Individual purchases of as much as 300,000 baht (US$8,341) in approved Thailand ESG funds will be exempt from a levy after being held for five years, said deputy finance minister Julapun Amornvivat after the Cabinet approved the changes on Tuesday.

The waiver was increased from 100,000 baht, while the qualification period was reduced from eight years.

Prime Minister Srettha Thavisin’s government has stepped up efforts to boost investor confidence in domestic stocks after corporate scandals, irregular market trading and heightened political risk contributed to foreign investors withdrawing more than US$3 billion from the country’s stock market so far this year.

The benchmark SET Index has slid 7.4% since end of December, making it Asia’s worst performer.

The SET ESG Index, a gauge of shares of companies that are deemed to prioritise environmental, social and governance issues, dropped 0.3% Tuesday, extending this year’s loss to 9.9%.

The measure lost nearly 13% last year, compared with a 15% slide in the SET Index.