Fit and Proper Test for OJK Board Member: Hasan Fawzi Targets Market Capitalisation of Rp25 Quadrillion by 2031
Indonesia’s stock market capitalisation is targeted to reach Rp25 quadrillion or Rp25,000 trillion by 2031, equivalent to 80 per cent of national gross domestic product (GDP). This target was announced by Hasan Fawzi, a prospective member of the Financial Services Authority (OJK) Board of Commissioners, during his fitness and probity examination (fit and proper test) before Commission XI of the Indonesian House of Representatives at Parliament Complex, Jakarta, on Wednesday, 11 March 2026.
“As the direction for implementing this vision, we have set strategic performance projections for the next five-year period until 2031, where the target is for market capitalisation to reach Rp25,000 trillion or approximately 80 per cent of the national GDP figure,” stated Fawzi.
During the examination, Fawzi presented his vision, mission, and strategic programmes to strengthen the integrity of Indonesia’s capital markets, derivatives finance, and carbon exchange sectors. He emphasised the importance of market integrity reforms as a foundation for investor confidence and financial system stability.
“Capital market integrity is the primary foundation in maintaining stability and strengthening the market’s role as an engine of financing for national development,” stated Fawzi.
Whilst noting positive performance including increased investor numbers, record-breaking daily transaction values, and continued market capitalisation growth, Fawzi identified structural challenges in Indonesia’s capital market. These challenges include price manipulation practices, coordinated trading, the use of nominee accounts, and low investor literacy that require serious attention. “The derivatives sector and carbon exchange also face limitations in product offerings and market participant participation,” noted Fawzi.
As a solution, Fawzi introduced a strategic framework called “Integrity”, which orchestrates eight market integrity reform action plans through five clusters: integration, granularity, liquidity, transparency, and accountability. These clusters encompass strengthening cross-institutional coordination, developing shareholding ownership data and investor classification into 28 subtypes, increasing minimum free float to 15 per cent, disclosing principal shareholders, and strengthening listed company governance alongside preparations for exchange demutualisation.
Initial implementation steps have been undertaken since March 2026, including publication of shareholding structures above one per cent, refinement of investor classification, and establishment of a special task force to oversee the reform process.