Rationale

The Capital Market Development Fund (CMDF) was established under the Securities and Exchange Act B.E. 2535, as amended by the Securities and Exchange Act (No. 6) B.E. 2562, to initiate capital market research studies and projects that contribute to the cohesive growth and competitiveness of various sectors within the capital market ecosystem.

Objectives and Expected Outcomes

Objectives

1. Promote organizational development and infrastructure services to enhance capital market competitiveness
2. Promote competency among capital market professionals, including those in charge of market oversight
3. Increase knowledge and understanding of the capital market, investment, and market development among investors, the general public, and relevant organizations
4. Promote the advancement of capital-market-related research, training, and academic work

Expected outcomes

1. Projects, research studies, and bodies of knowledge with broad implications for capital market development or capital market stakeholders
2. Projects and research studies that support the development of capital market organizations and infrastructures to increase capital market competitiveness
3. Capital market personnel have been trained and are capable of adapting to the rapidly changing business environment and digital landscape of the capital market
4. Investors, the general public, and related organizations gain knowledge and understanding of the capital market, saving, and investing through a variety of capital market tools
5. Projects, research studies, and capital market knowledge that provide tangible benefits with a practical implementation approach.

Grant Consideration and Selection Criteria

The project/research proposal must meet all of the following criteria:

Funding Amount

CMDF will consider providing funding according to the amount deemed appropriate by CMDF, based on each project/research study proposal.

Application Submission and Channels

1. Login to the CMDF Grant System 
   Sign in to the CMDF grant application system via the link: https://www.cmdf.or.th/User/LogIn/. (If you are applying for a CMDF grant for the first time, please register as a member first.) 
2. Complete the Grant Application Form 
   Fill out the grant application form thoroughly. The form requires detailed information about the project proposal, divided into four sections: 
   Section 1: General Information
   Section 2: Project Proposal Details
   Section 3: Information about the Grant Applicant
   Section 4: Personal Background Information of the Project Team, including the Principal Investigator
3. Certification and Review
   After submitting the grant application form, the system will forward the information to the project certifiers selected by the grant applicant in the specified order. 
   Once the project/research study proposal is certified by the project certifiers, CMDF will proceed to review the grant application. 
   3.1 In the case where 2 out of 3 project certifiers reject the project, the system will automatically terminate the project evaluation process. 
   3.2 If the project certifier neither approves nor submits an evaluation result within 21 days (excluding Saturdays and Sundays), the system will forward the application to the next project certifier. If the final project certifier does not respond or submit an evaluation result within the specified timeframe, the project will be considered rejected, and the evaluation process will be terminated. 
4. Once the project has been certified by the project certifier, it will enter the grant consideration process.

Grant applicants must submit the grant application form and receive project/research endorsement approved by the designated endorser from January 5 to March 31, 2026.

Grant Consideration and Selection Process

1. An applicant submits the project/research proposal in accordance with the criteria and within the application submission period specified in this announcement.
2. The screening committee appointed by the CMDF Board will conduct the initial screening and selection. The proponents whose proposals pass the initial screening will be invited to present their projects to the screening committee.
3. The CMDF Board will consider and select the grant recipient and will notify the recipient of the result of the consideration. The result will also be made public within 120 days of the application deadline. The decision made by the CMDF Board is final.

The CMDF reserves the right to reject project proposals/research studies submitted by unqualified individuals or proposals that are inconsistent with the criteria and conditions outlined in this announcement unless they are minor errors with no significant consequences.

Responsibilities of Grant Recipients

Grant recipients must:

1. Prepare a fund contract with the CMDF using the contract format specified by the CMDF, reimburse payments according to the operating period, and begin the project/research within the time frame specified in the contract; 
2. Maintain a separate account for the funds received from CMDF, distinct from the recipient’s regular operational accounts; and
3. Report on the progress of the project/research within the agreed-upon timeline.

The CMDF reserves the right to change the grant application details specified in this announcement, such as the application submission period and the consideration period, or to cancel this announcement without prior notice or explanation. The CMDF is not responsible for any costs incurred in preparing and submitting project proposals in response to this announcement, and the applicants acknowledge and agree not to seek compensation from the CMDF.