South Korea's stock market for venture firms and startups marked sharp growth last year on the back of the government's push to foster small entities, the bourse operator said Monday.

The total turnover on the Korea New Exchange market in 2015 came to 451.7 billion, a 4.7-fold expansion from 96 billion won the previous year, according to data by the Korea Exchange.

In terms of market cap, the bourse had 3.6 trillion won as of Dec. 28, 2015, soaring from 1.4 trillion won posted at end-2014, the data showed.

The surge is attributable to the increase in block trading, the turnover of which was 78.5 billion won in 2015, an 840 percent rise from 9.3 billion won the previous year, according to the KRX. 

Of total trading during the last year, the block deal accounted for 17.4 percent, up 7.7 percentage points from 2014, it noted.

Institutions were found to be the No. 1 entities for block trading last year, taking up 36.6 percent compared to 20 percent in 2014.

"The substantial growth in the KONEX market is thanks mainly to efforts by the government and the KRX to invigorate the bourse to help small and medium-sized businesses," said Ji Do-hwan, a KRX official in charge of managing the third bourse.

KONEX opened in June 2013 as a bourse where fledgling businesses could raise funds easier via stock sales than having to borrow from banks. After starting with 21 companies, 93 companies are now listed on the KONEX.

With the goal to invigorate the market, which is seen as an incubator for young businesses, the financial regulator put forth a set of measures in June last year, including the reduction of the minimum investment requirement for retail investors, by a third to 100 million won. (Yonhap)