The Financial Services Authority (OJK) has officially issued POJK\nNumber 13 of 2026 regarding Stock Exchange Shareholders, which regulates\nthe implementation of the demutualisation of the Indonesia Stock\nExchange (IDX).<\/p>\n
Several points are regulated within this new policy. The details are\nas follows:<\/p>\n
The Ministry of Finance, Bank Indonesia, and Danantara may become\nshareholders of the Exchange. All three are permitted to hold shares in\nthe Stock Exchange in accordance with laws and regulations, and may\nappoint other parties as shareholders.<\/p><\/li>\n
Stock Exchange shareholders are no longer limited to Exchange\nMembers. The POJK allows Indonesian individuals and legal entities,\nwhether they are Exchange Members or not, to become shareholders of the\nExchange. Individuals may only become shareholders through a Public\nOffering or after the Stock Exchange conducts a Public\nOffering.<\/p><\/li>\n
Share ownership is separated from Exchange membership status.\nCompanies with the status of Exchange Members do not automatically\nbecome shareholders of the Exchange, while shareholders of the Exchange\nare not required to hold membership status.<\/p><\/li>\n
Maximum ownership without OJK approval is 5%. Any party may hold\nshares in the Exchange, either directly or indirectly, up to 5%, whereas\nownership exceeding 5% must obtain approval from the OJK.<\/p><\/li>\n
OJK will verify ownership down to the ultimate beneficial owner.\nRegulations regarding indirect ownership include parties who are the\nultimate beneficial owners (UBO), including through affiliations or\ncoordinated cooperative relationships.<\/p><\/li>\n
No single shareholder may hold a majority stake in the Exchange.\nThe POJK prohibits any party from holding a majority stake in the\nExchange, whether directly or indirectly, including through\naffiliations, where majority is defined as more than 50%.<\/p><\/li>\n<\/ol>\n
In addition to ownership, the POJK stipulates that shareholders who\nare also Exchange Members shall not receive special tariff treatment in\ntrading. Trading access must be provided transparently and without\ntariff discrimination.<\/p>\n
To strengthen this separation, the Exchange is required to implement\ninformation barriers to limit the flow of data from regulatory,\nlicensing, and supervisory units to the Exchange\u2019s business units.<\/p>\n
Despite the change in ownership structure through demutualisation,\nthe regulatory and supervisory functions of the Exchange remain under\nthe supervision of the OJK. The independence of the Exchange and market\nintegrity must also be maintained.<\/p>\n
Regarding foreign ownership, this POJK states that shareholders of\nthe Exchange consist of Indonesian individuals and\/or legal entities.\nHowever, specific provisions regarding the ownership limits for foreign\ninvestors have not yet been detailed.<\/p>\n
The separation of board functions and the implementation of\ninformation barriers must be completed no later than six months from the\nimplementation of the Exchange\u2019s demutualisation, which occurs after the\nGeneral Meeting of Shareholders (RUPS) approves the entry of new\nshareholders other than Exchange Members.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/ojk-officially-issues-indonesia-stock-exchange-demutualisation-rules-here-are-seven-key-points-1789836651", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }