This study explores the prospects for developing share turnover as a critical dimension of stock market efficiency in emerging economies. Focusing on Uzbekistan, it examines theoretical underpinnings, institutional constraints, and reform pathways that can enhance liquidity and strengthen capital market performance. Drawing on comparative lessons from developed markets, the paper argues that predictable supply of tradable shares, credible governance frameworks, institutional investor participation, and post-trade modernization are essential to create a self-reinforcing cycle of turnover and market depth.