IDX Revises HSC Method, 37 New Issuers Added to List

The Indonesia Stock Exchange (IDX) has revised the methodology for calculating high shareholding concentration (HSC) by adding a new criterion: the price impact ratio. IDX Director Jeffrey Hendrik stated that this addition is part of the exchange’s commitment to consistently pursuing its capital market reform agenda. He explained that the price impact ratio measures the change in a share price against its velocity, which is the ratio of the average transaction volume to the number of shares available to the public, or free float. Shares with low transaction volumes will produce a low velocity. “A low velocity combined with a significant price change will naturally result in a high price impact ratio,” Jeffrey said during a press conference at the Indonesia Stock Exchange on Tuesday, July 14, 2026. This price impact ratio criterion applies to issuers with a market capitalisation above Rp 10 trillion, which currently number 171. Jeffrey noted that 37 new issuers have been indicated as HSC using this new criterion, increasing the total number of shares with high ownership concentration to 51. He stressed that shares indicated as HSC are not automatically in violation of capital market regulations. However, the IDX has determined that all shares falling into this category will be excluded from major indices such as the LQ45, IDX30, and IDX80. The removal of HSC shares from these indices will be carried out in accordance with the IDX’s quarterly evaluation cycle. “The LQ45 evaluation is conducted at the end of July to take effect at the beginning of August. Therefore, we are announcing this today so it can be used in the LQ45 evaluation period at the end of July, and so on every three months thereafter,” he stated.