Seoul: The chief of the country's stock market operator said Wednesday that the tech-heavy KOSDAQ market will further develop via strengthened transparency backed by a series of revamp measures. In a speech marking the 30th anniversary of the KOSDAQ market's establishment, Chung Eun-bo, chairman of the Korea Exchange (KRX), stated that the bourse operator will implement a set of measures to restructure the market in order to boost fairness and transparency.

According to Yonhap News Agency, the KRX plans to enforce stringent reviews for the delisting of troubled firms as part of efforts to expedite their exit from the market. Additionally, criteria for complete capital impairment and noncompliance with disclosure obligations will be tightened. The KRX anticipates approximately 90 companies to be on the exit list this year, a significant increase from last year's 38.

The KRX, in collaboration with the regulator, is also considering a plan to divide the KOSDAQ market into two segments-the premium market for heavyweights and the standard market for promising players. This plan includes the development of a new stock index for the premium market players.

The total market capitalization of firms on the KOSDAQ market exceeded 600 trillion won (US$385 billion) for the first time earlier this year, a notable increase from its initial market cap of around 7 trillion won in 1996. The number of KOSDAQ-listed companies rose to 1,827 last year from just 341 over the cited period.

Since the launch of the market, listed firms have raised a combined 43.2 trillion won through initial public offerings (IPOs), while their stock offerings have totaled 45.9 trillion won, according to the KRX.