IDX to Seek Clarification from MSCI on Information Disclosure Notes

The Indonesia Stock Exchange (IDX) will engage in further communication with MSCI regarding several notes provided on the Indonesian capital market, particularly concerning information disclosure and transparency. IDX President Director Jeffrey Hendrik stated that the exchange needs to obtain more detailed explanations on the aspects of concern to MSCI so that improvement measures can be accurately targeted. “We will certainly discuss further with MSCI to understand in detail the areas that remain of concern to them,” Jeffrey said on Friday (19/6/2026). MSCI previously maintained Indonesia in the emerging market group. However, the global index provider issued several notes related to market transparency, including the quality of information flow, openness of share ownership structures, and concentration of issuer ownership. Jeffrey said that the various information needed by investors is essentially already available in the Indonesian capital market. Therefore, the IDX wants to gain clarity on what information is still considered inadequate or not easily accessible to global investors. According to him, the exchange has continuously carried out various improvements to enhance the quality of information disclosure by listed companies and broaden investor access to market data and information. The IDX has also implemented a number of new policies to strengthen market transparency, including mandatory reporting of ultimate beneficial owners (UBO) and improved standards for issuer information disclosure. Chief Executive of Capital Market, Derivative Finance, and Carbon Exchange Supervision at the Financial Services Authority (OJK), Hasan Fawzi, said the regulator, together with the IDX and Self-Regulatory Organizations (SROs), will continue capital market reforms to enhance the integrity and competitiveness of the Indonesian market. According to Hasan, input from MSCI is an important part of efforts to strengthen governance and investor protection in the domestic capital market. Analyst and founder of Stocknow, Hendra Wardana, assessed that MSCI’s decision to maintain Indonesia’s emerging market status is good news because it eliminates the risk of massive foreign fund outflows due to a change in market classification. Nevertheless, he believes MSCI’s notes on transparency need to be taken seriously by all stakeholders so that global investor confidence in the Indonesian capital market continues to increase. “Transparency, information quality, and market governance will be important factors in maintaining Indonesia’s attractiveness in the eyes of international investors,” Hendra said.