Stock exchanges
Number of listed companies
Domestic market capitalization
million US$

Kazakhstan Stock Exchange

Name Kazakhstan Stock Exchange (KASE)
Country Kazakhstan
Number of listed companies 147
Domestic market capitalization 65696.92 million US$
SSE Partner Exchange Yes
Has annual sustainability report No

ESG reporting required as a listing rule Yes

Has written guidance on ESG reporting Yes

Offers ESG related training Yes

Over the past years, KASE together with local and international experts have been holding regular events and trainings to explain and promote ESG information disclosure and green finance among issuers and wide range of local companies.

In 2021, KASE provided training on Climate-related Financial Disclosures (TCFD recommendations) in collaboration with the SSE, CDP and IFC. (source)

Market covered by sustainability-related index No

Has sustainability bond listing segment Yes

In November 2020 the Asian Development Bank (ADB) issued first green bonds on KASE. To date KASE created infrastructure for the issuance and placement of green, social and other sustainable bonds. In particular, KASE determined the conditions for listing sustainable bonds, established listing fee incentives.

Has SME listing platform Yes

The Alternative platform on KASE, in addition to the Main platform, is a separate platform integrated to the systems with a unique structure.  It was based on the international practice of allocating separate platform for securities of small and medium-sized enterprises (SME), as well as establishing requirements for such companies to disclose information only within the limits established by law, more information here.

Women on boards mandatory minimum rule No

Additional information
  • Attracting international rating and audit companies that have the right to provide an independent assessment (verification) of “green” and other ESG bonds for compliance with international standards
  • Since 2018, an annual bell-ringing ceremony has been held in KASE as part of the “Ring the Bell for Gender Equality” global initiative.
  • In October 2020, KASE approved its own Sustainable Development Policy

Organizational model of stock exchange
  • Private company for profit; demutualized in 1993.

Regulatory bodies
  • Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (webpage)

Regulatory model
Limited Exchange Self-Regulatory Organization Model

  • The National Bank of Kazakhstan is responsible for the regulation of the securities market in Kazakhstan as delegated by the Republic of Kazakhstan National Commission on Securities in 2001. However, by looking at the stock exchange’s website it appears that the stock exchange has limited regulatory authority over listing rules and disclosure.

About the stock exchange

Location: Almaty, Kazakhstan

  • KASE was founded on November 17, 1993 under the name “Kazakh Interbank Currency Exchange” two days after the introduction of the national currency of Kazakhstan – tenge
  • KASE is a commercial organization operating in the organizational and legal form of a joint stock company
  • KASE mission: Contribute to the economic growth of Kazakhstan by providing a wide range of tools to attract financing from domestic issuers, providing a platform for redistributing liquidity in the financial system, and providing a transparent investment environment for local and foreign investors
  • Today KASE is the universal financial market with established mechanisms for interaction of all participants. It is a trading platform for corporate and government securities, bonds of international financial institutions, foreign currencies, money market operations – repo and swap, as well as derivatives. KASE is a member of the International Federation of Stock Exchanges (WFE), the Federation of Eurasian Stock Exchanges (FEAS) and other international and domestic professional associations, as well as a participant in the UN initiative “Stock Exchanges for Sustainable Development”.

Criteria for Stock Exchange Database

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.


Criteria Considered

Country Country of primary residence or registration
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include:

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.