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Institutional Broking

KT ZMICO's Institutional Broking Department services corporate clients worldwide. These clients include a number of major global investment houses, brokers and fund managers. Our team provides services that meet international standards. KT ZMICO is the first local broker to offer clients DMA (Direct Market Access) via GL Trade supported by the mid-office confirmation system of OASIS Global.


KT ZMICO is Thailand's leading independent broker (Finance Asia Magazine) not affiliated with other financial institutions. This ensures that we are able to fully devote ourselves to fulfilling our clients’ interests.



With its years of experience, our institutional broking team has won the trust of a number of foreign and local institutional clients. We strive to safeguard information provided by our clients.  Our institutional team is also in a separate location from other functions to ensure the highest standard of confidentiality.


Quality Execution

KT ZMICO’s execution team has more than 10 years of experience, and it is therefore able to provide the most dependable institutional brokerage execution in Thailand.  Institutional clients can also enjoy DMA (Direct Market Access) via GL Trade.


English Proficiency

All of KT ZMICO’s institutional staff are fluent in English. All are bilingual, and some are native English speakers.


Trading Ideas

Our institutional clients receive daily information on the Thai market and specific trading ideas when opportunities arise. Our clients are updated continuously about market developments and receive stock recommendations, trading ideas and daily emails about economic and corporate news.


Account Requirements

  1. Applicants are required to submit the following documents to open a securities trading account:
    • Securities Trading Application Form - Corporate
    • Securities Brokerage Cash Agreement
    • Custodian Agreement
    • Power of Attorney
    • Two Specimen Signature Cards
  2. Required Client Documents
    • A certified true copy of certificate of incorporation
    • A certified true copy of memorandum and articles of association
    • A certified true copy of a board resolution
    • A certified true copy of authorized signatories
    • a certified true copy of passport/ID of authorized persons
    • a certified true copy of the audited financial statement of the current year

    The documents in items 1-6 must be notarized by a Notary Public if the following are required:

    • Share Certificate Deposit
    • Share Certificate Withdrawal
    • Share Status Conversion (Local to Foreign/Foreign to Local/NVDR to Foreign)
    • Other (if required by the Securities Depository Center/Registrar Center)


Trading Proficiency

Upon receipt of advice on how to open an account, more information and trading procedures may be obtained by a marketing officer as mentioned in our Institutional Broking section.



KT ZMICO Securities is a fully licensed Thai broker regulated by the Stock Exchange of Thailand.  We offer a minimum brokerage commission rate of 0.25% for all regular orders and a minimum rate of 0.20% for Internet trading orders in accordance with the Notification of the Stock Exchange of Thailand, Ref. No. Kor Tor (Wor) 8/2545 dated January 11, 2002, effective January 14, 2002.  Brokerage commission fees are subject to an additional 7% VAT.  Please note that for local institutional clients only, KT ZMICO is required to pay a withholding tax of 3% on commission amounts. The tax will be paid to clients on every transaction, and clients are then responsible for submitting their withholding tax to the government.



Statements of Account will be submitted to all active clients to the address provided at the end of every six months (June 30, December 31).


Financial Benefits

Clients are entitled to receive the following benefits:

  • Dividends
  • Voting Rights
  • Other Rights

Clients should be aware, however, of the restrictions on foreign ownership of Thai companies.  Foreign shareholding limits apply to every stock listed on the Stock Exchange of Thailand. Most listed companies limit foreign ownership to a maximum of 49%, except those in the banking and finance sector, which generally permit only a 25% foreign holding.

To ensure that clients receive full financial benefits from investing in the Thai stock market, they should hold an account according to their residential status: foreigners should hold "Foreign Registered Stocks" or NVDRs (Non-voting Depository Receipts), while Thais should hold "Local Registered Stocks."  NVDRs provide all financial benefits; i.e., dividends, right issues and warrants, except voting rights at shareholder meetings.  (For more information, access the front page of our website at "New Feature – NVDR."

Note that foreign shares of some stocks might not be available due to a lack of liquidity. Clients have the option to buy local shares and later inform KT ZMICO that they wish to convert them to foreign shares. Conversion can be completed, however, only when a foreign shareholding is available.

Depending on liquidity, clients holding foreign shares have the option to sell them on the local board.  Conversion from the foreign to local board can be completed within one working day after notification.  The conversion fee is THB 50.00 per application for each company.  For more information on share conversion, please contact your Marketing Officer.

When KT ZMICO acts as a custodian, we will inform the securities registrar, the Thailand Securities Depository Company Limited (TSD), the identities of shareholders as of the book closing date.  




A Non-Voting Depository Receipt (NVDR) is a trading instrument issued by Thai NVDR Co., Ltd., a subsidiary wholly owned by the Stock Exchange of Thailand (SET).  NVDRs are automatically regarded as listed securities on the SET.

Benefits: To eliminate foreign investment barriers, such as foreign investment limits and impediments for institutional investors.

Investors will be entitled to receive financial benefits; i.e., dividends, right issues and warrants, in the same manner as if they invested in an ordinary share. However, voting rights are not applicable for NVDR holders.

Trading Procedure

Investors who wish to trade NVDRs may send a request either via a marketing officer or via our online trading platform by specifying “NVDR” in the Trustee ID column when placing the order.

NVDR price quotes will be referred from the local board of the underlying stock. The price is exactly the same as that of the corresponding counter on the local board. In short, NVDR orders will be executed on the local board.

Guidelines: On any book closing date, KT ZMICO will submit a shareholder report to the Thailand Securities Depository Co., Ltd. (TSD). Clients are advised to hold stocks registered according to their "Resident Status" before XD (ex-dividend) or XR (ex-right) posting dates. In other words, foreigners should hold either "foreign" registered stocks or NVDRs, while Thais should hold "local" registered stocks.

Foreign investors who desire voting rights are advised to hold "foreign" shares only. Securities trading must be conducted on the corresponding board only:

Securities Board

  • Foreign Board
  • Main Board (local board)
  • NVDR Board (local board)



  1. Primary Information
    For primary company information and trading information, contact:

    Local Institutional Sales

  2. Submitting an Account Opening Application
    Send all completed account opening documents to the following address:

    KT ZMICO Securities Co., Ltd.
    Attn: Customer Services
    15th Floor, Liberty Square
    287 Silom Road, Bangrak
    Bangkok 10500 Thailand

  3. For More Information
    To request more information, contact Customer Services:

    K.Nuttinee Sukwanvith
    Phone: (662) 695-5031
    Fax: (662) 631-1704


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