IDX Evaluates FCA, Revises 3 Criteria for Special Monitoring Board Stocks

The Indonesia Stock Exchange (IDX) is currently formulating adjustments to the rules regarding the full periodic call auction (FCA) for stocks listed on the special monitoring board. The adjustment is still at the Rule Making Rule (RMR) stage for market participants, as quoted from the official Instagram account @indonesiastockexchange on Monday (6/7/2026). Through the draft evaluation of Regulation Number II-X concerning Equity Securities Trading on the Special Monitoring Board, there are three main changes to this regulation. The first change relates to public share ownership, or free float. The provisions being removed include the requirement for a minimum free float of 50 million shares for issuers on the Main Board and Development Board, as well as free float ownership above 5% of listed shares for issuers on the Main Board, Development Board, and Acceleration Board. Furthermore, the IDX is also proposing the removal of the low liquidity criterion as a basis for placing shares on the Special Monitoring Board. This criterion previously referred to a daily average transaction value of less than Rp5 million and a daily average transaction volume below 10,000 shares over the last three months on the Regular Market and/or the Regular Periodic Call Auction Market. The third criterion proposed for removal is the temporary suspension of securities trading for more than one exchange day caused by trading activity. With this change, suspensions due to trading activity will no longer be a factor that automatically places a stock onto the Special Monitoring Board. In addition, this rule also adjusts the trading mechanism, including the auto-rejection (ARA) limit provisions. Previously, shares priced above Rp10 could only move a maximum of 10% above or below the reference price, whereas the new proposal divides this limit into three tiers. With this evaluation, an ARA limit of 35% is set for shares priced above Rp10 to Rp200, 25% for shares above Rp200 to Rp5,000, and 20% for shares above Rp5,000. The ARA limit for shares in the Rp1-Rp10 price range remains at Rp1 from the reference price. The IDX is also changing the classification of share price ranges in the regulation. If previously it was only differentiated into two categories, namely shares priced at Rp1-Rp10 and above Rp10, now the price range is divided into four groups so that the ARA limit setting is more proportional to the share price level. In addition, the IDX is proposing improvements to the trading mechanism in the Periodic Call Auction session. In the new proposal, there is a separation of periods when exchange members are prohibited from modifying or cancelling orders. The IDX also establishes a period when only order modifications are not permitted until the price discovery process is carried out by the Jakarta Automated Trading System (JATS). Similar provisions are applied to all trading sessions on the Regular Periodic Call Auction Market and the Cash Periodic Call Auction Market. Apart from these three changes, the majority of provisions in Regulation II-X are maintained.