15 Per Cent Free Float Rule to Be Phased In as OJK Targets 75 Per Cent of Issuers

JAKARTA — The Financial Services Authority (OJK) is targeting around 75 per cent of the total 956 listed issuers on Indonesia’s capital market to meet the 15 per cent minimum free float requirement in the rule’s first year of implementation. The Indonesian Stock Exchange (BEI) aims to implement the 15 per cent minimum free float gradually over three years, starting from March 2026.

‘From a market cap perspective, we target that the total number of issuers could be about 75 per cent that we can push to 15 per cent in the first year of the total around 960 issuers,’ said Hasan Fawzi, Acting Chief Executive for Supervision of Capital Market, Derivatives, and Carbon Exchange at OJK, speaking to reporters at BEI Building, Jakarta, on Tuesday (3 March 2026).

As of now, Hasan said only around 60 per cent of existing issuers have met the 15 per cent minimum free float requirement.

‘The figure is now in the 60s per cent, so we expect an increase of about 10–15 percentage points in terms of the number of issuers,’ he said.

Regarding issuer responses, Hasan noted that so far no issuer has filed for delisting due to an inability to meet the 15 per cent minimum free float requirement.

On the contrary, he said the latest minimum free float rule has received full support from issuers in Indonesia’s capital market.

‘Not yet. Up to now they are very supportive. And we will look at case by case, meaning there may be concerns from each issuer, including measures to provide opportunities and sufficient time because this process must go through corporate actions via the RUPS mechanism and so on,’ Hasan said.