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This article is dealing with present negative trends on Serbian capital market. Those trends are seen in away that the current bad situation can be anticipated as an opportunity . The process of revitalization mustencompass a lot of different subjects and make the balance of their interests. The need for changes is obviousbut how to make it is a challenge that is discussed in the paper. The particular measures, that have to beincorporated to make the market deeper and wider, are analyzed thoroughly. How to change the situation wherethe public companies are rushing to become closed and IPOs of new ones do not exist?What is our capital market policy and how the harmonization, of our legislation and practice, withEU rules is affecting market participants? How to build the capacity and independency of Serbian SecuritiesCommission and its relationship with Ministry of finance make more efficient? How to open the door for newparticipants and new instruments such as municipal bonds, green and social bonds and other debt instruments?Do we need IPO of state enterprises? Dilemmas and answers linked to those questions and some other, makethe substance of this article.