How it works

From enquiry to funding.

—StageWhat happensTiming
01Confidential enquiryThe holding and the objective, shared under NDA through a secure channel.Day one
02Indicative termsStructure, sizing and indicative pricing returned against the position.1–2 days
03Structuring & documentationKYC, share and market review; terms formalised under institutional documentation alongside your counsel.1–2 weeks
04Custody & fundingPledged shares held at a qualified custodian; collateral secured and proceeds released.On completion
02 · The Market
Asia

Thailand equity markets.

A Thai stock loan lets a founder, family office or controlling shareholder raise cash against a position listed on the Stock Exchange of Thailand without selling it, without giving up the votes, and while staying the beneficial owner until the facility is repaid. Where a foreign holder sits in the Non-Voting Depository Receipt structure, it is the NVDR — the economic interest, not the ordinary share — that is pledged, and the documentation reflects that. The baht floats, so a USD or EUR drawdown is priced with the currency risk hedged.

What shapes a Thai facility is the disclosure regime and where the name sits. An interest reaching 5% of a listed company’s shares is reportable to the SEC under Notification TorJor. 7/2552, with a further report at each 5% change, so the pledge is sequenced around those thresholds. Liquidity is rarely the constraint for SET50 and SET100 constituents in energy, banking and infrastructure, where free float and turnover support a higher loan-to-value; it weighs more on mai-listed and thin small-caps, and on lines under lock-up. Shares settle T+2, which governs when the pledge is perfected and the loan drawn.

Thailand stock loans at a glance:

Listed venueStock Exchange of Thailand (SET)
RegulatorSecurities and Exchange Commission, Thailand (SEC (Thai))
CurrencyTHB
SettlementT+2
Disclosure threshold5%
Principal indicesSET Index, SET50, SET100
StructureNon-recourse, limited- or full-recourse

Regulatory references are published for general orientation and are not legal advice.

03 · Exchanges
One Venue

Each Thailand exchange, covered.

SET · Bangkok

Stock Exchange of Thailand

Thailand’s principal equity venue, with index weight in energy, banking and infrastructure. Non-resident holders frequently sit in the NVDR (Non-Voting Depository Receipt) structure, a recurring consideration when a foreign position is pledged.

View SET →
04 · FAQ
Thailand · Stock Loans

What holders ask about Thailand.

01Does a share pledge in Thailand have to be reported to the SEC?
It can. Under SEC Notification TorJor. 7/2552, an interest reaching 5% of a listed company’s shares is reportable to the SEC, with a further report at each 5% change. A security interest taken over that holding can trigger the same obligation, so we map the exact reporting and timing to your position and sequence the pledge around it before anything is executed.
02I hold my Thai position through NVDRs — can I still borrow against it?
Yes. Foreign holders frequently sit in the Non-Voting Depository Receipt structure, which carries the financial benefits of the shares without the votes and lets them hold beyond the 49% foreign-ownership limit under the Foreign Business Act. The facility is documented against the NVDR interest rather than the ordinary share, and the settlement, dividend and tax points are set out expressly.
03How much can I borrow against Thailand-listed shares?
The loan-to-value is set to your holding — its free float, daily traded volume, volatility, and your own regulatory standing. A large-cap with deep free float supports a higher LTV than a thin mid-cap, and a non-recourse structure runs lower than a full-recourse one on the same stock. We quote indicative ratios only after reviewing the position.
04Which Thailand exchanges can I borrow against?
We cover Stock Exchange of Thailand (SET). Financing is arranged against shares listed there; which venue applies depends on the issuer’s primary listing and how the holding trades.
05What currency can the facility be drawn in?
The default is THB, the listing currency. Cross-currency structures — drawing a USD or EUR loan against the position — are common, and bring hedging, settlement and tax points we set out expressly in the documentation.
06Who regulates these transactions in Thailand?
Securities and Exchange Commission, Thailand (SEC (Thai)) is the principal regulator. Black Haven Investments lends as principal; lending and any regulated activity are conducted by, or through, appropriately licensed or registered entities in the relevant jurisdiction.
07What is the settlement cycle on Thailand exchanges?
Equities listed on Stock Exchange of Thailand (SET) generally settle on T+2. The settlement cycle governs when the pledge over the shares is perfected and the loan can be drawn, so we align the funding mechanics to it.
08At what level does a shareholding become disclosable in Thailand?
The principal threshold is 5%, under SEC Notification TorJor. 7/2552 overseen by SEC (Thai). Crossing it — in either direction — triggers a notification, and a pledge can itself be relevant; we map the exact levels to your holding before anything is executed.
09Can a foreign or offshore holder pledge Thailand-listed shares?
Generally yes. The shares sit with a qualified custodian and are pledged to secure the facility; any foreign-ownership limits or registration requirements turn on the issuer and sector, and we check them against your specific line at the structuring stage.
10How long does it take to arrange a stock loan in Thailand?
Indicative terms typically follow within one to two business days of a confidential enquiry. Documentation and funding usually complete within about three weeks, depending on custody onboarding and the size of the position.
05 · Adjacent Markets
Asia

Countries adjacent to Thailand.

Hong Kong · Japan · China · South Korea · Taiwan · Singapore · Australia · New Zealand · India · Indonesia · Malaysia · Philippines · Vietnam · Pakistan · Sri Lanka · Kazakhstan · Bangladesh

All countries →

Guides

Related guides.

Fundamentals

How Much Can You Borrow Against Your Shares?

There is no flat figure. The advance against listed shares is set to the specific holding, driven by liquidity, volatility, concentration, your regulatory standing and the recourse profile you choose.

Read → Risk

What Happens If Your Stock Falls During a Loan?

If your pledged shares fall in value during a loan, what happens depends entirely on the structure you agreed at the outset — recourse facilities can call for a top-up, non-recourse facilities cannot.

Read → Process

How to Get a Stock Loan: The Process, Step by Step

Getting a stock loan runs through five disciplined stages: a confidential enquiry, indicative terms, documentation, custody and pledge, then funding under a single accountable principal.

Read →

A particular Thailand holding to talk through?

Send a confidential enquiry, and a senior principal will reply within one business day.

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