{
    "success": true,
    "data": {
        "id": 1992770,
        "msgid": "idx-demutualisation-rules-shareholders-prohibited-from-holding-more-than-50-1789987959",
        "date": "2026-09-21 16:35:00",
        "title": "IDX Demutualisation Rules: Shareholders Prohibited from Holding More Than 50%",
        "author": "",
        "source": "CNBC",
        "tags": "",
        "topic": "Regulation",
        "summary": "The Financial Services Authority (OJK) has issued new regulations regarding the demutualisation of the Indonesia Stock Exchange (IDX). The rules strictly prohibit any single party from holding a majority stake of more than 50% to ensure market independence and prevent ownership concentration.",
        "content": "<p>The Financial Services Authority (OJK) has issued regulations\nconcerning the demutualisation of the Indonesia Stock Exchange (IDX)\nthrough Financial Services Authority Regulation (POJK) Number 13 of 2026\nregarding Shareholders of the Stock Exchange (POJK 13\/2026).<\/p>\n<p>OJK Executive Head of Capital Market, Derivatives, and Carbon\nExchange Supervision, Hasan Fawzi, stated that the demutualisation of\nthe Stock Exchange is a vital part of the accelerated reform plan for\nintegrity within the Indonesian Capital Market. He noted that this\ntransformative step will not only change the ownership structure of the\nStock Exchange but will also build an exchange that is more transparent,\nefficient, and innovative.<\/p>\n<p>\u201cThe Stock Exchange demutualisation structure, which allows for broad\nownership by exchange members, strategic investors, and the public, will\nencourage improved governance quality, open wider access to capital, and\naccelerate the development of the Stock Exchange,\u201d Hasan said in a\nwritten statement on Monday (21\/09\/2026).<\/p>\n<p>Under the regulation, IDX shareholders may hold a maximum of 5%. The\nobjective is to prevent dominance, concentration of share ownership,\nand\/or control by a single party, thereby ensuring the independence of\nthe Stock Exchange is maintained.<\/p>\n<p>Furthermore, shareholders are prohibited from holding a majority\nstake or more than half of the total issued shares of the stock\nexchange.<\/p>\n<p>\u201cEvery party is prohibited from owning a majority stake in the Stock\nExchange (more than 50%), whether directly or indirectly, including\nthrough their affiliates,\u201d the POJK regulation stated.<\/p>\n<p>The new regulation has been in effect since its promulgation on\nThursday (17\/09\/202&lt;0xA0&gt;26). This is in accordance with Law\nNumber 4 of 2026 (UU P2SK), which mandates the OJK to further regulate\nStock Exchange shareholders through Financial Services Authority\nRegulations (POJK).<\/p>\n<p>POJK 13\/2026 serves as the legal foundation for the Stock Exchange to\nundertake demutualisation steps. This process will transform the\nownership structure of the Stock Exchange from being limited solely to\nexchange members (mutual) to being available to individuals and\/or\nIndonesian legal entities, including both exchange members and\nnon-members (demutual).<\/p>\n<p>The regulation covers key provisions including Stock Exchange shares,\nthe separation of ownership and membership, the implementation of\ndemutualisation, the separation of regulatory, supervisory, and business\nfunctions, dividend distribution, and Stock Exchange reporting.<\/p>\n<p>POJK 13\/2026 also contains several regulatory substances to guarantee\nthe independence of the Stock Exchange and strengthen OJK supervision,\nincluding:<\/p>\n<ul>\n<li><p>The demutualisation of the Stock Exchange must be carried out\nwhile maintaining the independence of the Stock Exchange, market\nintegrity, and the regulatory and supervisory functions of the Stock\nExchange by the OJK.<\/p><\/li>\n<li><p>Ownership of the Stock Exchange by parties other than Exchange\nMembers must be conducted while maintaining the independence of the\nStock Exchange.<\/p><\/li>\n<li><p>Ownership of Stock Exchange shares by shareholders must be\nseparated from exchange membership.<\/p><\/li>\n<li><p>Shareholders may hold a maximum of 5% (five per cent) of the\ntotal issued shares of the Stock Exchange.<\/p><\/li>\n<li><p>OJK approval is required for any share ownership exceeding 5%\n(five per cent) to prevent dominance, concentration of ownership, and\/or\ncontrol by a single party, ensuring the independence of the Stock\nExchange is preserved.<\/p><\/li>\n<li><p>Every party is prohibited from holding a majority stake (more\nthan 50%) in the Stock Exchange, whether directly or indirectly,\nincluding through affiliates.<\/p><\/li>\n<li><p>The Board of Directors and Board of Commissioners of the Stock\nExchange must be selected and undergo a Fit and Proper Test by the\nOJK.<\/p><\/li>\n<li><p>Shareholders, the Board of Directors, and the Board of\nCommissioners of the Stock Exchange must, in the performance of their\nduties and authority, be subject to the prevailing laws and regulations\nof the Capital Market.<\/p><\/li>\n<\/ul>",
        "url": "https:\/\/jawawa.id\/newsitem\/idx-demutualisation-rules-shareholders-prohibited-from-holding-more-than-50-1789987959",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}