Abstract
The article presents a comprehensive analysis of the formation and development of the stock market of the Republic of Kazakhstan from the moment of gaining state independence in 1991 to the present. The key stages of the development of market infrastructure are examined, including the establishment of the legislative framework, the creation of the Kazakhstan Stock Exchange (KASE), the development of the pension savings system, and the institutionalization of the regulatory environment. Particular attention is paid to the role of the National Bank of the Republic of Kazakhstan and the Agency for Regulation and Development of the Financial Market in ensuring the stability, transparency, and efficiency of the securities market. The study analyzes the factors that have significantly influenced the dynamics of the stock market development, including the privatization processes of the 1990s, the implementation of the “People’s IPO” programs in 2012–2014, as well as the establishment of the Astana International Financial Centre (AIFC) in 2018. In addition, modern trends in the digitalization of the financial sector and the integration of Kazakhstan’s stock market into the global financial space are considered. The methodological basis of the study includes methods of historical and system analysis, statistical data processing, and a comparative institutional approach. The results of the study can be used in the development of public policy measures aimed at the further development and enhancement of the competitiveness of the capital market of the Republic of Kazakhstan.