IDX Enters New Chapter: Ministry of Finance, Bank Indonesia, and Danantara Can Now Become Exchange Shareholders

The Indonesia Stock Exchange (IDX) has entered a new phase after changes to the Law on Financial Sector Development and Strengthening (P2SK) provided room for several state institutions to become shareholders of the exchange. Under the latest regulation, ratified on 4 June 2026, the Ministry of Finance, Bank Indonesia, and the Daya Anagata Nusantara Investment Management Agency (Danantara) have the opportunity to own shares in PT Bursa Efek Indonesia. This provision is stipulated in Article 8B paragraph (1) of the P2SK Law, which regulates the ownership structure of the Indonesia Stock Exchange. The article states that the Ministry of Finance, Bank Indonesia, and the Daya Anagata Nusantara Investment Management Agency may become shareholders of the Exchange. This policy marks a significant change in the regulation of the national financial sector, as it opens up opportunities for strategic state institutions to participate in the ownership of an exchange that has historically had special characteristics as the organiser of securities trading in Indonesia. Despite allowing share ownership by state institutions, the law also emphasises that the independence of the Indonesia Stock Exchange must be maintained. This is regulated in Article 8B paragraph (2) of the P2SK Law, which states that share ownership by the Ministry of Finance, Bank Indonesia, or Danantara must be carried out while preserving the exchange’s independence. This provision affirms that the entry of state institutions as shareholders must not influence the function and role of the Indonesia Stock Exchange as a securities trading organiser, which must operate professionally and independently. The regulation is also part of efforts to maintain market participants’ trust in the trading system and governance of the national capital market. In addition to regulating the opportunity for share ownership by state institutions, the P2SK Law also explains the basic structure of the Indonesia Stock Exchange. Article 8 paragraph (1) states that the Stock Exchange is a limited liability company established by a number of business entities in the form of limited liability companies that are not affiliated with one another. Paragraph (2) then states that the founders of the exchange may become Members of the Stock Exchange.