IDX Reveals Market Participant Feedback Regarding HSC Stocks

The President Director of PT Bursa Efek Indonesia (IDX), Jeffrey Hendrik, stated that adjustments to the High Shareholding Concentration (HSC) methodology were made in response to suggestions from capital market participants. He confirmed that the IDX has already implemented these methodological changes.

“In the first announcement, there were 15 stocks listed as having indicated concentrated ownership, and during the process, one has since been removed because it has successfully distributed its shares more broadly,” he explained during the Road to CNBC Awards 2025 ‘Best Securities and Fund Management’ on Wednesday (30/09/2026).

Jeffrey explained that the exchange has added the Price Impact Ratio criterion when determining whether stocks with a market capitalisation exceeding Rp10 trillion fall into the HSC category.

“We will calculate the Price Impact Ratio, or more simply, stocks that can rise or fall by a large percentage even with small volumes. We calculate that. Then, for stocks with a high Price Ratio, we conduct a screening to see whether there is concentrated ownership,” he clarified.

Based on this methodology, the IDX announced that 51 listed companies are currently classified under HSC.

According to him, being listed under HSC does not inherently mean a company is violating regulations. However, consequences are still applied because these stocks possess concentrated ownership.

“We have established that stocks listed under HSC certainly cannot enter the exchange’s main indices, namely the LQ45 or IDX30,” he noted.

Furthermore, the IDX is encouraging companies on the HSC list to begin distributing their shares more effectively to the public. To this end, the IDX conducts a screening process every three months.

“A re-screening will be conducted every three months. Some may enter the list, and others may exit,” Jeffrey concluded.