Hasan Fawzi Proposes Capital Market Integrity Reform

OJK Board Commissioner Hasan Fawzi has put forward a vision and mission centred on integrity reform in the capital market, derivatives finance, and carbon exchange (PMDK) sector during his fitness and propriety assessment before Commission XI of the House of Representatives. Fawzi stated that his proposed vision and mission stemmed from a mapping of problems and challenges facing the PMDK sector.

In his presentation to Commission XI members, Fawzi characterised the issues facing the capital market as akin to an iceberg phenomenon. “What appears on the surface are various performance indicators and market achievements that look favourable and robust,” Fawzi said at the DPR Complex on Wednesday, 11 March 2026.

Fawzi noted that underlying the capital market sector’s achievements—such as continuously increasing investor numbers and the Composite Index (IHSG) reaching record highs—lie fundamental issues related to market behaviour integrity. He stated that serious problems persist within the capital market.

These problems include price manipulation, coordinated trading, the use of nominee accounts, and the dissemination of misleading information. “This situation is exacerbated by the lack of integrated market behaviour supervision and the reality that investor literacy levels remain relatively low and limited,” Fawzi said.

Fawzi then proposed a solution framework called “integrality,” which he explained represents an integrity reform effort conducted simultaneously in an integral or comprehensive manner.

Fawzi also noted that OJK previously established eight integrity reform action plans for the capital market following the announcement by Morgan Stanley Capital International (MSCI). These eight action plans are grouped into five clusters: integration, granularity, liquidity, transparency, and accountability.

In addition to Fawzi, nine other candidates for OJK Board Commissioner seats underwent fitness and propriety assessments at the House today. Fawzi was appointed as acting head of OJK’s Capital Market, Derivatives Finance, and Carbon Exchange Supervision following Inarno Djajadi’s resignation at the end of January. Prior to his appointment as acting head, Fawzi held the position of head of OJK’s ITSK, Digital Financial Assets, and Crypto Assets Supervision.