The Indonesia Financial Services Authority (OJK), together with the Indonesia Stock Exchange (IDX) and the Indonesia Central Securities Depository (KSEI), issued a joint update on an accelerated eight-point reform programme aimed at strengthening capital market integrity, transparency and competitiveness, including actions to address feedback from MSCI Inc. A joint OJK-IDX-KSEI team has been formed to drive implementation across ownership transparency, free float policy and more granular investor data. As part of a 2 February 2026 engagement with MSCI, Indonesia put forward three core proposals: expanding investor classification by adding 28 investor classifications as subcategories under “Corporate” and “Others” to complement the nine existing investor categories, increasing transparency through disclosure of shareholders holding more than 1% in each listed issuer, and raising the minimum free float to maintain listed status to 15% from 7.5% on a phased basis. KSEI has begun outreach to exchange members and custodian banks, including guidance and data templates for reclassifying 35,022 Single Investor Identification (SID) records, with data collection targeted for March 2026. On free float, OJK has provided policy direction to IDX, which has started rulemaking to amend IDX Rule I-A on equity listings and held hearings with industry associations; KSEI is also assessing the potential impact on rights issues and plans to expand institutional investor classifications and provide data on holdings above 1%. The release also flagged ongoing government-led work, through the Ministry of Finance, on a draft Government Regulation for demutualising the exchange, with implementation preparations and follow-on adjustments to OJK regulations and other implementing rules envisaged after enactment. Separately, OJK and other agencies agreed to establish a Capital Market Integrity Reform Task Force, while enforcement activity was highlighted through administrative sanctions and/or written orders issued on 6 February 2026 against PT Multi Makmur Lemindo Tbk (PIPA), PT Repower Asia Indonesia Tbk (REAL) and related parties; between 2022 and January 2026, OJK imposed IDR 542.49 billion in administrative fines on 3,418 parties, including IDR 240.65 billion on 151 parties for stock trading manipulation, and reported five final criminal cases alongside 42 ongoing examinations, 32 of which relate to suspected manipulation patterns such as pump-and-dump, wash sales and pre-arranged trades.
OJK 2026-02-09
Indonesia Financial Services Authority, Indonesia Stock Exchange and Indonesia Central Securities Depository accelerate capital market integrity reforms following MSCI feedback
The Indonesia Financial Services Authority (OJK), with the Indonesia Stock Exchange (IDX) and the Indonesia Central Securities Depository (KSEI), announced an eight-point reform programme to enhance market integrity, transparency, and competitiveness. Key measures include expanding investor classifications, increasing shareholder transparency, and raising the minimum free float requirement. OJK is also working on demutualising the exchange and has established a Capital Market Integrity Reform Task Force, while enforcement actions have led to significant fines and ongoing investigations into market manipulation.