Indonesia's Financial Services Authority (OJK), together with the Indonesia Stock Exchange (IDX) and the Indonesia Central Securities Depository (KSEI), announced that it has completed four market-transparency reforms that had been proposed to global index providers, including MSCI, under the eight-point capital market integrity reform action plan launched on 1 February 2026. The package covers public availability of listed-company shareholding data for positions above 1%, rollout of High Shareholding Concentration (HSC) public announcements for stocks with concentrated ownership, and enhanced investor-type granularity in KSEI ownership data to a total of 39 investor classifications and types. IDX also raised the minimum free float to 15% through amendments to IDX Rule I-A that took effect on 31 March 2026, alongside updates to the free-float definition and more comprehensive free-float provisions, including for IPOs. Complementary ownership-transparency measures include revised monthly share-ownership registration reporting requirements (issued on 1 April 2026) covering, among other items, disclosure to IDX of shareholdings above 5%, directors’ and commissioners’ holdings, and beneficial owner information for shareholders with 10% or more, with beneficial owner data not published and only available to relevant parties via request to IDX under its procedures. IDX indicated that a transition period applies for listed companies to meet the updated free-float requirement, and the revised monthly reporting decision takes effect on 1 May 2026 for reporting as of 30 April 2026. OJK also said it will continue engagement with global index providers and gather investor feedback, while progressing other initiatives such as implementing the new regulatory framework for gold-backed exchange-traded funds and developing a Systematic Investment Plan programme for mutual funds; OJK reported year-to-date enforcement through 31 March 2026 including administrative fines of IDR 96.33 billion on 233 parties, and IDR 29.30 billion in fines on 11 parties in market-manipulation cases.
OJK 2026-04-02
Indonesia's Financial Services Authority, Indonesia Stock Exchange and KSEI complete four capital market transparency reforms including a 15% minimum free float
Indonesia’s Financial Services Authority, the Indonesia Stock Exchange and the Indonesia Central Securities Depository have completed four market-transparency reforms under an eight-point capital market integrity plan: public disclosure of listed-company shareholdings above 1%, High Shareholding Concentration announcements, expanded investor-type granularity to 39 categories, and a higher minimum free float of 15% via amendments to IDX Rule I-A. Monthly share-ownership reports to the exchange now cover holdings above 5%, directors’ and commissioners’ stakes, and beneficial owners with 10% or more, whose data is available on request to relevant parties. OJK will continue engagement with global index providers and investor outreach, and has imposed year-to-date administrative fines of IDR 96.33 billion on 233 parties and IDR 29.30 billion on 11 parties in market-manipulation cases.