Vaqt Investitsiya Kompaniyasi LLC is leaving the Uzbekistan capital market as an investment intermediary—this is the main event for the week of October 15–22 in Finteqstan’s monitoring. A total of 8 events were recorded during this period across four countries: Kazakhstan, Uzbekistan, Kyrgyzstan, and Tajikistan. Three of these occurred in Kyrgyzstan, where two financial market regulators were active this week.
Event of the week
What happened. The Tashkent Republican Stock Exchange received a notice regarding the termination of Vaqt Investitsiya Kompaniyasi LLC (formerly Samarqand vaqt depozitariysi LLC) as an investment intermediary. The company’s founders made the decision on October 9, 2026, the exchange reported.
What changes. Clients whose securities are held with the company can transfer them to another investment intermediary of their choice until October 30, 2026. If a client does not make a decision by this deadline, their securities will be transferred to the Central Securities Depository.
Who is affected. This concerns clients of this specific intermediary—those whose securities are currently held at Vaqt Investitsiya Kompaniyasi. The exchange provided a contact phone number for inquiries: +998 95 108-82-28.
By country
🇰🇬 Kyrgyzstan
- On October 15, Gosfinnadzor warned that raising funds from the public under the guise of “investment loan agreements” or “investment agreements” with promised returns of 20% or more annually without a license is illegal, the regulator stated. Gosfinnadzor reminded the public: only banks and microfinance organizations licensed by the National Bank of the Kyrgyz Republic have the right to attract deposits on terms of repayment, payment, and urgency, while the issuance and public offering of shares and bonds are allowed only after registering a prospectus with Gosfinnadzor.
- By a resolution of the supervisory committee of the National Bank of the Kyrgyz Republic on October 15, 2026, the registration of PayDala LLP, the operator of the international electronic money system Cashello.kz, as an operator of such a system was canceled, the regulator reported.
- For violating the legislative requirements and regulations of the National Bank of the Kyrgyz Republic, an exchange bureau in the Jalal-Abad region was fined 55,000 soms, according to the regulator's statement.
🇺🇿 Uzbekistan
- Vaqt Investitsiya Kompaniyasi LLC is ceasing operations as an investment intermediary—the event of the week (details above).
- On October 19 in Samarkand, representatives of the National Agency for Perspective Projects (NAPP) and the head of the Tashkent Republican Stock Exchange met with Nasdaq during the business sessions of the US-Uzbekistan Business and Investment Council in the C5+1 format, the exchange reported. The parties discussed a project for the technological modernization of the exchange’s trading, clearing, brokerage, and market surveillance systems—in the context of the request for proposals (RFP) announced by the exchange. Nasdaq proposed studying the Stockholm Stock Exchange’s experience on-site: the mechanics of the trading, clearing, brokerage, and depository systems, their mutual integration, and the technological solutions applied.
🇰🇿 Kazakhstan
- The National Bank of Kazakhstan published the results of a macroeconomic survey of 14 organizations—professional market participants, research institutes, international organizations, and rating agencies, the regulator reported. Brent oil price expectations were raised across the entire horizon: for 2026—from $82.7 to $88.4 per barrel, for 2027—from $75 to $80, for 2028—from $73.7 to $75. The GDP growth forecast remained almost unchanged: 4.8% in 2026, 4.7% in 2027 (previously 4.6%), and 4.4% in 2028 (previously 4.3%). Inflation forecasts were lowered across the entire horizon—from 10% to 9.5% for 2026, from 8.5% to 8.3% for 2027, and from 7% to 6.9% for 2028. The median expectation for the base rate for 2026 was 15.9% against the previous 16.0%, while forecasts for 2027 and 2028 increased—to 13.3% and 11.5%, respectively. The survey was released a few days before the National Bank’s base rate decision: Finteqstan previously wrote about what the National Bank will decide on October 23 and how it might affect the tenge and bonds.
- The National Bank of Kazakhstan warned about a new multi-stage fraud scheme involving “digital powers of attorney,” the regulator reported. Scammers send messages on behalf of the digital government service or second-tier banks claiming that a “digital power of attorney” has been issued in the recipient’s name or a loan has been approved, prompting them to call a specified number. The goal is to cause alarm and force the person to call: the scammers then pose as employees of the National Bank, government agencies, or law enforcement and, under the pretext of “canceling the power of attorney” or “protecting funds,” extract SMS codes and card details, ask to install an app, transfer money to a “safe account,” or grant remote access to the phone.
🇹🇯 Tajikistan
- On October 15, during the “Tojikiston, ba pesh!” entrepreneurs’ forum, initiated by the National Bank of Tajikistan and led by NBT Deputy Chairman Sirojiddin Ikromi, a panel session titled “Partnership in Development: Banking and Insurance Solutions for the Business Community” was held, the regulator reported. Entrepreneurs and representatives of the country’s credit financial and insurance organizations participated in the session. Ikromi noted the business community’s role in creating jobs and developing domestic production, highlighting current government initiatives: 2022–2026 are declared the “Years of Industrial Development,” 2025–2030 the “Years of Digital Economy and Innovation Development,” women’s entrepreneurship is separately supported, presidential grants are planned for 2025–2030, and a moratorium on inspections has been introduced for business entities.
Trend of the week
Of the 8 events this week, three relate to Kyrgyzstan: Gosfinnadzor warned about illegal fundraising under the guise of investment loans, and the National Bank of the Kyrgyz Republic canceled the registration of electronic money operator PayDala and fined an exchange bureau in the Jalal-Abad region 55,000 soms. There is no direct connection between the events in different countries. The largest event of the week is the termination of Vaqt Investitsiya Kompaniyasi LLC’s operations in the Uzbekistan capital market.
On the radar
By October 30, 2026, clients of Vaqt Investitsiya Kompaniyasi LLC must transfer their securities to another investment intermediary of their choice. If a decision is not made in time, the securities will be transferred to the Central Securities Depository.
