Uzbekistan's capital market is entering a phase of active transformation. The government is discussing the launch of a platform for the legal purchase of foreign stocks, private businesses are mass-entering the bond market, and investors are increasingly assertive in defending their rights in courts. These processes were key topics at an open meeting with the National Agency for Prospective Projects (NAPP), where not only prospects but also systemic issues were discussed—from $180 million lost in "gray" schemes to billion-sum dividend recoveries.

NAPP representatives confirmed that work is underway to create a legal instrument for investing in foreign companies. Currently, citizens essentially have no legal mechanisms to purchase overseas stocks, while demand for such assets remains consistently high. "People wishing to invest in shares of major international companies are forced to use dubious platforms, often operating outside Uzbekistan's jurisdiction," emphasized Kamronbek Muhammadiev, head of the e-commerce development and regulation department. During the discussion, it was noted that many of these services mislead investors: users do not become full shareholders, do not receive dividends, and do not participate in management, but essentially only trade derivative instruments (speculating on price changes). According to the agency, about $180 million has already been transferred abroad through such platforms. The main risk here is the complete lack of protection: in case of fraud or platform collapse, citizens have no mechanisms to recover funds. This is precisely why the regulator is moving towards legalizing the segment, which will ensure transparency of operations and legal control over capital movement.

Parallel to the topic of foreign stocks, the meeting detailed the situation in the domestic market. NAPP specialists noted a significant growth in the corporate bond segment. Notably, the key role here is played not by the state but by the private sector. According to regulator information, over 90% of bond placements now come from private companies. Agency representatives emphasized that today, it is private players (including LLCs) that form the main growth dynamics. Companies are increasingly choosing the borrowing market over loans, and investors are showing interest in them. At the same time, the process is strictly controlled: before admission to the market, NAPP analyzes each company's financial condition and its ability to fulfill obligations.

Along with market growth, another trend has intensified—an increase in conflicts between investors and companies, especially regarding dividend payments. Statistics on court cases on this topic have risen, but NAPP urges viewing this not as a negative signal but as a result of strengthened control. Previously, such problems often remained "in the shadows" as investors did not believe in the success of disputes. The situation changed after the agency's work became more active. As reported by NAPP Deputy Director Vyacheslav Pak, a task was set to consider every appeal and bring it to a practical result. A direct consequence of this work is the growth in recovery amounts: now it is about billions of sums that have been returned to investors. At the same time, the agency acknowledges that in an ideal system, dividends should be paid on time and without regulator intervention. The need for forced recovery through court is always a "bad indicator" for a company's reputation. Nevertheless, automation of monitoring processes (tracking reports and shareholder meetings) now allows for detecting any deviations at early stages, making the market more disciplined.

Source: podrobno.uz